Procore Technologies (NYSE:PCOR) Price Target Cut to $75.00

Procore Technologies (NYSE:PCOR) had its price target reduced by equities researchers at Mizuho from $80.00 to $75.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Mizuho’s target price indicates a potential upside of 10.07% from the company’s current price.

A number of other research firms have also recently weighed in on PCOR. Stifel Nicolaus lifted their price target on Procore Technologies from $64.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 16th. BMO Capital Markets lifted their target price on Procore Technologies from $76.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. JMP Securities increased their price target on Procore Technologies from $81.00 to $93.00 and gave the stock a “market outperform” rating in a research note on Friday, February 16th. DA Davidson restated a “buy” rating and set a $95.00 price objective on shares of Procore Technologies in a research note on Thursday, March 14th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Procore Technologies from $76.00 to $81.00 and gave the stock an “overweight” rating in a report on Tuesday, January 23rd. Three equities 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.com, Procore Technologies has an average rating of “Moderate Buy” and an average target price of $81.79.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $68.14 on Thursday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.04. Procore Technologies has a 1-year low of $48.11 and a 1-year high of $83.35. The business’s fifty day moving average price is $76.35 and its two-hundred day moving average price is $68.92.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, February 15th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.13. The business had revenue of $260.04 million during the quarter, compared to analyst estimates of $248.20 million. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.37%. On average, analysts anticipate that Procore Technologies will post -0.64 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $68.97, for a total value of $4,689,960.00. Following the transaction, the chief executive officer now owns 530,049 shares in the company, valued at $36,557,479.53. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total transaction of $4,689,960.00. Following the completion of the sale, the chief executive officer now directly owns 530,049 shares of the company’s stock, valued at $36,557,479.53. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Benjamin C. Singer sold 3,000 shares of Procore Technologies stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $69.05, for a total value of $207,150.00. Following the completion of the transaction, the insider now directly owns 122,321 shares in the company, valued at approximately $8,446,265.05. The disclosure for this sale can be found here. Insiders sold a total of 538,672 shares of company stock valued at $41,509,564 over the last ninety days. Insiders own 39.20% of the company’s stock.

Institutional Trading of Procore Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the business. Cerity Partners LLC lifted its position in shares of Procore Technologies by 4,290.2% in the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock worth $92,353,000 after purchasing an additional 1,303,804 shares in the last quarter. Vanguard Group Inc. increased its stake in Procore Technologies by 13.2% in the 3rd quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock valued at $557,746,000 after buying an additional 995,757 shares during the period. Norges Bank purchased a new stake in Procore Technologies in the 4th quarter worth approximately $68,005,000. Robeco Schweiz AG acquired a new stake in shares of Procore Technologies during the 4th quarter valued at $60,914,000. Finally, Westfield Capital Management Co. LP purchased a new position in shares of Procore Technologies during the 4th quarter valued at $60,295,000. Institutional investors and hedge funds 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.