Procore Technologies (NYSE:PCOR) Given New $75.00 Price Target at Jefferies Financial Group

Procore Technologies (NYSE:PCOR) had its price objective cut by Jefferies Financial Group from $95.00 to $75.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also issued reports on PCOR. Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday. TD Cowen dropped their price target on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, April 21st. Citizens Jmp raised Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target on the stock in a report on Wednesday, April 29th. The Goldman Sachs Group reduced their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Finally, Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Sixteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.62.

Procore Technologies Price Performance

Shares of PCOR opened at $44.38 on Tuesday. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $82.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a fifty day moving average price of $44.76 and a 200 day moving average price of $53.20. The company has a market cap of $6.70 billion, a P/E ratio of -87.01 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. During the same quarter in the previous year, the business posted $0.23 earnings per share. The business’s quarterly revenue was up 15.7% compared to the same quarter last year. On average, research analysts forecast that Procore Technologies will post 0.06 earnings per share for the current year.

Insider Activity at Procore Technologies

In other news, Director Connor Kevin J. O sold 5,775 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $42.92, for a total value of $247,863.00. Following the completion of the sale, the director directly owned 979,439 shares of the company’s stock, valued at approximately $42,037,521.88. This represents a 0.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the transaction, the insider owned 96,723 shares of the company’s stock, valued at $4,836,150. This trade represents a 3.92% 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 189,621 shares of company stock worth $8,791,847 in the last 90 days. Corporate insiders own 16.80% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCOR. Blue Owl Capital Holdings LP bought a new stake in Procore Technologies in the fourth quarter worth about $6,857,000. Robinhood Asset Management LLC acquired a new stake in Procore Technologies in the 4th quarter valued at about $7,136,000. PNC Financial Services Group Inc. boosted its position in shares of Procore Technologies by 105.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock valued at $3,332,000 after purchasing an additional 23,555 shares in the last quarter. Stephens Investment Management Group LLC boosted its position in shares of Procore Technologies by 23.3% during the 1st quarter. Stephens Investment Management Group LLC now owns 543,159 shares of the company’s stock valued at $30,960,000 after purchasing an additional 102,574 shares in the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in shares of Procore Technologies in the 1st quarter worth approximately $3,181,000. Institutional investors own 81.10% of the company’s stock.

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.