BTIG Research Cuts Procore Technologies (NYSE:PCOR) Price Target to $66.00

Procore Technologies (NYSE:PCOR) had its price objective reduced by BTIG Research from $88.00 to $66.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s price target suggests a potential upside of 37.70% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. William Blair restated an “outperform” rating on shares of Procore Technologies in a report on Friday, October 17th. Wall Street Zen raised shares of Procore Technologies from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. DA Davidson upgraded shares of Procore Technologies to a “hold” rating in a research report on Friday, November 7th. Piper Sandler increased their target price on shares of Procore Technologies from $82.00 to $91.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Finally, UBS Group cut their target price on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. Seventeen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.05.

Procore Technologies Stock Down 1.5%

PCOR opened at $47.93 on Friday. Procore Technologies has a 12 month low of $46.08 and a 12 month high of $88.92. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02. The business’s 50-day moving average price is $67.68 and its 200-day moving average price is $69.99. The company has a market cap of $7.45 billion, a P/E ratio of -57.06 and a beta of 0.89.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The company had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. During the same period in the prior year, the business posted $0.01 EPS. Procore Technologies’s quarterly revenue was up 15.6% compared to the same quarter last year. On average, equities analysts expect that Procore Technologies will post -0.15 EPS for the current year.

Insider Activity

In other Procore Technologies news, CRO Lawrence Joseph Stack sold 10,000 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $75.30, for a total transaction of $753,000.00. Following the completion of the transaction, the executive owned 184,128 shares of the company’s stock, valued at approximately $13,864,838.40. This trade represents a 5.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Craig F. Jr. Courtemanche sold 300,000 shares of the stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $71.91, for a total transaction of $21,573,000.00. Following the completion of the transaction, the chairman owned 677,796 shares of the company’s stock, valued at approximately $48,740,310.36. The trade was a 30.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 616,392 shares of company stock worth $44,460,801. Company insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. Global Retirement Partners LLC raised its holdings in 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 buying an additional 321 shares during the last quarter. 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% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after acquiring an additional 199 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Procore Technologies in the fourth quarter worth approximately $41,000. Finally, Allworth Financial LP raised its holdings in shares of Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the last quarter. Institutional investors 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. 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.