Stifel Nicolaus Trims Procore Technologies (NYSE:PCOR) Target Price to $63.00

Procore Technologies (NYSE:PCOR) had its price objective decreased by Stifel Nicolaus from $85.00 to $63.00 in a research report sent to investors on Friday, Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

A number of other analysts also recently weighed in on PCOR. Piper Sandler dropped their target price on Procore Technologies from $74.00 to $63.00 and set an overweight rating for the company in a research report on Friday. TD Cowen started coverage on Procore Technologies in a research report on Wednesday, June 12th. They issued a buy rating and a $85.00 target price for the company. JMP Securities dropped their target price on Procore Technologies from $93.00 to $82.00 and set a market outperform rating for the company in a research report on Friday. JPMorgan Chase & Co. dropped their target price on Procore Technologies from $90.00 to $75.00 and set an overweight rating for the company in a research report on Friday. Finally, Macquarie restated a neutral rating and issued a $70.00 target price on shares of Procore Technologies in a research report on Tuesday, July 30th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $69.31.

Procore Technologies Price Performance

NYSE PCOR traded up $0.83 during trading hours on Friday, hitting $54.03. The company had a trading volume of 2,099,591 shares, compared to its average volume of 1,468,732. The firm has a market capitalization of $7.91 billion, a price-to-earnings ratio of -55.42 and a beta of 0.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.61. The firm has a 50 day simple moving average of $66.39 and a 200 day simple moving average of $71.32. Procore Technologies has a 52 week low of $48.11 and a 52 week high of $83.35.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.14. The firm had revenue of $284.30 million during 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 company’s revenue for the quarter was up 24.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.28) EPS. Equities research analysts expect that Procore Technologies will post -0.35 earnings per share for the current year.

Insider Activity

In other news, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $70.29, for a total transaction of $360,447.12. Following the transaction, the director now directly owns 1,489,183 shares of the company’s stock, valued at $104,674,673.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $67.58, for a total transaction of $135,160.00. Following the sale, the insider now directly owns 110,705 shares in the company, valued at $7,481,443.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $70.29, for a total value of $360,447.12. Following the sale, the director now owns 1,489,183 shares in the company, valued at $104,674,673.07. The disclosure for this sale can be found here. Over the last three months, insiders have sold 238,511 shares of company stock valued at $16,024,349. Company insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds have recently added to or reduced their stakes in PCOR. Signaturefd LLC boosted its holdings in Procore Technologies by 52.0% in the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after acquiring an additional 216 shares in the last quarter. Rothschild Investment LLC bought a new stake in Procore Technologies in the second quarter worth $51,000. International Assets Investment Management LLC boosted its holdings 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 in the last quarter. Cullen Frost Bankers Inc. bought a new position in shares of Procore Technologies during the fourth quarter valued at $62,000. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Procore Technologies by 26.2% during 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 in the last quarter. 81.10% of the stock is owned by 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.