BMO Capital Markets Lowers Procore Technologies (NYSE:PCOR) Price Target to $85.00

Procore Technologies (NYSE:PCOR) had its price objective reduced by stock analysts at BMO Capital Markets from $90.00 to $85.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. BMO Capital Markets’ target price points to a potential upside of 18.15% from the company’s previous close.

Other research analysts also recently issued research reports about the company. JMP Securities raised their price objective on Procore Technologies from $81.00 to $93.00 and gave the stock a “market outperform” rating in a research note on Friday, February 16th. Stifel Nicolaus raised their price objective on Procore Technologies from $64.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Mizuho cut their target price on Procore Technologies from $80.00 to $75.00 and set a “buy” rating for the company in a research report on Thursday. KeyCorp increased their target price on Procore Technologies from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Finally, DA Davidson restated a “buy” rating and set a $95.00 price target on shares of Procore Technologies in a report on Thursday, March 14th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.29.

Procore Technologies Stock Performance

Procore Technologies stock traded up $3.70 during mid-day trading on Thursday, reaching $71.94. 1,072,151 shares of the stock traded hands, compared to its average volume of 1,231,829. The stock has a market capitalization of $10.52 billion, a PE ratio of -53.89 and a beta of 0.78. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.49 and a quick ratio of 1.49. Procore Technologies has a 12-month low of $48.11 and a 12-month high of $83.35. The business’s 50-day moving average is $76.54 and its 200-day moving average is $68.92.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, February 15th. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.13. Procore Technologies had a negative return on equity of 12.26% and a negative net margin of 19.97%. The company had revenue of $260.04 million during the quarter, compared to analysts’ expectations of $248.20 million. As a group, sell-side analysts predict that Procore Technologies will post -0.64 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction on Monday, February 5th. The stock was sold at an average price of $72.21, for a total transaction of $370,292.88. Following the completion of the sale, the director now directly owns 1,543,037 shares of the company’s stock, valued at approximately $111,422,701.77. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $72.21, for a total transaction of $370,292.88. Following the transaction, the director now directly owns 1,543,037 shares in the company, valued at approximately $111,422,701.77. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP William Fred Fleming, Jr. sold 6,041 shares of the business’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $73.90, for a total value of $446,429.90. Following the transaction, the senior vice president now owns 77,768 shares in the company, valued at $5,747,055.20. The disclosure for this sale can be found here. Insiders sold a total of 467,672 shares of company stock valued at $36,612,454 in the last ninety days. Corporate insiders own 39.20% of the company’s stock.

Institutional Trading of Procore Technologies

Large investors have recently added to or reduced their stakes in the company. BluePath Capital Management LLC purchased a new stake in Procore Technologies during the 3rd quarter valued at about $36,000. International Assets Investment Management LLC lifted its holdings in shares of Procore Technologies by 6,823.1% in the 4th quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock valued at $62,000 after buying an additional 887 shares during the period. Cullen Frost Bankers Inc. acquired a new position in shares of Procore Technologies in the 4th quarter valued at about $62,000. TFO Wealth Partners LLC lifted its holdings in shares of Procore Technologies by 43,600.0% in the 4th quarter. TFO Wealth Partners LLC now owns 2,185 shares of the company’s stock valued at $151,000 after buying an additional 2,180 shares during the period. Finally, HighPoint Advisor Group LLC acquired a new position in shares of Procore Technologies in the 4th quarter valued at about $189,000. Hedge funds and other 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.