Procore Technologies (NYSE:PCOR) PT Lowered to $63.00 at Piper Sandler

Procore Technologies (NYSE:PCOR) had its price target lowered by Piper Sandler from $74.00 to $63.00 in a report issued on Friday, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts have also issued reports on the company. Mizuho reaffirmed a neutral rating and set a $70.00 target price (down from $75.00) on shares of Procore Technologies in a research report on Tuesday, June 4th. BMO Capital Markets reissued an outperform rating and issued a $85.00 price target on shares of Procore Technologies in a report on Tuesday, June 11th. DA Davidson cut shares of Procore Technologies from a buy rating to a neutral rating and lowered their price objective for the company from $90.00 to $60.00 in a research report on Friday. JPMorgan Chase & Co. decreased their price target on shares of Procore Technologies from $90.00 to $75.00 and set an overweight rating on the stock in a research note on Friday. Finally, Barclays lowered shares of Procore Technologies from an overweight rating to an equal weight rating and dropped their target price for the stock from $78.00 to $54.00 in a report on Friday. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $69.31.

Procore Technologies Price Performance

PCOR stock traded down $3.58 during trading on Friday, hitting $53.20. 5,330,422 shares of the stock traded hands, compared to its average volume of 1,464,844. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. The stock has a market cap of $7.78 billion, a price-to-earnings ratio of -59.15 and a beta of 0.75. The company has a 50 day simple moving average of $66.71 and a 200 day simple moving average of $71.42. Procore Technologies has a one year low of $48.11 and a one year high of $83.35.

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

Insider Buying and Selling

In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $104,674,673.07. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 22,483 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $70.17, for a total value of $1,577,632.11. Following the sale, the chief executive officer now owns 866,718 shares in the company, valued at $60,817,602.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Connor Kevin J. O sold 5,128 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $70.29, for a total transaction of $360,447.12. Following the transaction, the director now directly owns 1,489,183 shares in the company, valued at approximately $104,674,673.07. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 238,511 shares of company stock worth $16,024,349. 29.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. Signaturefd LLC lifted its holdings in Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after acquiring an additional 216 shares during the last quarter. Rothschild Investment LLC acquired a new stake in shares of Procore Technologies during the 2nd quarter valued at about $51,000. International Assets Investment Management LLC raised its holdings in shares of Procore Technologies by 6,823.1% during the 4th quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock valued at $62,000 after purchasing an additional 887 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of Procore Technologies in the fourth quarter worth about $62,000. Finally, Advisors Asset Management Inc. raised its stake in shares of Procore Technologies by 26.2% in the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after acquiring an additional 260 shares in the last quarter. 81.10% of the stock is owned by 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.