Procore Technologies (NYSE:PCOR) Price Target Cut to $78.00 by Analysts at Barclays

Procore Technologies (NYSE:PCOR) had its price objective reduced by Barclays from $83.00 to $78.00 in a report published on Thursday morning, Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other equities analysts also recently commented on the company. Piper Sandler lowered their price objective on Procore Technologies from $80.00 to $77.00 and set an overweight rating on the stock in a research report on Thursday. KeyCorp increased their price objective on shares of Procore Technologies from $85.00 to $95.00 and gave the company an overweight rating in a report on Friday, February 16th. JMP Securities boosted their target price on shares of Procore Technologies from $81.00 to $93.00 and gave the stock a market outperform rating in a report on Friday, February 16th. Stifel Nicolaus raised their target price on shares of Procore Technologies from $64.00 to $90.00 and gave the company a buy rating in a research note on Friday, February 16th. Finally, BMO Capital Markets reduced their price target on shares of Procore Technologies from $90.00 to $85.00 and set an outperform rating on the stock in a report on Thursday. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Procore Technologies currently has a consensus rating of Moderate Buy and a consensus target price of $81.79.

Procore Technologies Stock Performance

NYSE PCOR traded down $1.09 on Thursday, hitting $68.14. 2,743,638 shares of the company traded hands, compared to its average volume of 1,400,051. The business’s 50 day moving average price is $76.24 and its 200-day moving average price is $68.91. Procore Technologies has a 52-week low of $48.11 and a 52-week high of $83.35. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $9.87 billion, a price-to-earnings ratio of -70.98 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, February 15th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.13. Procore Technologies had a negative return on equity of 8.37% and a negative net margin of 13.64%. The firm had revenue of $260.04 million for the quarter, compared to analysts’ expectations of $248.20 million. Equities analysts expect that Procore Technologies will post -0.64 earnings per share for the current year.

Insider Activity at Procore Technologies

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 110,000 shares of the stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $80.00, for a total transaction of $8,800,000.00. Following the transaction, the chief executive officer now directly owns 532,749 shares in the company, valued at approximately $42,619,920. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Howard Fu sold 1,441 shares of the business’s 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 completion of the transaction, the chief financial officer now directly owns 192,178 shares of the company’s stock, valued at approximately $13,648,481.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 110,000 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $80.00, for a total transaction of $8,800,000.00. Following the completion of the sale, the chief executive officer now owns 532,749 shares in the company, valued at $42,619,920. The disclosure for this sale can be found here. Insiders sold 538,672 shares of company stock worth $41,509,564 over the last three months. 39.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Xponance Inc. increased its position in shares of Procore Technologies by 4.4% during the third quarter. Xponance Inc. now owns 11,364 shares of the company’s stock worth $742,000 after purchasing an additional 481 shares in the last quarter. Raymond James & Associates purchased a new position in Procore Technologies during the 3rd quarter worth $261,000. Raymond James Financial Services Advisors Inc. purchased a new stake in Procore Technologies in the third quarter valued at about $304,000. Bank of New York Mellon Corp boosted its holdings in Procore Technologies by 3.9% in the third quarter. Bank of New York Mellon Corp now owns 454,477 shares of the company’s stock worth $29,686,000 after acquiring an additional 17,111 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Procore Technologies by 32.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,425 shares of the company’s stock worth $1,073,000 after acquiring an additional 3,992 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.