Barclays Cuts Procore Technologies (NYSE:PCOR) Price Target to $78.00

Procore Technologies (NYSE:PCOR) had its price objective trimmed by Barclays from $83.00 to $78.00 in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities analysts have also recently weighed in on the stock. DA Davidson reiterated a buy rating and issued a $95.00 price objective on shares of Procore Technologies in a research note on Thursday, March 14th. Piper Sandler lowered their price objective on shares of Procore Technologies from $80.00 to $77.00 and set an overweight rating on the stock in a research note on Thursday. Mizuho lowered their price objective on shares of Procore Technologies from $80.00 to $75.00 and set a buy rating on the stock in a research note on Thursday. JPMorgan Chase & Co. increased their price objective on shares of Procore Technologies from $83.00 to $86.00 and gave the stock an overweight rating in a research note on Thursday. Finally, The Goldman Sachs Group increased their price objective on shares of Procore Technologies from $74.00 to $85.00 and gave the stock a buy rating in a research note on Friday, February 16th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $81.79.

Procore Technologies Stock Performance

PCOR opened at $68.14 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.49 and a current ratio of 1.49. The company’s 50-day simple moving average is $76.24 and its two-hundred day simple moving average is $68.91. Procore Technologies has a 52-week low of $48.11 and a 52-week high of $83.35.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, February 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.13. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.37%. The business had revenue of $260.04 million for the quarter, compared to analysts’ expectations of $248.20 million. On average, research analysts forecast that Procore Technologies will post -0.62 EPS for the current year.

Insiders Place Their Bets

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $68.97, for a total transaction of $4,689,960.00. Following the completion of the sale, the chief executive officer now directly owns 530,049 shares of the company’s stock, valued at approximately $36,557,479.53. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Procore Technologies news, insider Benjamin C. Singer sold 3,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $82.15, for a total transaction of $246,450.00. Following the completion of the sale, the insider now directly owns 125,321 shares of the company’s stock, valued at approximately $10,295,120.15. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $68.97, for a total transaction of $4,689,960.00. Following the sale, the chief executive officer now directly owns 530,049 shares of the company’s stock, valued at $36,557,479.53. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 538,672 shares of company stock worth $41,509,564. Company insiders own 39.20% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. Xponance Inc. grew its holdings in shares of Procore Technologies by 4.4% in the third quarter. Xponance Inc. now owns 11,364 shares of the company’s stock valued at $742,000 after purchasing an additional 481 shares in the last quarter. Raymond James & Associates purchased a new position in shares of Procore Technologies in the third quarter valued at $261,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Procore Technologies in the third quarter valued at $304,000. Bank of New York Mellon Corp grew its holdings in shares of Procore Technologies by 3.9% in the third quarter. Bank of New York Mellon Corp now owns 454,477 shares of the company’s stock valued at $29,686,000 after purchasing an additional 17,111 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Procore Technologies by 32.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,425 shares of the company’s stock valued at $1,073,000 after purchasing an additional 3,992 shares in the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.