Procore Technologies (NYSE:PCOR) Price Target Cut to $75.00 by Analysts at Macquarie

Procore Technologies (NYSE:PCOR) had its target price cut by Macquarie from $93.00 to $75.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Macquarie’s target price would suggest a potential upside of 12.39% from the stock’s current price.

A number of other analysts have also weighed in on PCOR. Mizuho upped their price objective on Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Stifel Nicolaus increased their price objective on shares of Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Jefferies Financial Group raised shares of Procore Technologies from a “hold” rating to a “buy” rating and boosted their price target for the company from $80.00 to $100.00 in a research report on Monday, January 6th. Canaccord Genuity Group upped their price target on shares of Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, Piper Sandler increased their price objective on Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given 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 an average target price of $90.24.

Procore Technologies Trading Down 1.2 %

PCOR traded down $0.81 during mid-day trading on Thursday, hitting $66.73. 835,898 shares of the stock were exchanged, compared to its average volume of 1,445,116. The firm’s fifty day moving average is $77.42 and its two-hundred day moving average is $71.07. Procore Technologies has a 1-year low of $49.46 and a 1-year high of $88.92. The company has a market cap of $10.00 billion, a PE ratio of -92.56 and a beta of 0.85. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The business had revenue of $302.05 million during the quarter, compared to analysts’ expectations of $297.72 million. Equities analysts forecast that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In related news, insider Benjamin C. Singer sold 1,500 shares of Procore Technologies stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $76.18, for a total transaction of $114,270.00. Following the sale, the insider now directly owns 84,539 shares in the company, valued at $6,440,181.02. The trade was a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Howard Fu sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.00, for a total transaction of $696,000.00. Following the transaction, the chief financial officer now directly owns 156,188 shares in the company, valued at approximately $13,588,356. The trade was a 4.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 58,211 shares of company stock valued at $4,672,701 in the last quarter. Corporate insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its stake in shares of Procore Technologies by 92.1% in the 4th quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock worth $27,000 after buying an additional 175 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Procore Technologies by 61.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock worth $29,000 after purchasing an additional 147 shares in the last quarter. V Square Quantitative Management LLC lifted its stake in Procore Technologies by 37.8% during the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock valued at $44,000 after purchasing an additional 162 shares during the last quarter. Huntington National Bank boosted its holdings in Procore Technologies by 161.6% during the fourth quarter. Huntington National Bank now owns 654 shares of the company’s stock worth $49,000 after buying an additional 404 shares in the last quarter. Finally, Hilltop National Bank acquired a new position in Procore Technologies in the fourth quarter worth approximately $53,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.