Procore Technologies (NYSE:PCOR) Price Target Cut to $77.00

Procore Technologies (NYSE:PCOR) had its price objective reduced by investment analysts at Piper Sandler from $80.00 to $77.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 12.82% from the stock’s previous close.

A number of other research analysts have also commented on PCOR. Stifel Nicolaus upped their price target on Procore Technologies from $64.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 16th. JMP Securities upped their target price on shares of Procore Technologies from $81.00 to $93.00 and gave the company a “market outperform” rating in a research note on Friday, February 16th. DA Davidson restated a “buy” rating and issued a $95.00 price target on shares of Procore Technologies in a research report on Thursday, March 14th. BMO Capital Markets boosted their price objective 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. Finally, JPMorgan Chase & Co. increased their target price on shares of Procore Technologies from $76.00 to $81.00 and gave the company an “overweight” rating in a research note on Tuesday, January 23rd. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $81.64.

Procore Technologies Stock Performance

Shares of PCOR opened at $68.25 on Thursday. The company has a market capitalization of $9.98 billion, a PE ratio of -51.32 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 one year low of $48.11 and a one year high of $83.35. The company’s fifty day moving average price is $76.54 and its 200 day moving average price 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, topping 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 business had revenue of $260.04 million for the quarter, compared to analyst estimates of $248.20 million. As a group, analysts expect that Procore Technologies will post -0.64 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In related news, CEO Craig F. Jr. Courtemanche sold 110,000 shares of the business’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $80.00, for a total value of $8,800,000.00. Following the sale, the chief executive officer now owns 532,749 shares of the company’s stock, valued at approximately $42,619,920. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, SVP William Fred Fleming, Jr. sold 6,041 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $73.90, for a total transaction of $446,429.90. Following the completion of the sale, the senior vice president now owns 77,768 shares of the company’s stock, valued at $5,747,055.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Craig F. Jr. Courtemanche sold 110,000 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $80.00, for a total value of $8,800,000.00. Following the completion of the transaction, the chief executive officer now directly owns 532,749 shares in the company, valued at $42,619,920. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 467,672 shares of company stock valued at $36,612,454. 39.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Procore Technologies by 13.2% in the third quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock worth $557,746,000 after acquiring an additional 995,757 shares during the last quarter. California Public Employees Retirement System raised its position in Procore Technologies by 31.8% in the 3rd quarter. California Public Employees Retirement System now owns 139,326 shares of the company’s stock worth $9,101,000 after purchasing an additional 33,590 shares during the last quarter. Rhumbline Advisers lifted its holdings in Procore Technologies by 1.9% during the 3rd quarter. Rhumbline Advisers now owns 111,137 shares of the company’s stock worth $7,259,000 after buying an additional 2,073 shares in the last quarter. Lisanti Capital Growth LLC bought a new position in Procore Technologies in the 3rd quarter valued at $2,922,000. Finally, Nomura Asset Management Co. Ltd. acquired a new stake in shares of Procore Technologies in the 3rd quarter valued at $7,328,000. 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.