BMO Capital Markets Lowers Procore Technologies (NYSE:PCOR) Price Target to $85.00

Procore Technologies (NYSE:PCOR) had its target price reduced by analysts at BMO Capital Markets from $90.00 to $85.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. BMO Capital Markets’ price objective would suggest a potential upside of 18.15% from the stock’s current price.

A number of other analysts also recently weighed in on the stock. Stifel Nicolaus increased their price target on shares of Procore Technologies from $64.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 16th. Piper Sandler dropped their price objective on shares of Procore Technologies from $80.00 to $77.00 and set an “overweight” rating for the company in a research note on Thursday. JMP Securities increased their price objective on shares of Procore Technologies from $81.00 to $93.00 and gave the company a “market outperform” rating in a research note on Friday, February 16th. The Goldman Sachs Group increased their price objective on shares of Procore Technologies from $74.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, February 16th. Finally, DA Davidson restated a “buy” rating and issued a $95.00 price objective on shares of Procore Technologies in a research note on Thursday, March 14th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.29.

Procore Technologies Stock Performance

Shares of NYSE PCOR traded up $3.70 during trading hours on Thursday, hitting $71.94. 1,072,151 shares of the stock were exchanged, compared to its average volume of 1,231,829. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.49 and a quick ratio of 1.49. The company’s 50 day moving average is $76.54 and its 200 day moving average is $68.92. The firm has a market capitalization of $10.52 billion, a P/E ratio of -53.89 and a beta of 0.78. Procore Technologies has a one year low of $48.11 and a one year high of $83.35.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, February 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.13. Procore Technologies had a negative net margin of 19.97% and a negative return on equity of 12.26%. The business had revenue of $260.04 million during the quarter, compared to the consensus estimate of $248.20 million. On average, research analysts expect that Procore Technologies will post -0.64 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Howard Fu sold 1,441 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $71.02, for a total value of $102,339.82. Following the transaction, the chief financial officer now owns 192,178 shares of the company’s stock, valued at approximately $13,648,481.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Howard Fu sold 1,441 shares of the firm’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $71.02, for a total value of $102,339.82. Following the transaction, the chief financial officer now owns 192,178 shares of the company’s stock, valued at approximately $13,648,481.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin C. Singer sold 3,000 shares of Procore Technologies stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $82.15, for a total transaction of $246,450.00. Following the transaction, the insider now directly owns 125,321 shares in the company, valued at approximately $10,295,120.15. The disclosure for this sale can be found here. Insiders have sold a total of 467,672 shares of company stock valued at $36,612,454 in the last 90 days. 39.20% of the stock is currently owned by insiders.

Institutional Trading of Procore Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in PCOR. Xponance Inc. raised 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 during the last quarter. Raymond James & Associates acquired a new position in Procore Technologies during the third quarter worth $261,000. Raymond James Financial Services Advisors Inc. acquired a new position in Procore Technologies during the third quarter worth $304,000. Bank of New York Mellon Corp boosted its position in Procore Technologies by 3.9% during the third quarter. Bank of New York Mellon Corp now owns 454,477 shares of the company’s stock worth $29,686,000 after purchasing an additional 17,111 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Procore Technologies by 32.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,425 shares of the company’s stock worth $1,073,000 after purchasing an additional 3,992 shares during the period. 81.10% of the stock is currently 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.