Procore Technologies Inc. (NYSE:PCOR) marked $62.04 per share on Thursday, up from a previous closing price of $56.64. While Procore Technologies Inc. has overperformed by 9.53%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, PCOR fell by -38.59%, with highs and lows ranging from $106.61 to $40.00, whereas the simple moving average fell by -2.36% in the last 200 days.
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On July 27, 2022, Oppenheimer started tracking Procore Technologies Inc. (NYSE: PCOR) recommending Outperform. A report published by Mizuho on March 29, 2022, Initiated its previous ‘Buy’ rating for PCOR. Stifel also rated PCOR shares as ‘Buy’, setting a target price of $85 on the company’s shares in an initiating report dated January 28, 2022. William Blair initiated its ‘Outperform’ rating for PCOR, as published in its report on June 14, 2021. Stifel’s report from June 14, 2021 suggests a price prediction of $100 for PCOR shares, giving the stock a ‘Buy’ rating. Piper Sandler also rated the stock as ‘Overweight’.
Analysis of Procore Technologies Inc. (PCOR)
Further, the quarter-over-quarter increase in sales is 40.00%, showing a positive trend in the upcoming months.
In order to gain a clear picture of Procore Technologies Inc.’s future performance, a variety of well-rounded analysis and research techniques can be applied, with equity being the most critical. The goal here is to ensure that your current return on equity of -28.10% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 1.80, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
An average volume of 838.89K can be a very valuable indicator of volatility for PCOR stock. On a monthly basis, the volatility of the stock is set at 5.37%, whereas on a weekly basis, it is put at 5.61%, with a gain of 21.65% over the past seven days. Furthermore, long-term investors anticipate a median target price of $68.33, showing growth from the present price of $62.04, which can serve as yet another indication of whether PCOR is worth investing in or should be passed over.
How Do You Analyze Procore Technologies Inc. Shares?
In addition to the fundamentals, you should also consider how many employees own shares in the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 2.40%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 81.30% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in PCOR shares?
The recent increase in stakes in PCOR appears to be a result of several institutional investors and hedge funds increasing their positions. Iconiq Capital LLC’s position in PCOR has increased by 6.66% in the first quarter. The company now owns 47,791,588 shares of the stock, with a value of $2.17 billion, following the purchase of 2,982,705 additional shares during the last quarter. D1 Capital Partners LP made another increased to its shares in PCOR during the first quarter, upping its stake by 10.77%. During the last quarter, the company picked up 614,915 additional shares for a total stake of worth $287.11 million, bringing number of shares owned by the company to 6,325,309.
During the first quarter, T. Rowe Price Associates, Inc. added a 1,185,689 position in PCOR. The Vanguard Group, Inc. purchased an additional 0.51 million shares in the last quarter, increasing its holdings by 12.11%, now holding 4.76 million shares worth $215.87 million. At the end of the first quarter, Tiger Global Management LLC decreased its PCOR holdings by -41.51% and now holds 4.61 million PCOR shares valued at $209.44 million with the lessened -3.27 million shares during the period. PCOR shares are owned by institutional investors to the tune of 81.30% at present.
