Procore Technologies (NYSE:PCOR) Price Target Lowered to $75.00 at Macquarie

Procore Technologies (NYSE:PCOR) had its target price cut by Macquarie from $93.00 to $75.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also issued reports on PCOR. TD Cowen boosted their target price on Procore Technologies from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Robert W. Baird lifted their price target on Procore Technologies from $87.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. Piper Sandler lifted their price target on Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Barclays lifted their price target on Procore Technologies from $84.00 to $90.00 and gave the company an “equal weight” rating in a research report on Friday, February 14th. Finally, Canaccord Genuity Group lifted their price target on Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $90.24.

Procore Technologies Stock Performance

Shares of PCOR opened at $65.91 on Thursday. The firm has a market cap of $9.88 billion, a PE ratio of -91.54 and a beta of 0.85. The stock’s fifty day moving average price is $77.24 and its two-hundred day moving average price is $71.03. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $88.92.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.46). The firm had revenue of $302.05 million during the quarter, compared to the consensus estimate of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. On average, equities research analysts forecast that Procore Technologies will post -0.15 EPS for the current year.

Insider Transactions at Procore Technologies

In other news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the transaction, the insider now directly owns 200 shares in the company, valued at approximately $17,480. This represents a 84.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Lawrence Joseph Stack sold 12,000 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $82.92, for a total value of $995,040.00. Following the completion of the transaction, the executive now owns 161,368 shares of the company’s stock, valued at $13,380,634.56. The trade was a 6.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 58,211 shares of company stock worth $4,672,701. 29.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of PCOR. Atria Investments Inc lifted its stake in shares of Procore Technologies by 11.9% in the 3rd quarter. Atria Investments Inc now owns 4,950 shares of the company’s stock valued at $306,000 after acquiring an additional 527 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Procore Technologies by 4.0% in the 3rd quarter. Victory Capital Management Inc. now owns 62,897 shares of the company’s stock valued at $3,882,000 after acquiring an additional 2,432 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of Procore Technologies by 56.5% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 58,947 shares of the company’s stock valued at $3,638,000 after acquiring an additional 21,287 shares during the last quarter. KBC Group NV lifted its stake in shares of Procore Technologies by 19.0% in the 3rd quarter. KBC Group NV now owns 2,722 shares of the company’s stock valued at $168,000 after acquiring an additional 435 shares during the last quarter. Finally, Curi RMB Capital LLC lifted its stake in shares of Procore Technologies by 17.6% in the 3rd quarter. Curi RMB Capital LLC now owns 105,909 shares of the company’s stock valued at $6,537,000 after acquiring an additional 15,846 shares during the last quarter. 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.