Procore Technologies (NYSE:PCOR) Price Target Cut to $85.00

Procore Technologies (NYSE:PCOR) had its price target decreased by investment analysts at Stifel Nicolaus from $90.00 to $85.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ target price would suggest a potential upside of 31.97% from the company’s current price.

Several other research analysts have also recently commented on the stock. TD Cowen assumed coverage on shares of Procore Technologies in a report on Wednesday, June 12th. They set a “buy” rating and a $85.00 price target for the company. Canaccord Genuity Group lowered their target price on shares of Procore Technologies from $95.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, May 2nd. BMO Capital Markets reissued an “outperform” rating and issued a $85.00 target price on shares of Procore Technologies in a report on Tuesday, June 11th. Mizuho restated a “neutral” rating and issued a $70.00 price objective (down previously from $75.00) on shares of Procore Technologies in a research report on Tuesday, June 4th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Procore Technologies from $86.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $80.88.

Procore Technologies Stock Down 1.0 %

Shares of PCOR opened at $64.41 on Monday. The company’s 50-day simple moving average is $66.98 and its 200-day simple moving average is $71.45. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.61. Procore Technologies has a 1 year low of $48.11 and a 1 year high of $83.35. The stock has a market capitalization of $9.42 billion, a PE ratio of -67.09 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.15. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. The firm had revenue of $269.43 million during the quarter, compared to analyst estimates of $263.13 million. Analysts forecast that Procore Technologies will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other news, CFO Howard Fu sold 1,441 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $71.02, for a total value of $102,339.82. Following the transaction, the chief financial officer now directly owns 192,178 shares in the company, valued at approximately $13,648,481.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Howard Fu sold 1,441 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $71.02, for a total transaction of $102,339.82. Following the completion of the sale, the chief financial officer now directly owns 192,178 shares of the company’s stock, valued at approximately $13,648,481.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $68.97, for a total value of $4,689,960.00. Following the sale, the chief executive officer now owns 530,049 shares in the company, valued at $36,557,479.53. The disclosure for this sale can be found here. Insiders have sold a total of 297,554 shares of company stock worth $20,096,420 in the last quarter. 29.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors have recently made changes to their positions in the business. Park Avenue Securities LLC raised its holdings in Procore Technologies by 16.9% in the second quarter. Park Avenue Securities LLC now owns 8,741 shares of the company’s stock valued at $580,000 after acquiring an additional 1,266 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Procore Technologies by 16.9% during the second quarter. Harbor Capital Advisors Inc. now owns 29,397 shares of the company’s stock worth $1,949,000 after purchasing an additional 4,255 shares during the last quarter. First Bank & Trust grew its stake in Procore Technologies by 6.6% in the second quarter. First Bank & Trust now owns 6,034 shares of the company’s stock worth $400,000 after purchasing an additional 373 shares in the last quarter. Cetera Advisors LLC bought a new stake in Procore Technologies in the first quarter valued at about $220,000. Finally, Burney Co. acquired a new stake in Procore Technologies during the first quarter valued at approximately $1,371,000. 81.10% of the stock is 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.