Procore Technologies (NYSE:PCOR) Price Target Lowered to $75.00 at TD Cowen

Procore Technologies (NYSE:PCOR) had its price target decreased by TD Cowen from $85.00 to $75.00 in a report published on Tuesday,Benzinga reports. TD Cowen currently has a buy rating on the stock.

PCOR has been the topic of a number of other reports. Stifel Nicolaus reduced their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. UBS Group cut their target price on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. BMO Capital Markets reduced their price target on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a report on Thursday, February 5th. DA Davidson decreased their price target on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. Finally, KeyCorp dropped their price objective on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Fifteen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $75.24.

Procore Technologies Trading Up 0.8%

PCOR stock opened at $56.16 on Tuesday. Procore Technologies has a twelve month low of $46.08 and a twelve month high of $82.32. The stock has a market capitalization of $8.43 billion, a price-to-earnings ratio of -83.82 and a beta of 0.85. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The firm’s fifty day simple moving average is $54.98 and its two-hundred day simple moving average is $65.38.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The firm had revenue of $349.11 million during the quarter, compared to analyst estimates of $340.80 million. During the same quarter last year, the business earned $0.01 EPS. The business’s revenue was up 15.6% on a year-over-year basis. As a group, analysts anticipate that Procore Technologies will post 0.09 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $47.64, for a total value of $2,673,652.08. Following the transaction, the chairman directly owned 927,580 shares in the company, valued at $44,189,911.20. This represents a 5.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $51.07, for a total transaction of $294,622.83. Following the transaction, the director directly owned 990,983 shares in the company, valued at approximately $50,609,501.81. This trade represents a 0.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 148,026 shares of company stock valued at $7,783,734 in the last three months. Company insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Global Retirement Partners LLC lifted its holdings in shares of Procore Technologies by 465.2% in the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after buying an additional 321 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Procore Technologies during the third quarter valued at $34,000. Jones Financial Companies Lllp increased its stake in shares of Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after buying an additional 199 shares during the period. V Square Quantitative Management LLC bought a new stake in shares of Procore Technologies in the fourth quarter valued at about $41,000. Finally, Allworth Financial LP raised its holdings in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after acquiring an additional 204 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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.