Procore Technologies (NYSE:PCOR) Price Target Cut to $82.00 by Analysts at JMP Securities

Procore Technologies (NYSE:PCOR) had its price objective reduced by stock analysts at JMP Securities from $93.00 to $82.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ target price suggests a potential upside of 46.22% from the company’s previous close.

A number of other analysts also recently commented on the stock. DA Davidson downgraded shares of Procore Technologies from a “buy” rating to a “neutral” rating and cut their price objective for the company from $90.00 to $60.00 in a report on Friday. Piper Sandler lowered their price target on Procore Technologies from $74.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday. Barclays lowered shares of Procore Technologies from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $78.00 to $54.00 in a report on Friday. Macquarie reaffirmed a “neutral” rating and issued a $70.00 target price on shares of Procore Technologies in a report on Tuesday. Finally, Stifel Nicolaus dropped their price objective on Procore Technologies from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Monday, July 8th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $69.27.

Procore Technologies Stock Performance

Shares of PCOR traded down $11.14 during trading hours on Friday, reaching $56.08. 11,590,550 shares of the company traded hands, compared to its average volume of 1,410,030. Procore Technologies has a 12-month low of $48.11 and a 12-month high of $83.35. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $8.21 billion, a P/E ratio of -56.21 and a beta of 0.75. The business has a fifty day moving average price of $66.94 and a 200-day moving average price of $71.46.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, May 1st. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.15. The firm had revenue of $269.43 million for the quarter, compared to analysts’ expectations of $263.13 million. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. Equities analysts anticipate that Procore Technologies will post -0.35 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In related news, CFO Howard Fu sold 1,157 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $65.00, for a total value of $75,205.00. Following the completion of the transaction, the chief financial officer now owns 182,561 shares of the company’s stock, valued at approximately $11,866,465. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Craig F. Jr. Courtemanche sold 22,483 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $70.17, for a total value of $1,577,632.11. Following the completion of the transaction, the chief executive officer now owns 866,718 shares of the company’s stock, valued at $60,817,602.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Howard Fu sold 1,157 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $65.00, for a total transaction of $75,205.00. Following the completion of the transaction, the chief financial officer now owns 182,561 shares in the company, valued at $11,866,465. The disclosure for this sale can be found here. Insiders sold 238,511 shares of company stock valued at $16,024,349 over the last 90 days. 29.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the business. Signaturefd LLC increased its position in shares of Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after purchasing an additional 216 shares during the last quarter. Rothschild Investment LLC bought a new stake in Procore Technologies in the second quarter valued at approximately $51,000. International Assets Investment Management LLC raised its stake in Procore Technologies by 6,823.1% in the fourth quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock valued at $62,000 after buying an additional 887 shares during the period. Cullen Frost Bankers Inc. acquired a new position in shares of Procore Technologies during the 4th quarter worth approximately $62,000. Finally, Advisors Asset Management Inc. raised its stake in Procore Technologies by 26.2% in the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after acquiring an additional 260 shares during the period. 81.10% of the stock is 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.