Procore Technologies (NYSE:PCOR) Price Target Cut to $80.00 by Analysts at TD Cowen

Procore Technologies (NYSE:PCOR) had its target price lowered by TD Cowen from $90.00 to $80.00 in a report released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts have also recently issued research reports about the stock. Robert W. Baird lifted their target price on shares of Procore Technologies from $88.00 to $93.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. BTIG Research reiterated a “buy” rating and issued a $88.00 price objective on shares of Procore Technologies in a research report on Wednesday, December 17th. Piper Sandler increased their target price on Procore Technologies from $82.00 to $91.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. William Blair reaffirmed an “outperform” rating on shares of Procore Technologies in a report on Friday, October 17th. Finally, KeyCorp upped their price target on shares of Procore Technologies from $81.00 to $91.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. One equities 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 assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $84.16.

Procore Technologies Stock Down 10.1%

Shares of NYSE:PCOR opened at $50.88 on Tuesday. The company has a market capitalization of $7.91 billion, a PE ratio of -60.57 and a beta of 0.89. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.33. The company’s fifty day moving average is $71.07 and its 200-day moving average is $71.09. Procore Technologies has a 52 week low of $50.47 and a 52 week high of $88.92.

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

Insider Transactions at Procore Technologies

In other news, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of Procore Technologies stock in a transaction that occurred on 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 completion of the sale, the chairman owned 1,155,480 shares in the company, valued at $84,003,396. The trade was a 6.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CRO Lawrence Joseph Stack sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $75.30, for a total transaction of $753,000.00. Following the sale, the executive directly owned 184,128 shares of the company’s stock, valued at approximately $13,864,838.40. This trade 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 90 days, insiders sold 690,703 shares of company stock valued at $50,266,998. 21.50% of the stock is currently owned by insiders.

Institutional Trading of Procore Technologies

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after purchasing an additional 804,920 shares during the period. Alliancebernstein L.P. increased its holdings in Procore Technologies by 493.9% in the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after purchasing an additional 5,079,534 shares during the last quarter. Wasatch Advisors LP lifted its stake in Procore Technologies by 6.8% in the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock valued at $362,560,000 after buying an additional 315,604 shares during the period. Assenagon Asset Management S.A. lifted its stake in Procore Technologies by 76.6% in the third quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after buying an additional 1,750,998 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Procore Technologies by 3.9% during the fourth quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock worth $249,416,000 after buying an additional 127,256 shares during the last quarter. 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.