BMO Capital Markets Trims Procore Technologies (NYSE:PCOR) Target Price to $71.00

Procore Technologies (NYSE:PCOR) had its target price cut by BMO Capital Markets from $85.00 to $71.00 in a report issued on Friday, Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts also recently commented on PCOR. JPMorgan Chase & Co. lowered their price objective on shares of Procore Technologies from $90.00 to $75.00 and set an overweight rating on the stock in a research report on Friday. Stifel Nicolaus lowered their target price on shares of Procore Technologies from $90.00 to $85.00 and set a buy rating on the stock in a report on Monday, July 8th. DA Davidson downgraded shares of Procore Technologies from a buy rating to a neutral rating and cut their target price for the company from $90.00 to $60.00 in a research report on Friday. KeyCorp decreased their price target on shares of Procore Technologies from $79.00 to $68.00 and set an overweight rating for the company in a research note on Friday. Finally, Macquarie reaffirmed a neutral rating and set a $70.00 price target on shares of Procore Technologies in a report on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Procore Technologies currently has an average rating of Moderate Buy and a consensus target price of $69.31.

Procore Technologies Price Performance

PCOR traded down $4.46 on Friday, hitting $52.32. 1,888,755 shares of the company were exchanged, compared to its average volume of 1,441,745. The business’s fifty day moving average is $66.71 and its 200 day moving average is $71.42. The firm has a market capitalization of $7.66 billion, a P/E ratio of -59.15 and a beta of 0.75. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.61.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.14. The business had revenue of $284.30 million during the quarter, compared to analyst estimates of $275.26 million. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.21%. The business’s revenue was up 24.4% on a year-over-year basis. During the same period last year, the business earned ($0.28) EPS. As a group, sell-side analysts anticipate that Procore Technologies will post -0.35 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $66.17, for a total transaction of $4,499,560.00. Following the transaction, the chief executive officer now directly owns 528,699 shares in the company, valued at approximately $34,984,012.83. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $66.17, for a total transaction of $4,499,560.00. Following the transaction, the chief executive officer now directly owns 528,699 shares in the company, valued at $34,984,012.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Howard Fu sold 1,157 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $65.00, for a total value of $75,205.00. Following the sale, the chief financial officer now directly owns 182,561 shares in the company, valued at approximately $11,866,465. The disclosure for this sale can be found here. In the last three months, insiders sold 238,511 shares of company stock worth $16,024,349. Corporate insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently modified their holdings of PCOR. Raymond James & Associates raised its position in shares of Procore Technologies by 1,055.4% in the 4th quarter. Raymond James & Associates now owns 46,148 shares of the company’s stock worth $3,194,000 after buying an additional 42,154 shares during the period. Fifth Third Bancorp grew its stake in Procore Technologies by 10.5% in the fourth quarter. Fifth Third Bancorp now owns 6,900 shares of the company’s stock worth $478,000 after purchasing an additional 654 shares in the last quarter. Asset Management One Co. Ltd. acquired a new position in Procore Technologies in the fourth quarter valued at approximately $265,000. International Assets Investment Management LLC boosted 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 acquiring an additional 887 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new position in Procore Technologies in the fourth quarter valued at approximately $1,044,000. Institutional investors and hedge funds 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.