Procore Technologies (NYSE:PCOR) PT Lowered to $80.00

Procore Technologies (NYSE:PCOR) had its price target dropped by analysts at Canaccord Genuity Group from $95.00 to $80.00 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 15.56% from the stock’s current price.

Several other research analysts have also recently weighed in on PCOR. Mizuho reduced their price objective on Procore Technologies from $80.00 to $75.00 and set a “buy” rating for the company in a research report on Thursday. Stifel Nicolaus raised their price target on shares of Procore Technologies from $64.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. The Goldman Sachs Group lifted their price objective on shares of Procore Technologies from $74.00 to $85.00 and gave the company a “buy” rating in a report on Friday, February 16th. Barclays decreased their target price on shares of Procore Technologies from $83.00 to $78.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, KeyCorp boosted their price target on shares of Procore Technologies from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $81.79.

Procore Technologies Stock Up 1.5 %

NYSE PCOR traded up $0.99 during trading hours on Thursday, reaching $69.23. 3,252,967 shares of the company’s stock were exchanged, compared to its average volume of 1,252,165. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.49 and a current ratio of 1.49. The company has a market capitalization of $10.13 billion, a price-to-earnings ratio of -52.44 and a beta of 0.78. The company’s 50-day moving average is $76.44 and its two-hundred day moving average is $68.91. 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 quarterly earnings data on Thursday, February 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.13. The company had revenue of $260.04 million during the quarter, compared to the consensus estimate of $248.20 million. Procore Technologies had a negative net margin of 19.97% and a negative return on equity of 12.26%. On average, analysts forecast that Procore Technologies will post -0.64 EPS for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, CFO Howard Fu sold 1,441 shares of the 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 in the company, valued at approximately $13,648,481.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $72.21, for a total transaction of $370,292.88. Following the transaction, the director now owns 1,543,037 shares in the company, valued at approximately $111,422,701.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Howard Fu sold 1,441 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $71.02, for a total transaction of $102,339.82. Following the completion of the transaction, the chief financial officer now owns 192,178 shares in the company, valued at $13,648,481.56. The disclosure for this sale can be found here. In the last three months, insiders sold 467,672 shares of company stock worth $36,612,454. 39.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds have recently added to or reduced their stakes in PCOR. Vanguard Group Inc. grew its holdings in shares of Procore Technologies by 7.8% during the 4th quarter. Vanguard Group Inc. now owns 9,204,957 shares of the company’s stock worth $637,167,000 after purchasing an additional 666,287 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Procore Technologies by 2.5% during the third quarter. JPMorgan Chase & Co. now owns 4,744,726 shares of the company’s stock worth $309,926,000 after purchasing an additional 114,649 shares during the period. Cadian Capital Management LP grew its stake in Procore Technologies by 22.9% during the fourth quarter. Cadian Capital Management LP now owns 3,718,341 shares of the company’s stock worth $257,384,000 after buying an additional 692,218 shares in the last quarter. Invesco Ltd. increased its holdings in Procore Technologies by 32.8% in the 3rd quarter. Invesco Ltd. now owns 2,398,257 shares of the company’s stock valued at $156,654,000 after buying an additional 592,318 shares during the period. Finally, Cerity Partners LLC raised its position in shares of Procore Technologies by 4,290.2% in the 4th quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after buying an additional 1,303,804 shares in the last quarter. 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.