Procore Technologies (NYSE:PCOR) Price Target Cut to $75.00 by Analysts at Scotiabank

Procore Technologies (NYSE:PCOR) had its price objective decreased by Scotiabank from $95.00 to $75.00 in a report published on Thursday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

A number of other research firms have also recently weighed in on PCOR. JPMorgan Chase & Co. cut their price target on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Piper Sandler reduced their target price on shares of Procore Technologies from $110.00 to $75.00 and set an “overweight” rating on the stock in a report on Wednesday. Barclays decreased their price target on shares of Procore Technologies from $90.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Monday, April 14th. Jefferies Financial Group cut their price objective on shares of Procore Technologies from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Finally, DA Davidson decreased their target price on shares of Procore Technologies from $80.00 to $60.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and an average target price of $81.18.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $62.93 on Thursday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The company’s 50-day moving average price is $68.24 and its 200 day moving average price is $72.12. Procore Technologies has a 52 week low of $49.46 and a 52 week high of $88.92. The stock has a market cap of $9.43 billion, a price-to-earnings ratio of -87.40 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The business had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. As a group, research analysts forecast that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Connor Kevin J. O sold 7,700 shares of Procore Technologies stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $56.67, for a total transaction of $436,359.00. Following the transaction, the director now owns 1,208,284 shares in the company, valued at approximately $68,473,454.28. The trade was a 0.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Benjamin C. Singer sold 6,937 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $83.60, for a total transaction of $579,933.20. Following the sale, the insider now directly owns 72,110 shares of the company’s stock, valued at approximately $6,028,396. This trade represents a 8.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 65,482 shares of company stock worth $4,952,759 over the last three months. 29.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc raised its holdings in shares of Procore Technologies by 92.1% during the 4th quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock valued at $27,000 after buying an additional 175 shares during the period. Parkside Financial Bank & Trust raised its stake in shares of Procore Technologies by 61.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after purchasing an additional 147 shares during the period. V Square Quantitative Management LLC lifted its position in shares of Procore Technologies by 37.8% during the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock worth $44,000 after purchasing an additional 162 shares in the last quarter. Huntington National Bank lifted its position in shares of Procore Technologies by 161.6% during the fourth quarter. Huntington National Bank now owns 654 shares of the company’s stock worth $49,000 after purchasing an additional 404 shares in the last quarter. Finally, Hilltop National Bank purchased a new position in shares of Procore Technologies in the fourth quarter valued at $53,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Company Profile

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.