Procore Technologies (NYSE:PCOR) PT Lowered to $73.00

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

A number of other research firms also recently weighed in on PCOR. Stifel Nicolaus decreased their price target on shares of Procore Technologies from $90.00 to $85.00 and set a buy rating for the company in a research report on Monday, July 8th. Piper Sandler decreased their price target on shares of Procore Technologies from $74.00 to $63.00 and set an overweight rating for the company in a research report on Friday. Mizuho reaffirmed a neutral rating and issued a $70.00 price objective (down previously from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. DA Davidson downgraded shares of Procore Technologies from a buy rating to a neutral rating and decreased their price objective for the stock from $90.00 to $60.00 in a report on Friday. Finally, BMO Capital Markets decreased their price objective on shares of Procore Technologies from $85.00 to $71.00 and set an outperform rating for the company in a report on Friday. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Procore Technologies has an average rating of Moderate Buy and an average target price of $69.31.

Procore Technologies Stock Up 0.9 %

NYSE:PCOR traded up $0.49 during trading hours on Friday, hitting $53.69. The stock had a trading volume of 2,589,697 shares, compared to its average volume of 1,471,948. Procore Technologies has a 1-year low of $48.11 and a 1-year 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 $7.86 billion, a PE ratio of -55.42 and a beta of 0.75. The business has a 50 day simple moving average of $66.39 and a two-hundred day simple moving average of $71.32.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, topping 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 business had revenue of $284.30 million during the quarter, compared to the consensus estimate of $275.26 million. During the same quarter last year, the company earned ($0.28) earnings per share. The business’s quarterly revenue was up 24.4% compared to the same quarter last year. Analysts predict that Procore Technologies will post -0.35 EPS for the current year.

Insider Activity

In other news, 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 sale, the insider now directly owns 110,705 shares in the company, valued at approximately $7,481,443.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Benjamin C. Singer sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $67.58, for a total value of $135,160.00. Following the completion of the sale, the insider now directly owns 110,705 shares in the company, valued at approximately $7,481,443.90. The transaction 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 that occurred on Thursday, May 23rd. The stock was sold at an average price of $69.43, for a total value of $356,037.04. Following the transaction, the director now owns 1,478,927 shares of the company’s stock, valued at $102,681,901.61. The disclosure for this sale can be found here. Insiders sold a total of 238,511 shares of company stock worth $16,024,349 in the last three months. 29.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cerity Partners LLC lifted its stake in Procore Technologies by 4,290.2% in the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after buying an additional 1,303,804 shares during the period. Meritage Group LP acquired a new position in Procore Technologies in the first quarter valued at about $106,738,000. William Blair Investment Management LLC acquired a new position in Procore Technologies in the first quarter valued at about $91,158,000. Norges Bank acquired a new position in Procore Technologies in the fourth quarter valued at about $68,005,000. Finally, Robeco Schweiz AG acquired a new position in Procore Technologies in the fourth quarter valued at about $60,914,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

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.