Procore Technologies (NYSE:PCOR) Price Target Cut to $60.00 by Analysts at DA Davidson

Procore Technologies (NYSE:PCOR) had its price objective trimmed by DA Davidson from $80.00 to $60.00 in a report released on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other brokerages also recently commented on PCOR. KeyCorp increased their price objective on shares of Procore Technologies from $85.00 to $96.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Stifel Nicolaus increased their price target on Procore Technologies from $84.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Piper Sandler boosted their price objective on Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, February 14th. Jefferies Financial Group dropped their target price on Procore Technologies from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Finally, Macquarie reduced their price target on Procore Technologies from $93.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and an average target price of $87.47.

Procore Technologies Stock Performance

Shares of NYSE:PCOR opened at $60.62 on Monday. The company’s 50 day simple moving average is $71.30 and its 200 day simple moving average is $72.32. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $88.92. The stock has a market capitalization of $9.09 billion, a price-to-earnings ratio of -84.19 and a beta of 0.90.

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

Insider Transactions at Procore Technologies

In other news, CFO Howard Fu sold 1,190 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $67.00, for a total transaction of $79,730.00. Following the transaction, the chief financial officer now owns 146,160 shares in the company, valued at approximately $9,792,720. This represents a 0.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total value of $93,867.60. Following the completion of the sale, the insider now owns 200 shares of the company’s stock, valued at approximately $17,480. This represents a 84.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,176 shares of company stock valued at $5,486,304. Corporate insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Hedge funds have recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC lifted its holdings in shares of Procore Technologies by 0.8% in the 4th quarter. Chicago Partners Investment Group LLC now owns 15,707 shares of the company’s stock worth $1,199,000 after purchasing an additional 129 shares in the last quarter. Parkside Financial Bank & Trust grew its holdings 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 increased its position in shares of Procore Technologies by 37.8% during the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock worth $44,000 after acquiring an additional 162 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of 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 acquiring an additional 175 shares during the last quarter. Finally, Covestor Ltd lifted its position in Procore Technologies by 15.1% in the 4th quarter. Covestor Ltd now owns 1,571 shares of the company’s stock valued at $118,000 after acquiring an additional 206 shares in 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.