Procore Technologies (NYSE:PCOR) Price Target Cut to $80.00 by Analysts at KeyCorp

Procore Technologies (NYSE:PCOR) had its target price decreased by equities researchers at KeyCorp from $91.00 to $80.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s price target suggests a potential upside of 55.09% from the stock’s current price.

Several other brokerages have also recently weighed in on PCOR. Canaccord Genuity Group raised their price target on shares of Procore Technologies from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. TD Cowen cut their target price on Procore Technologies from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday. BMO Capital Markets reduced their target price on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a report on Thursday. Piper Sandler increased their price target on shares of Procore Technologies from $82.00 to $91.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Finally, UBS Group lowered their price objective on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.53.

Procore Technologies Stock Down 0.2%

Shares of NYSE:PCOR traded down $0.13 during trading on Friday, reaching $51.58. 2,144,262 shares of the stock were exchanged, compared to its average volume of 2,300,962. Procore Technologies has a 1-year low of $49.40 and a 1-year high of $88.92. The stock has a fifty day moving average of $70.21 and a two-hundred day moving average of $70.83. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a market cap of $8.02 billion, a price-to-earnings ratio of -61.50 and a beta of 0.89.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.10. The firm had revenue of $338.85 million for the quarter, compared to the consensus estimate of $328.13 million. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. The business’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.24 earnings per share. Research analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 7,692 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $64.31, for a total transaction of $494,672.52. Following the transaction, the director directly owned 1,035,212 shares of the company’s stock, valued at approximately $66,574,483.72. The trade was a 0.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of Procore Technologies stock in a transaction on Monday, December 15th. The shares were sold at an average price of $72.70, for a total value of $5,452,500.00. Following the transaction, the chairman owned 1,155,480 shares of the company’s stock, valued at $84,003,396. The trade was a 6.10% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 690,703 shares of company stock valued at $50,266,998. 21.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC grew its holdings in shares of Procore Technologies by 465.2% in the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after acquiring an additional 321 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Procore Technologies during the 3rd quarter valued at about $34,000. Jones Financial Companies Lllp boosted its holdings in shares of Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after buying an additional 199 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Procore Technologies during the fourth quarter valued at approximately $41,000. Finally, Allworth Financial LP increased its position in Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after buying an additional 204 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.