The Goldman Sachs Group Cuts Procore Technologies (NYSE:PCOR) Price Target to $75.00

Procore Technologies (NYSE:PCOR) had its target price decreased by The Goldman Sachs Group from $90.00 to $75.00 in a research note published on Monday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

PCOR has been the topic of several other reports. BMO Capital Markets cut their target price on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a report on Thursday, February 5th. Barclays raised Procore Technologies from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $82.00 to $90.00 in a report on Monday, January 5th. TD Cowen cut their price objective on Procore Technologies from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. UBS Group decreased their target price on Procore Technologies from $87.00 to $74.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. Finally, Canaccord Genuity Group lifted 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. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.15.

Procore Technologies Stock Performance

Shares of PCOR opened at $48.59 on Monday. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of -57.85 and a beta of 0.89. The company’s fifty day moving average is $68.26 and its 200-day moving average is $70.14. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.02. Procore Technologies has a 12 month low of $48.10 and a 12 month high of $88.92.

Insider Buying and Selling

In other news, Director William J.G. Griffith sold 207,474 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the completion of the transaction, the director directly owned 3,244,546 shares in the company, valued at $234,580,675.80. The trade was a 6.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin C. Singer sold 4,204 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $69.21, for a total transaction of $290,958.84. Following the completion of the sale, the insider owned 75,676 shares in the company, valued at approximately $5,237,535.96. The trade was a 5.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 616,392 shares of company stock worth $44,460,801. 21.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Premier Private Wealth Management LLC acquired a new stake in Procore Technologies during the fourth quarter worth about $558,000. Meeder Advisory Services Inc. acquired a new stake in shares of Procore Technologies during the 4th quarter worth approximately $222,000. Inceptionr LLC bought a new stake in shares of Procore Technologies during the fourth quarter valued at approximately $1,332,000. Deutsche Bank AG raised its stake in shares of Procore Technologies by 5.0% in the fourth quarter. Deutsche Bank AG now owns 2,053,398 shares of the company’s stock valued at $149,364,000 after purchasing an additional 97,019 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new position in Procore Technologies in the fourth quarter worth $280,000. Institutional investors and hedge funds 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. 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.