Procore Technologies (NYSE:PCOR) PT Raised to $70.00 at TD Cowen

Procore Technologies (NYSE:PCOR) had its target price upped by equities researchers at TD Cowen from $65.00 to $70.00 in a report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s target price points to a potential upside of 11.91% from the company’s current price.

PCOR has been the topic of several other reports. Robert W. Baird assumed coverage on shares of Procore Technologies in a research note on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price objective on the stock. Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a report on Tuesday, September 24th. DA Davidson reaffirmed a “neutral” rating and issued a $60.00 target price on shares of Procore Technologies in a report on Wednesday, October 2nd. Macquarie reaffirmed a “neutral” rating and issued a $70.00 target price on shares of Procore Technologies in a report on Tuesday, July 30th. Finally, Barclays upped their target price on shares of Procore Technologies from $54.00 to $64.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and an average target price of $69.19.

Procore Technologies Stock Down 0.4 %

Shares of PCOR stock traded down $0.25 on Monday, hitting $62.55. 448,800 shares of the stock were exchanged, compared to its average volume of 1,520,022. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The firm has a market capitalization of $9.15 billion, a P/E ratio of -65.02 and a beta of 0.73. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03. The business has a 50-day moving average of $59.67 and a 200 day moving average of $64.10.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.25 by $0.14. The company had revenue of $284.30 million during the quarter, compared to the consensus estimate of $275.26 million. Procore Technologies had a negative return on equity of 4.13% and a negative net margin of 8.54%. The firm’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.28) EPS. Equities analysts anticipate that Procore Technologies will post -0.28 EPS for the current year.

Insider Activity

In other news, SVP William Fred Fleming, Jr. sold 2,707 shares of Procore Technologies stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total value of $160,091.98. Following the completion of the sale, the senior vice president now directly owns 79,156 shares in the company, valued at approximately $4,681,285.84. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 2,707 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $160,091.98. Following the completion of the transaction, the senior vice president now directly owns 79,156 shares in the company, valued at $4,681,285.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Connor Kevin J. O sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $57.53, for a total transaction of $1,438,250.00. Following the transaction, the director now owns 1,380,078 shares of the company’s stock, valued at approximately $79,395,887.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 96,748 shares of company stock worth $5,661,056. Corporate insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Diversified Trust Co grew its stake in shares of Procore Technologies by 394.5% during the first quarter. Diversified Trust Co now owns 17,876 shares of the company’s stock worth $1,469,000 after buying an additional 14,261 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Procore Technologies by 85.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 766,291 shares of the company’s stock worth $62,966,000 after buying an additional 353,794 shares during the last quarter. Wasatch Advisors LP grew its stake in shares of Procore Technologies by 78.1% during the first quarter. Wasatch Advisors LP now owns 5,603 shares of the company’s stock worth $460,000 after buying an additional 2,457 shares during the last quarter. Norden Group LLC bought a new stake in shares of Procore Technologies during the first quarter worth $1,269,000. Finally, Diversify Advisory Services LLC bought a new stake in shares of Procore Technologies during the first quarter worth $567,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

About Procore Technologies

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.