Procore Technologies (NYSE:PCOR) PT Lowered to $77.00

Procore Technologies (NYSE:PCOR) had its price target cut by Piper Sandler from $80.00 to $77.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also recently issued research reports about the stock. BMO Capital Markets raised their target price on shares of Procore Technologies from $76.00 to $90.00 and gave the stock an outperform rating in a report on Friday, February 16th. KeyCorp raised their target price on Procore Technologies from $85.00 to $95.00 and gave the stock an overweight rating in a report on Friday, February 16th. The Goldman Sachs Group boosted their price target on Procore Technologies from $74.00 to $85.00 and gave the company a buy rating in a report on Friday, February 16th. Mizuho dropped their price objective on shares of Procore Technologies from $80.00 to $75.00 and set a buy rating on the stock in a research note on Thursday. Finally, DA Davidson reiterated a buy rating and issued a $95.00 target price on shares of Procore Technologies in a research note on Thursday, March 14th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Procore Technologies currently has a consensus rating of Moderate Buy and a consensus target price of $81.79.

Procore Technologies Stock Performance

Shares of PCOR traded down $1.09 during trading hours on Thursday, reaching $68.14. 2,743,638 shares of the company traded hands, compared to its average volume of 1,400,051. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.04. The business has a fifty day moving average price of $76.24 and a 200-day moving average price of $68.91. Procore Technologies has a 12-month low of $48.11 and a 12-month high of $83.35. The stock has a market capitalization of $9.87 billion, a P/E ratio of -70.98 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.13. Procore Technologies had a negative return on equity of 8.37% and a negative net margin of 13.64%. The firm had revenue of $260.04 million during the quarter, compared to analysts’ expectations of $248.20 million. Equities analysts anticipate that Procore Technologies will post -0.64 EPS for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $69.05, for a total transaction of $207,150.00. Following the completion of the sale, the insider now directly owns 122,321 shares in the company, valued at approximately $8,446,265.05. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Howard Fu sold 1,441 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $71.02, for a total value of $102,339.82. Following the completion of the sale, the chief financial officer now directly owns 192,178 shares in the company, valued at $13,648,481.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Benjamin C. Singer sold 3,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $69.05, for a total transaction of $207,150.00. Following the transaction, the insider now owns 122,321 shares in the company, valued at $8,446,265.05. The disclosure for this sale can be found here. Insiders sold a total of 538,672 shares of company stock worth $41,509,564 in the last 90 days. Insiders own 39.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Cerity Partners LLC increased its holdings in shares of Procore Technologies by 4,290.2% in the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after purchasing an additional 1,303,804 shares during the last quarter. Vanguard Group Inc. grew its holdings in Procore Technologies by 13.2% in the 3rd quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock valued at $557,746,000 after buying an additional 995,757 shares in the last quarter. Norges Bank acquired a new stake in shares of Procore Technologies in the 4th quarter worth $68,005,000. Robeco Schweiz AG purchased a new position in shares of Procore Technologies during the 4th quarter worth $60,914,000. Finally, Westfield Capital Management Co. LP purchased a new position in Procore Technologies during the fourth quarter worth about $60,295,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.