The Goldman Sachs Group Trims Procore Technologies (NYSE:PCOR) Target Price to $73.00

Procore Technologies (NYSE:PCOR) had its target price lowered by The Goldman Sachs Group from $85.00 to $73.00 in a report released on Friday morning, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

PCOR has been the subject of several other reports. Stifel Nicolaus cut their price objective on shares of Procore Technologies from $90.00 to $85.00 and set a buy rating for the company in a report on Monday, July 8th. Barclays downgraded shares of Procore Technologies from an overweight rating to an equal weight rating and cut their price objective for the stock from $78.00 to $54.00 in a report on Friday. Macquarie reaffirmed a neutral rating and issued a $70.00 price objective on shares of Procore Technologies in a report on Tuesday, July 30th. TD Cowen assumed coverage on shares of Procore Technologies in a report on Wednesday, June 12th. They issued a buy rating and a $85.00 price objective for the company. Finally, Piper Sandler cut their price objective on shares of Procore Technologies from $74.00 to $63.00 and set an overweight rating for the company in a report on Friday. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Procore Technologies has an average rating of Moderate Buy and an average target price of $69.31.

Procore Technologies Stock Down 6.9 %

NYSE:PCOR traded down $3.94 on Friday, hitting $52.84. The stock had a trading volume of 2,561,736 shares, compared to its average volume of 1,446,262. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.61. The stock has a market cap of $7.73 billion, a P/E ratio of -59.15 and a beta of 0.75. Procore Technologies has a 1 year low of $48.11 and a 1 year high of $83.35. The firm’s fifty day simple moving average is $66.71 and its two-hundred day simple moving average is $71.42.

Procore Technologies (NYSE:PCOR) last released its 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. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.21%. The firm had revenue of $284.30 million during the quarter, compared to the consensus estimate of $275.26 million. During the same period in the prior year, the firm earned ($0.28) EPS. The company’s revenue was up 24.4% compared to the same quarter last year. Analysts predict that Procore Technologies will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $67.58, for a total transaction of $135,160.00. Following the sale, the insider now owns 110,705 shares of the company’s stock, valued at approximately $7,481,443.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $69.48, for a total value of $356,293.44. Following the completion of the transaction, the director now directly owns 1,448,159 shares of the company’s stock, valued at $100,618,087.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $67.58, for a total transaction of $135,160.00. Following the completion of the transaction, the insider now directly owns 110,705 shares of the company’s stock, valued at $7,481,443.90. The disclosure for this sale can be found here. Insiders have sold a total of 238,511 shares of company stock valued at $16,024,349 in the last quarter. Insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Norges Bank purchased a new position in Procore Technologies in the fourth quarter worth about $68,005,000. Artisan Partners Limited Partnership raised its holdings in shares of Procore Technologies by 81.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 652,985 shares of the company’s stock valued at $45,200,000 after purchasing an additional 293,613 shares during the last quarter. Orion Portfolio Solutions LLC raised its holdings in shares of Procore Technologies by 29.2% during the first quarter. Orion Portfolio Solutions LLC now owns 75,840 shares of the company’s stock valued at $6,232,000 after purchasing an additional 17,119 shares during the last quarter. M&G Plc purchased a new position in shares of Procore Technologies during the first quarter valued at approximately $8,798,000. Finally, Eventide Asset Management LLC purchased a new position in shares of Procore Technologies during the fourth quarter valued at approximately $3,302,000. 81.10% of the stock is owned by hedge funds and other 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.