JPMorgan Chase & Co. Trims Procore Technologies (NYSE:PCOR) Target Price to $75.00

Procore Technologies (NYSE:PCOR) had its price target reduced by JPMorgan Chase & Co. from $90.00 to $75.00 in a research note released on Friday, Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently commented on PCOR. Barclays downgraded Procore Technologies from an overweight rating to an equal weight rating and reduced their target price for the company from $78.00 to $54.00 in a research note on Friday. Macquarie reiterated a neutral rating and set a $70.00 price objective on shares of Procore Technologies in a report on Tuesday, July 30th. BMO Capital Markets reissued an outperform rating and set a $85.00 target price on shares of Procore Technologies in a research report on Tuesday, June 11th. Canaccord Genuity Group dropped their price target on shares of Procore Technologies from $95.00 to $80.00 and set a buy rating on the stock in a research report on Thursday, May 2nd. Finally, Piper Sandler decreased their price objective on Procore Technologies from $77.00 to $74.00 and set an overweight rating for the company in a report on Friday, July 12th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $69.31.

Procore Technologies Price Performance

Procore Technologies stock traded up $0.35 during mid-day trading on Friday, reaching $53.55. The company had a trading volume of 2,636,750 shares, compared to its average volume of 1,471,948. The business has a fifty day simple moving average of $66.39 and a 200 day simple moving average of $71.32. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. The company has a market cap of $7.84 billion, a P/E ratio of -55.42 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.14. The firm 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 company’s revenue was up 24.4% compared to the same quarter last year. During the same quarter last year, the business earned ($0.28) EPS. On average, equities research analysts predict that Procore Technologies will post -0.35 earnings per share for the current year.

Insider Activity

In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $70.29, for a total transaction of $360,447.12. Following the sale, the director now directly owns 1,489,183 shares of the company’s stock, valued at $104,674,673.07. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $66.17, for a total value of $4,499,560.00. Following the completion of the transaction, the chief executive officer now owns 528,699 shares in the company, valued at approximately $34,984,012.83. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $70.29, for a total value of $360,447.12. Following the sale, the director now owns 1,489,183 shares in the company, valued at $104,674,673.07. The disclosure for this sale can be found here. Insiders sold 238,511 shares of company stock valued at $16,024,349 in the last three months. Company insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds have recently bought and sold shares of PCOR. Cerity Partners LLC raised its holdings in shares of Procore Technologies by 4,290.2% in the 4th quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after acquiring an additional 1,303,804 shares in the last quarter. Meritage Group LP bought a new position in shares of Procore Technologies in the first quarter worth approximately $106,738,000. William Blair Investment Management LLC purchased a new stake in Procore Technologies in the first quarter valued at approximately $91,158,000. Norges Bank bought a new stake in Procore Technologies during the fourth quarter valued at approximately $68,005,000. Finally, Robeco Schweiz AG purchased a new position in Procore Technologies in the 4th quarter worth approximately $60,914,000. Hedge funds and other institutional investors 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.