Procore Technologies (NYSE:PCOR) Given New $70.00 Price Target at Barclays

Procore Technologies (NYSE:PCOR) had its price objective trimmed by Barclays from $90.00 to $70.00 in a research report released on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

PCOR has been the topic of several other research reports. Piper Sandler upped their target price on shares of Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Stifel Nicolaus increased their target price on Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. KeyCorp boosted their price target on Procore Technologies from $85.00 to $96.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. JMP Securities increased their price objective on Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a research report on Tuesday, February 18th. Finally, JPMorgan Chase & Co. decreased their target price on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Procore Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $87.47.

Procore Technologies Price Performance

PCOR stock opened at $60.62 on Monday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The firm has a market capitalization of $9.09 billion, a price-to-earnings ratio of -84.19 and a beta of 0.90. The firm has a 50 day moving average price of $71.30 and a 200-day moving average price of $72.32. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $88.92.

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

Insider Activity at Procore Technologies

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of Procore Technologies stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the transaction, the insider now owns 200 shares of the company’s stock, valued at $17,480. The trade was a 84.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Howard Fu sold 8,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $87.00, for a total transaction of $696,000.00. Following the completion of the sale, the chief financial officer now directly owns 156,188 shares of the company’s stock, valued at approximately $13,588,356. This trade represents a 4.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 72,176 shares of company stock worth $5,486,304. Corporate insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds have recently made changes to their positions in PCOR. Versant Capital Management Inc lifted its holdings in Procore Technologies by 92.1% in the 4th quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock worth $27,000 after purchasing an additional 175 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Procore Technologies by 61.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after buying an additional 147 shares during the last quarter. V Square Quantitative Management LLC lifted its holdings in shares of Procore Technologies by 37.8% in the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock worth $44,000 after buying an additional 162 shares in the last quarter. Huntington National Bank boosted its position in shares of Procore Technologies by 161.6% during the fourth quarter. Huntington National Bank now owns 654 shares of the company’s stock worth $49,000 after acquiring an additional 404 shares during the last quarter. Finally, Hilltop National Bank purchased a new position in Procore Technologies during the fourth quarter valued at $53,000. Institutional investors 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.