Procore Technologies (NYSE:PCOR) PT Lowered to $75.00

Procore Technologies (NYSE:PCOR) had its target price cut by equities researchers at JPMorgan Chase & Co. from $90.00 to $75.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 11.57% from the company’s previous close.

Several other research firms have also recently commented on PCOR. Mizuho restated a “neutral” rating and set a $70.00 price target (down previously from $75.00) on shares of Procore Technologies in a research note on Tuesday, June 4th. BMO Capital Markets restated an “outperform” rating and set a $85.00 price target on shares of Procore Technologies in a research note on Tuesday, June 11th. Barclays cut 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 research report on Friday. Canaccord Genuity Group cut their price objective on Procore Technologies from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Finally, TD Cowen started coverage on Procore Technologies in a research report on Wednesday, June 12th. They issued a “buy” rating and a $85.00 price target for the company. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $75.73.

Procore Technologies Stock Performance

Shares of PCOR opened at $67.22 on Friday. The stock has a 50 day moving average price of $66.94 and a 200 day moving average price of $71.46. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $9.84 billion, a price-to-earnings ratio of -70.02 and a beta of 0.75. 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 quarterly earnings data on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.15. The business had revenue of $269.43 million during the quarter, compared to the consensus estimate of $263.13 million. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. Research analysts predict that Procore Technologies will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In related news, CFO Howard Fu sold 1,157 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $65.00, for a total transaction of $75,205.00. Following the sale, the chief financial officer now directly owns 182,561 shares of the company’s stock, valued at approximately $11,866,465. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, SVP William Fred Fleming, Jr. sold 3,188 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $70.17, for a total transaction of $223,701.96. Following the completion of the sale, the senior vice president now directly owns 87,248 shares of the company’s stock, valued at $6,122,192.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Howard Fu sold 1,157 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $65.00, for a total value of $75,205.00. Following the completion of the sale, the chief financial officer now directly owns 182,561 shares of the company’s stock, valued at $11,866,465. 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 three months. Corporate insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Raymond James & Associates grew its holdings in Procore Technologies by 1,055.4% in the 4th quarter. Raymond James & Associates now owns 46,148 shares of the company’s stock valued at $3,194,000 after buying an additional 42,154 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of Procore Technologies by 10.5% during the 4th quarter. Fifth Third Bancorp now owns 6,900 shares of the company’s stock worth $478,000 after buying an additional 654 shares during the period. Asset Management One Co. Ltd. bought a new position in shares of Procore Technologies during the 4th quarter worth approximately $265,000. International Assets Investment Management LLC raised its position in Procore Technologies by 6,823.1% in the 4th quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock valued at $62,000 after purchasing an additional 887 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Procore Technologies in the 4th quarter valued at $1,044,000. 81.10% of the stock is owned by institutional investors and hedge funds.

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.