Shares of construction management software maker Procore (NYSE:PCOR) jumped 3% in the morning session after a series of positive analyst actions and a broader rally among software stocks. The positive sentiment followed several analyst updates. Baird designated the company a bullish 'Fresh Pick' and maintained its Outperform rating with an $88 price target. Additionally, DA Davidson increased its price target on the stock to $70. The move also coincided with a sector-wide lift for Software as a Service (SaaS) companies. A weaker-than-expected U.S. jobs report increased investor expectations for a Federal Reserve interest rate cut, which generally boosted valuations for growth-oriented technology stocks.
A highly volatile stock can deliver big gains - or just as easily wipe out a portfolio if things go south.
While some investors embrace risk, mistakes can be costly for those who aren’t prepared.
Shares of construction management software maker Procore (NYSE:PCOR) fell 3.1% in the afternoon session after Confluent's disappointing quarterly results signaled growing headwinds in the space.
Datadog has been treading water for the past six months, recording a small loss of 1.2% while holding steady at $150. The stock also fell short of the S&P 500’s 5.4% gain during that period.
