JMP Securities Issues Pessimistic Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its price target dropped by analysts at JMP Securities from $82.00 to $75.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ target price indicates a potential upside of 12.56% from the stock’s previous close.

A number of other brokerages have also commented on PCOR. Barclays increased their price objective on shares of Procore Technologies from $64.00 to $66.00 and gave the stock an “equal weight” rating in a report on Thursday. 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, August 2nd. BMO Capital Markets reduced their price objective on Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Scotiabank lowered their target price on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Finally, DA Davidson reissued a “neutral” rating and set a $60.00 price target on shares of Procore Technologies in a research note on Wednesday, October 2nd. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.94.

Procore Technologies Stock Performance

NYSE:PCOR opened at $66.63 on Thursday. The stock has a market capitalization of $9.84 billion, a P/E ratio of -133.26 and a beta of 0.73. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03. Procore Technologies has a 1 year low of $48.11 and a 1 year high of $83.35. The firm has a 50 day moving average of $60.10 and a 200-day moving average of $63.90.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). The firm had revenue of $295.89 million during the quarter, compared to the consensus estimate of $287.42 million. Procore Technologies had a negative return on equity of 2.55% and a negative net margin of 6.59%. As a group, sell-side analysts anticipate that Procore Technologies will post -0.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $62.88, for a total value of $322,448.64. Following the sale, the director now directly owns 1,345,464 shares in the company, valued at $84,602,776.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Connor Kevin J. O sold 8,974 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $58.06, for a total transaction of $521,030.44. Following the completion of the transaction, the director now owns 1,371,104 shares in the company, valued at approximately $79,606,298.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $62.88, for a total transaction of $322,448.64. Following the completion of the sale, the director now owns 1,345,464 shares in the company, valued at $84,602,776.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,748 shares of company stock worth $5,661,056. Corporate insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds have recently modified their holdings of PCOR. GAMMA Investing LLC boosted its position in Procore Technologies by 76.4% during the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after purchasing an additional 175 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Procore Technologies in the 3rd quarter valued at approximately $26,000. Signaturefd LLC boosted its holdings in shares of 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 buying an additional 216 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Procore Technologies by 6,069.2% in the third quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock valued at $49,000 after buying an additional 789 shares in the last quarter. Finally, Rothschild Investment LLC acquired a new position in Procore Technologies during the second quarter worth $51,000. Institutional investors 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.