Macquarie Issues Pessimistic Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its price objective trimmed by Macquarie from $93.00 to $75.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities research analysts also recently issued research reports about the company. DA Davidson upped their price objective on Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. KeyCorp upped their price objective on Procore Technologies from $85.00 to $96.00 and gave the company an “overweight” rating in a report on Friday, February 14th. JPMorgan Chase & Co. increased their price target on Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Stifel Nicolaus increased their price target on Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Finally, JMP Securities increased their price target on Procore Technologies from $90.00 to $95.00 and gave the stock a “market outperform” rating in a report on Tuesday, February 18th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.24.

Procore Technologies Trading Up 3.8 %

Shares of PCOR opened at $68.28 on Thursday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $88.92. The firm has a market capitalization of $10.24 billion, a PE ratio of -94.83 and a beta of 0.85. The stock’s fifty day simple moving average is $77.06 and its 200-day simple moving average is $71.15.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). The company had revenue of $302.05 million during the quarter, compared to the consensus estimate of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. As a group, research analysts predict that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Activity at Procore Technologies

In other news, CFO Howard Fu sold 1,190 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $67.00, for a total value of $79,730.00. Following the completion of the sale, the chief financial officer now directly owns 146,160 shares of the company’s stock, valued at $9,792,720. This trade represents a 0.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Benjamin C. Singer sold 1,500 shares of Procore Technologies stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $76.18, for a total value of $114,270.00. Following the sale, the insider now directly owns 84,539 shares of the company’s stock, valued at approximately $6,440,181.02. The trade was a 1.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 69,657 shares of company stock valued at $5,442,199. Insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Procore Technologies by 7.6% in the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock valued at $891,692,000 after purchasing an additional 838,925 shares during the last quarter. Capital World Investors increased its stake in shares of Procore Technologies by 453.6% in the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after purchasing an additional 2,555,612 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Procore Technologies by 99.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after purchasing an additional 1,425,967 shares during the last quarter. Meritage Group LP increased its stake in shares of Procore Technologies by 66.6% in the 3rd quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock valued at $169,453,000 after purchasing an additional 1,098,019 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Procore Technologies by 29,376.1% in the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after purchasing an additional 2,670,872 shares during the last quarter. 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.