JPMorgan Chase & Co. Cuts Procore Technologies (NYSE:PCOR) Price Target to $85.00

Procore Technologies (NYSE:PCOR) had its target price lowered by JPMorgan Chase & Co. from $97.00 to $85.00 in a research note published on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other analysts have also recently commented on PCOR. Mizuho upped their target price on shares of Procore Technologies from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. JMP Securities increased their target price on Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a research note on Tuesday, February 18th. Piper Sandler boosted their target price on Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Canaccord Genuity Group increased their price target on shares of Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Macquarie decreased their price objective on shares of Procore Technologies from $93.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Four research 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. According to MarketBeat.com, Procore Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $89.24.

Procore Technologies Trading Down 0.4 %

Shares of PCOR opened at $60.50 on Wednesday. The stock’s fifty day simple moving average is $71.63 and its 200-day simple moving average is $72.26. The firm has a market capitalization of $9.07 billion, a PE ratio of -84.03 and a beta of 0.90. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $88.92. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). The business had revenue of $302.05 million for the quarter, compared to analyst estimates of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. As a group, research analysts predict that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the transaction, the insider now directly owns 200 shares in the company, valued at $17,480. This trade represents a 84.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Connor Kevin J. O sold 5,128 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $73.62, for a total transaction of $377,523.36. Following the completion of the transaction, the director now directly owns 1,264,700 shares of the company’s stock, valued at $93,107,214. This represents a 0.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,304 shares of company stock valued at $5,863,827 in the last ninety days. 29.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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

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.