Procore Technologies (NYSE:PCOR) PT Lowered to $70.00 at Scotiabank

Procore Technologies (NYSE:PCOR) had its target price decreased by Scotiabank from $90.00 to $70.00 in a research report released on Friday morning, Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Several other equities analysts have also recently issued reports on PCOR. DA Davidson cut Procore Technologies from a buy rating to a neutral rating and decreased their price objective for the company from $90.00 to $60.00 in a report on Friday. Piper Sandler dropped their price target on Procore Technologies from $74.00 to $63.00 and set an overweight rating for the company in a research report on Friday. Barclays cut Procore Technologies from an overweight rating to an equal weight rating and decreased their price objective for the company from $78.00 to $54.00 in a report on Friday. JPMorgan Chase & Co. cut their price objective on Procore Technologies from $90.00 to $75.00 and set an overweight rating on the stock in a research report on Friday. Finally, Stifel Nicolaus dropped their target price on Procore Technologies from $85.00 to $63.00 and set a buy rating on the stock in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Procore Technologies has a consensus rating of Moderate Buy and a consensus target price of $69.31.

Procore Technologies Stock Up 0.9 %

Shares of Procore Technologies stock traded up $0.49 during trading on Friday, reaching $53.69. The company’s stock had a trading volume of 2,589,697 shares, compared to its average volume of 1,471,948. 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 company has a market cap of $7.86 billion, a price-to-earnings ratio of -55.42 and a beta of 0.75. Procore Technologies has a 1-year low of $48.11 and a 1-year high of $83.35. The company has a 50-day simple moving average of $66.39 and a two-hundred day simple moving average of $71.32.

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

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 2,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $67.58, for a total value of $135,160.00. Following the completion of the transaction, the insider now directly owns 110,705 shares of the company’s stock, valued at approximately $7,481,443.90. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, SVP William Fred Fleming, Jr. sold 3,188 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $70.17, for a total value of $223,701.96. Following the sale, the senior vice president now owns 87,248 shares in the company, valued at approximately $6,122,192.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Benjamin C. Singer sold 2,000 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $67.58, for a total transaction of $135,160.00. Following the sale, the insider now owns 110,705 shares in the company, valued at approximately $7,481,443.90. The disclosure for this sale can be found here. In the last three months, insiders sold 238,511 shares of company stock valued at $16,024,349. Company insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Procore Technologies by 1.0% in the first quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock valued at $764,111,000 after purchasing an additional 94,190 shares during the period. Cadian Capital Management LP boosted its holdings in shares of Procore Technologies by 22.9% in the fourth quarter. Cadian Capital Management LP now owns 3,718,341 shares of the company’s stock valued at $257,384,000 after acquiring an additional 692,218 shares in the last quarter. Cerity Partners LLC boosted its holdings in shares of Procore Technologies by 4,290.2% in 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 in the last quarter. Meritage Group LP bought a new position in shares of Procore Technologies in the first quarter valued at approximately $106,738,000. Finally, William Blair Investment Management LLC bought a new stake in Procore Technologies during the first quarter worth approximately $91,158,000. 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.