Robert W. Baird Issues Positive Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its target price increased by Robert W. Baird from $88.00 to $93.00 in a research note released on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts have also recently issued reports on the stock. William Blair reaffirmed an “outperform” rating on shares of Procore Technologies in a research note on Friday, October 17th. Berenberg Bank began coverage on shares of Procore Technologies in a research report on Friday, October 3rd. They set a “buy” rating and a $84.00 price target for the company. BMO Capital Markets lifted their price objective on Procore Technologies from $82.00 to $87.00 and gave the stock an “outperform” rating in a report on Thursday. Citizens Jmp lowered Procore Technologies from an “outperform” rating to a “market perform” rating in a research note on Friday, August 1st. Finally, JMP Securities restated a “market perform” rating and set a $95.00 target price on shares of Procore Technologies in a report on Friday, August 1st. Fifteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $84.26.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $79.14 on Thursday. The stock’s 50-day moving average is $72.02 and its 200 day moving average is $69.21. The stock has a market cap of $11.89 billion, a price-to-earnings ratio of -94.22 and a beta of 0.90. Procore Technologies has a 1-year low of $53.71 and a 1-year high of $88.92. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Wednesday, September 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. Procore Technologies had a negative return on equity of 6.17% and a negative net margin of 9.84%.The firm had revenue of $172.21 million during the quarter. On average, sell-side analysts anticipate that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Benjamin C. Singer sold 1,036 shares of Procore Technologies stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $75.00, for a total value of $77,700.00. Following the completion of the transaction, the insider owned 85,330 shares of the company’s stock, valued at $6,399,750. The trade was a 1.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Connor Kevin J. O sold 7,692 shares of the firm’s stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $70.56, for a total transaction of $542,747.52. Following the sale, the director owned 1,115,637 shares of the company’s stock, valued at approximately $78,719,346.72. This represents a 0.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 30,724 shares of company stock valued at $2,122,519. 21.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Teacher Retirement System of Texas lifted its holdings in shares of Procore Technologies by 89.5% during the 1st quarter. Teacher Retirement System of Texas now owns 19,957 shares of the company’s stock valued at $1,318,000 after buying an additional 9,428 shares during the period. US Bancorp DE grew its holdings in shares of Procore Technologies by 5.5% in the second quarter. US Bancorp DE now owns 21,638 shares of the company’s stock worth $1,480,000 after acquiring an additional 1,131 shares during the period. Brown Advisory Inc. increased its position in Procore Technologies by 87.4% during the first quarter. Brown Advisory Inc. now owns 12,943 shares of the company’s stock valued at $854,000 after acquiring an additional 6,038 shares during the last quarter. Amalgamated Bank lifted its holdings in Procore Technologies by 4.2% in the first quarter. Amalgamated Bank now owns 7,374 shares of the company’s stock valued at $487,000 after acquiring an additional 295 shares during the period. Finally, Fred Alger Management LLC lifted its holdings in Procore Technologies by 15.4% in the first quarter. Fred Alger Management LLC now owns 38,349 shares of the company’s stock valued at $2,532,000 after acquiring an additional 5,129 shares during the period. Institutional investors own 81.10% of the company’s stock.

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.