Procore Technologies (NYSE:PCOR) PT Lowered to $85.00 at Stifel Nicolaus

Procore Technologies (NYSE:PCOR) had its price objective lowered by Stifel Nicolaus from $90.00 to $85.00 in a report issued on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages also recently commented on PCOR. Mizuho reiterated a neutral rating and set a $70.00 price objective (down previously from $75.00) on shares of Procore Technologies in a research report on Tuesday, June 4th. TD Cowen started coverage on Procore Technologies in a report on Wednesday, June 12th. They set a buy rating and a $85.00 target price for the company. Barclays cut their price objective on Procore Technologies from $83.00 to $78.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. BMO Capital Markets reaffirmed an outperform rating and set a $85.00 price objective on shares of Procore Technologies in a research note on Tuesday, June 11th. Finally, DA Davidson reissued a buy rating and issued a $95.00 target price on shares of Procore Technologies in a research report on Thursday, March 14th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Procore Technologies presently has an average rating of Moderate Buy and an average price target of $80.87.

Procore Technologies Stock Up 0.9 %

Procore Technologies stock opened at $64.88 on Monday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.61. Procore Technologies has a one year low of $48.11 and a one year high of $83.35. The company has a 50-day simple moving average of $66.82 and a 200-day simple moving average of $71.36. The firm has a market capitalization of $9.49 billion, a P/E ratio of -67.58 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.15. The company had revenue of $269.43 million during the quarter, compared to analysts’ expectations of $263.13 million. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. As a group, equities analysts expect that Procore Technologies will post -0.35 earnings per share for the current year.

Insider Activity at Procore Technologies

In related news, CFO Howard Fu sold 1,441 shares of Procore Technologies stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $71.02, for a total transaction of $102,339.82. Following the completion of the sale, the chief financial officer now directly owns 192,178 shares of the company’s stock, valued at approximately $13,648,481.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $70.29, for a total value of $360,447.12. Following the completion of the transaction, the director now directly owns 1,489,183 shares in the company, valued at approximately $104,674,673.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Howard Fu sold 1,441 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $71.02, for a total value of $102,339.82. Following the sale, the chief financial officer now owns 192,178 shares of the company’s stock, valued at $13,648,481.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 297,554 shares of company stock worth $20,096,420. Insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in Procore Technologies in the fourth quarter valued at approximately $68,005,000. Artisan Partners Limited Partnership boosted its stake in Procore Technologies by 81.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 652,985 shares of the company’s stock valued at $45,200,000 after acquiring an additional 293,613 shares during the last quarter. Eventide Asset Management LLC purchased a new stake in Procore Technologies in the fourth quarter worth $3,302,000. CHURCHILL MANAGEMENT Corp purchased a new stake in Procore Technologies during the first quarter valued at about $1,342,000. Finally, GW&K Investment Management LLC bought a new position in Procore Technologies in the 4th quarter worth approximately $52,130,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.