DA Davidson Has Lowered Expectations for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its target price decreased by research analysts at DA Davidson from $80.00 to $60.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. DA Davidson’s price objective suggests a potential downside of 1.05% from the stock’s previous close.

Several other research firms also recently weighed in on PCOR. JPMorgan Chase & Co. reduced their target price on shares of Procore Technologies from $97.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. KeyCorp boosted their target price on shares of Procore Technologies from $85.00 to $96.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Canaccord Genuity Group raised their price target on Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Stifel Nicolaus boosted their price objective on Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Finally, Jefferies Financial Group cut their target price on Procore Technologies from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and a consensus target price of $86.88.

Procore Technologies Stock Up 0.2 %

PCOR opened at $60.64 on Monday. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $88.92. The company’s 50-day moving average price is $70.99 and its two-hundred day moving average price is $72.24. The stock has a market cap of $9.09 billion, a price-to-earnings ratio of -84.21 and a beta of 0.90. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The company had revenue of $302.05 million during the quarter, compared to the consensus estimate of $297.72 million. As a group, equities analysts expect that Procore Technologies will post -0.15 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Benjamin C. Singer sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $78.00, for a total value of $117,000.00. Following the completion of the sale, the insider now directly owns 83,039 shares in the company, valued at approximately $6,477,042. The trade was a 1.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Connor Kevin J. O sold 6,410 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $77.33, for a total transaction of $495,685.30. Following the transaction, the director now directly owns 1,244,188 shares in the company, valued at approximately $96,213,058.04. This represents a 0.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,766 shares of company stock valued at $4,995,169 over the last 90 days. Insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of PCOR. Fifth Third Bancorp grew its position in Procore Technologies by 5.8% during the 1st quarter. Fifth Third Bancorp now owns 5,977 shares of the company’s stock worth $395,000 after acquiring an additional 329 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Procore Technologies by 41.8% in the first quarter. SG Americas Securities LLC now owns 14,914 shares of the company’s stock worth $985,000 after purchasing an additional 4,399 shares during the last quarter. GAMMA Investing LLC raised its holdings in Procore Technologies by 66.6% during the 1st quarter. GAMMA Investing LLC now owns 1,243 shares of the company’s stock valued at $82,000 after buying an additional 497 shares during the last quarter. Portside Wealth Group LLC raised its holdings in Procore Technologies by 17.2% during the 1st quarter. Portside Wealth Group LLC now owns 3,530 shares of the company’s stock valued at $233,000 after buying an additional 517 shares during the last quarter. Finally, Park Avenue Securities LLC boosted its position in Procore Technologies by 1.7% during the 1st quarter. Park Avenue Securities LLC now owns 12,934 shares of the company’s stock valued at $854,000 after buying an additional 221 shares during the period. Institutional investors 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.