Procore Technologies (NYSE:PCOR) PT Lowered to $82.00 at JMP Securities

Procore Technologies (NYSE:PCOR) had its price objective reduced by JMP Securities from $93.00 to $82.00 in a research note issued to investors on Friday, Benzinga reports. They currently have a market outperform rating on the stock.

A number of other brokerages also recently weighed in on PCOR. BMO Capital Markets lowered their price target on Procore Technologies from $85.00 to $71.00 and set an outperform rating on the stock in a research report on Friday. JPMorgan Chase & Co. cut their price target on Procore Technologies from $90.00 to $75.00 and set an overweight rating for the company in a research note on Friday. The Goldman Sachs Group cut their price target on Procore Technologies from $85.00 to $73.00 and set a buy rating for the company in a research note on Friday. TD Cowen began coverage on Procore Technologies in a research note on Wednesday, June 12th. They issued a buy rating and a $85.00 price target for the company. Finally, DA Davidson downgraded shares of Procore Technologies from a buy rating to a neutral rating and lowered their price objective for the company from $90.00 to $60.00 in a research report on Friday. Seven 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, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $69.31.

Procore Technologies Stock Up 1.4 %

Shares of NYSE:PCOR traded up $0.77 during midday trading on Friday, reaching $53.97. The company had a trading volume of 1,235,958 shares, compared to its average volume of 1,463,319. 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 business’s 50 day moving average price is $66.39 and its 200 day moving average price is $71.32. The stock has a market cap of $7.90 billion, a PE ratio of -55.42 and a beta of 0.75. Procore Technologies has a 1-year low of $48.11 and a 1-year high of $83.35.

Procore Technologies (NYSE:PCOR) last announced 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. The firm had revenue of $284.30 million for the quarter, compared to the consensus estimate of $275.26 million. Procore Technologies had a negative return on equity of 4.21% and a negative net margin of 8.54%. The business’s revenue was up 24.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.28) earnings per share. Research analysts forecast that Procore Technologies will post -0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 3,188 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $70.17, for a total value of $223,701.96. Following the completion of the sale, the senior vice president now directly owns 87,248 shares in the company, valued at $6,122,192.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP William Fred Fleming, Jr. sold 3,188 shares of Procore Technologies stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $70.17, for a total transaction of $223,701.96. Following the completion of the transaction, the senior vice president now directly owns 87,248 shares in the company, valued at $6,122,192.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies 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 transaction, the director now owns 1,489,183 shares of the company’s stock, valued at $104,674,673.07. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 238,511 shares of company stock worth $16,024,349. 29.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC boosted its holdings in Procore Technologies by 52.0% during the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after purchasing an additional 216 shares during the last quarter. Rothschild Investment LLC purchased a new position in Procore Technologies during the second quarter worth about $51,000. International Assets Investment Management LLC raised its position in Procore Technologies by 6,823.1% in the fourth quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock worth $62,000 after acquiring an additional 887 shares during the period. Cullen Frost Bankers Inc. bought a new stake in Procore Technologies in the fourth quarter worth about $62,000. Finally, Advisors Asset Management Inc. raised its position in shares of Procore Technologies by 26.2% in the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after purchasing an additional 260 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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.