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

Procore Technologies (NYSE:PCOR) had its target price trimmed by Barclays from $83.00 to $78.00 in a report released on Thursday, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other analysts also recently commented on the stock. BMO Capital Markets decreased their price objective on shares of Procore Technologies from $90.00 to $85.00 and set an outperform rating on the stock in a research report on Thursday. The Goldman Sachs Group boosted their price objective on Procore Technologies from $74.00 to $85.00 and gave the company a buy rating in a research report on Friday, February 16th. JMP Securities lifted their target price on Procore Technologies from $81.00 to $93.00 and gave the company a market outperform rating in a research note on Friday, February 16th. Mizuho dropped their price target on Procore Technologies from $80.00 to $75.00 and set a buy rating for the company in a research note on Thursday. Finally, Piper Sandler reduced their price objective on shares of Procore Technologies from $80.00 to $77.00 and set an overweight rating on the stock in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $81.79.

Procore Technologies Price Performance

NYSE PCOR opened at $68.14 on Thursday. 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 business’s fifty day moving average is $76.24 and its 200 day moving average is $68.93. The company has a market capitalization of $9.87 billion, a PE ratio of -70.98 and a beta of 0.78. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35.

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. Sell-side analysts predict that Procore Technologies will post -0.62 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Craig F. Jr. Courtemanche sold 65,246 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $73.90, for a total transaction of $4,821,679.40. Following the sale, the chief executive officer now directly owns 748,247 shares in the company, valued at approximately $55,295,453.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $68.97, for a total transaction 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 Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 65,246 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $73.90, for a total transaction of $4,821,679.40. Following the completion of the sale, the chief executive officer now owns 748,247 shares of the company’s stock, valued at approximately $55,295,453.30. The disclosure for this sale can be found here. Insiders sold 533,544 shares of company stock valued at $41,139,271 in the last three months. Corporate insiders own 39.20% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Hedge funds have recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of Procore Technologies by 30.7% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock valued at $104,000 after buying an additional 297 shares during the period. Jennison Associates LLC boosted its holdings in Procore Technologies by 72.2% during the 1st quarter. Jennison Associates LLC now owns 1,010,101 shares of the company’s stock valued at $83,000,000 after acquiring an additional 423,578 shares during the period. FORA Capital LLC purchased a new position in Procore Technologies during the 1st quarter valued at $2,833,000. BNP Paribas purchased a new stake in Procore Technologies in the first quarter worth $1,349,000. Finally, Capstone Investment Advisors LLC lifted its position in shares of Procore Technologies by 140.0% during the first quarter. Capstone Investment Advisors LLC now owns 14,307 shares of the company’s stock worth $1,176,000 after purchasing an additional 8,346 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

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.