Procore Technologies (NYSE:PCOR) Price Target Cut to $67.00 by Analysts at BMO Capital Markets

Procore Technologies (NYSE:PCOR) had its price objective decreased by equities research analysts at BMO Capital Markets from $87.00 to $67.00 in a research note issued to investors on Thursday, MarketBeat reports. The brokerage currently has an “outperform” rating on the stock. BMO Capital Markets’ price objective suggests a potential upside of 26.01% from the stock’s current price.

Several other equities analysts also recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd. Barclays raised Procore Technologies from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $82.00 to $90.00 in a research report on Monday, January 5th. UBS Group cut their price target on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday. DA Davidson raised Procore Technologies to a “hold” rating in a report on Friday, November 7th. Finally, Piper Sandler raised their target price on shares of Procore Technologies from $82.00 to $91.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $83.11.

Procore Technologies Price Performance

PCOR stock opened at $53.17 on Thursday. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of -63.30 and a beta of 0.89. Procore Technologies has a fifty-two week low of $49.40 and a fifty-two week high of $88.92. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.02. The business has a 50 day moving average price of $70.65 and a 200 day moving average price of $70.97.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.10. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. The company had revenue of $338.85 million for the quarter, compared to analysts’ expectations of $328.13 million. During the same quarter last year, the company earned $0.24 earnings per share. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. Equities research analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Howard Fu sold 814 shares of Procore Technologies stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $72.99, for a total value of $59,413.86. Following the sale, the chief financial officer owned 178,237 shares of the company’s stock, valued at $13,009,518.63. The trade was a 0.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Lawrence Joseph Stack sold 10,000 shares of the stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $75.30, for a total transaction of $753,000.00. Following the transaction, the executive directly owned 184,128 shares of the company’s stock, valued at $13,864,838.40. This represents a 5.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 690,703 shares of company stock valued at $50,266,998. 21.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE lifted its holdings in shares of Procore Technologies by 5.5% in the 2nd quarter. US Bancorp DE now owns 21,638 shares of the company’s stock valued at $1,480,000 after buying an additional 1,131 shares during the period. Sequoia Financial Advisors LLC purchased a new position in Procore Technologies in the third quarter worth $1,442,000. Principal Financial Group Inc. raised its position in Procore Technologies by 12.2% in the third quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock worth $240,753,000 after acquiring an additional 360,207 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Procore Technologies by 17.0% during the 2nd quarter. Federated Hermes Inc. now owns 304,219 shares of the company’s stock worth $20,815,000 after purchasing an additional 44,105 shares in the last quarter. Finally, Cooper Investors PTY Ltd. grew its stake in shares of Procore Technologies by 29.7% during the 3rd quarter. Cooper Investors PTY Ltd. now owns 95,315 shares of the company’s stock worth $6,950,000 after purchasing an additional 21,802 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.