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

Procore Technologies (NYSE:PCOR) had its price target lowered by BMO Capital Markets from $87.00 to $67.00 in a research note released on Thursday morning, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the stock.

Other research analysts have also issued research reports about the stock. William Blair reiterated an “outperform” rating on shares of Procore Technologies in a research note on Friday, October 17th. BTIG Research reiterated a “buy” rating and set a $88.00 price target on shares of Procore Technologies in a research report on Wednesday, December 17th. Barclays raised Procore Technologies from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $82.00 to $90.00 in a research note on Monday, January 5th. DA Davidson raised Procore Technologies to a “hold” rating in a research note on Friday, November 7th. Finally, Wall Street Zen upgraded shares of Procore Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $83.11.

Procore Technologies Price Performance

Shares of NYSE PCOR opened at $51.76 on Thursday. Procore Technologies has a fifty-two week low of $49.40 and a fifty-two week high of $88.92. The firm’s 50-day simple moving average is $70.21 and its 200 day simple moving average is $70.83. 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 stock has a market cap of $8.05 billion, a P/E ratio of -61.61 and a beta of 0.89.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, November 5th. The company reported $0.42 EPS for the quarter, beating the consensus estimate 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 firm 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 EPS. Procore Technologies’s quarterly revenue was up 14.5% on a year-over-year basis. Equities analysts expect that Procore Technologies will post -0.15 EPS for the current year.

Insiders Place Their Bets

In other news, Director William J.G. Griffith sold 207,474 shares of Procore Technologies stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $72.30, for a total value of $15,000,370.20. Following the transaction, the director directly owned 3,244,546 shares of the company’s stock, valued at $234,580,675.80. This trade represents a 6.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP William Fred Fleming, Jr. sold 22,000 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $78.77, for a total transaction of $1,732,940.00. Following the completion of the sale, the senior vice president owned 63,309 shares of the company’s stock, valued at approximately $4,986,849.93. This trade represents a 25.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 690,703 shares of company stock worth $50,266,998 over the last three months. Company insiders own 21.50% of the company’s stock.

Institutional Trading of Procore Technologies

Several large investors have recently added to or reduced their stakes in the company. TD Private Client Wealth LLC boosted its position in shares of Procore Technologies by 33.6% in the fourth quarter. TD Private Client Wealth LLC now owns 1,065 shares of the company’s stock worth $77,000 after buying an additional 268 shares during the period. North Dakota State Investment Board purchased a new stake in Procore Technologies in the 4th quarter worth about $296,000. Stephens Investment Management Group LLC boosted its position in Procore Technologies by 20.7% during the 4th quarter. Stephens Investment Management Group LLC now owns 440,585 shares of the company’s stock worth $32,048,000 after acquiring an additional 75,436 shares during the period. Hills Bank & Trust Co grew its stake in Procore Technologies by 4.9% during the 4th quarter. Hills Bank & Trust Co now owns 6,204 shares of the company’s stock valued at $451,000 after acquiring an additional 289 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd increased its holdings in shares of Procore Technologies by 0.8% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 857,811 shares of the company’s stock valued at $62,402,000 after purchasing an additional 6,856 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

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. 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.