Procore Technologies (NYSE:PCOR) Price Target Cut to $71.00 by Analysts at BMO Capital Markets

Procore Technologies (NYSE:PCOR) had its target price reduced by BMO Capital Markets from $85.00 to $71.00 in a research report released on Friday morning, Benzinga reports. BMO Capital Markets currently has an outperform rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Macquarie restated a neutral rating and issued a $70.00 price objective on shares of Procore Technologies in a report on Tuesday, July 30th. JPMorgan Chase & Co. reduced their price target on shares of Procore Technologies from $90.00 to $75.00 and set an overweight rating on the stock in a report on Friday. Canaccord Genuity Group dropped their price target on shares of Procore Technologies from $95.00 to $80.00 and set a buy rating for the company in a research note on Thursday, May 2nd. Barclays lowered shares of Procore Technologies from an overweight rating to an equal weight rating and reduced their price target for the company from $78.00 to $54.00 in a report on Friday. Finally, DA Davidson downgraded shares of Procore Technologies from a buy rating to a neutral rating and dropped their target price for the stock from $90.00 to $60.00 in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Procore Technologies currently has an average rating of Moderate Buy and an average price target of $69.31.

Procore Technologies Stock Down 7.9 %

PCOR stock traded down $4.46 during mid-day trading on Friday, reaching $52.32. 1,888,755 shares of the company traded hands, compared to its average volume of 1,441,745. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The firm’s 50 day moving average price is $66.71 and its 200 day moving average price is $71.42. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 0.04. The stock has a market cap of $7.66 billion, a price-to-earnings ratio of -59.15 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.14. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.21%. The firm had revenue of $284.30 million during the quarter, compared to analyst estimates of $275.26 million. During the same period in the previous year, the business earned ($0.28) EPS. The business’s revenue for the quarter was up 24.4% on a year-over-year basis. As a group, equities research analysts predict that Procore Technologies will post -0.35 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $69.48, for a total value of $356,293.44. Following the sale, the director now directly owns 1,448,159 shares in the company, valued at $100,618,087.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $69.48, for a total transaction of $356,293.44. Following the transaction, the director now directly owns 1,448,159 shares of the company’s stock, valued at $100,618,087.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Howard Fu sold 1,157 shares of Procore Technologies stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $65.00, for a total value of $75,205.00. Following the completion of the transaction, the chief financial officer now directly owns 182,561 shares in the company, valued at approximately $11,866,465. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 238,511 shares of company stock worth $16,024,349. Company insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

A number of institutional investors and hedge funds have recently modified their holdings of PCOR. Cerity Partners LLC lifted its stake in shares of Procore Technologies by 4,290.2% during the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after acquiring an additional 1,303,804 shares during the period. Meritage Group LP acquired a new position in Procore Technologies during the first quarter valued at approximately $106,738,000. William Blair Investment Management LLC acquired a new position in Procore Technologies during the first quarter valued at approximately $91,158,000. Norges Bank acquired a new stake in shares of Procore Technologies in the fourth quarter valued at approximately $68,005,000. Finally, Robeco Schweiz AG acquired a new stake in Procore Technologies during the 4th quarter worth approximately $60,914,000. 81.10% of the stock is currently owned by institutional investors.

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.