Procore Technologies (NYSE:PCOR) Price Target Cut to $74.00 by Analysts at UBS Group

Procore Technologies (NYSE:PCOR) had its price objective lowered by UBS Group from $87.00 to $74.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on the company. Canaccord Genuity Group boosted their price target on Procore Technologies from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. William Blair reissued an “outperform” rating on shares of Procore Technologies in a report on Friday, October 17th. Barclays upgraded Procore Technologies from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $82.00 to $90.00 in a research note on Monday, January 5th. BMO Capital Markets lifted their price objective on shares of Procore Technologies from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Finally, DA Davidson upgraded shares of Procore Technologies to a “hold” rating in a research report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $84.16.

Procore Technologies Stock Performance

Shares of Procore Technologies stock opened at $50.88 on Tuesday. The firm’s fifty day simple moving average is $71.07 and its 200-day simple moving average is $71.09. Procore Technologies has a 12 month low of $50.47 and a 12 month high of $88.92. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of -60.57 and a beta of 0.89. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.33 and a quick ratio of 1.33.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.42 earnings per share (EPS) for the quarter, topping 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 company had revenue of $338.85 million for the quarter, compared to the consensus estimate of $328.13 million. During the same period last year, the firm posted $0.24 EPS. Procore Technologies’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, equities analysts forecast that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Activity at Procore Technologies

In related news, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $72.70, for a total transaction of $5,452,500.00. Following the sale, the chairman owned 1,155,480 shares of the company’s stock, valued at approximately $84,003,396. The trade was a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Connor Kevin J. O sold 7,692 shares of the stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $64.31, for a total transaction of $494,672.52. Following the completion of the transaction, the director directly owned 1,035,212 shares of the company’s stock, valued at approximately $66,574,483.72. This trade represents a 0.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 690,703 shares of company stock worth $50,266,998. 21.50% of the stock is currently owned by insiders.

Institutional Trading of Procore Technologies

Several large investors have recently modified their holdings of PCOR. Versant Capital Management Inc lifted its stake in Procore Technologies by 23.6% in the 3rd quarter. Versant Capital Management Inc now owns 938 shares of the company’s stock valued at $68,000 after buying an additional 179 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 199 shares during the last quarter. Intellectus Partners LLC lifted its position in shares of Procore Technologies by 1.6% in the third quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock valued at $912,000 after acquiring an additional 200 shares in the last quarter. Chicago Partners Investment Group LLC lifted its position in shares of Procore Technologies by 1.4% in the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock valued at $1,068,000 after acquiring an additional 202 shares in the last quarter. Finally, George Kaiser Family Foundation boosted its stake in shares of Procore Technologies by 1.0% during the second quarter. George Kaiser Family Foundation now owns 23,168 shares of the company’s stock valued at $1,585,000 after acquiring an additional 240 shares during the last quarter. 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. 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.