Procore Technologies (NYSE:PCOR) Price Target Cut to $80.00 by Analysts at Canaccord Genuity Group

Procore Technologies (NYSE:PCOR) had its target price decreased by Canaccord Genuity Group from $95.00 to $80.00 in a research note issued to investors on Thursday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Mizuho decreased their target price on Procore Technologies from $80.00 to $75.00 and set a buy rating on the stock in a research report on Thursday. DA Davidson reissued a buy rating and set a $95.00 price objective on shares of Procore Technologies in a report on Thursday, March 14th. The Goldman Sachs Group upped their target price on Procore Technologies from $74.00 to $85.00 and gave the company a buy rating in a research note on Friday, February 16th. Piper Sandler reduced their target price on Procore Technologies from $80.00 to $77.00 and set an overweight rating for the company in a research report on Thursday. Finally, Stifel Nicolaus boosted their price target on shares of Procore Technologies from $64.00 to $90.00 and gave the company a buy rating in a report on Friday, February 16th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $81.79.

Procore Technologies Stock Performance

Shares of PCOR stock traded up $0.38 during trading hours on Thursday, reaching $68.52. 1,555,285 shares of the company’s stock were exchanged, compared to its average volume of 1,276,918. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $9.93 billion, a P/E ratio of -71.09 and a beta of 0.78. The business has a fifty day moving average price of $76.24 and a 200-day moving average price of $68.93.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 15th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.13. The firm had revenue of $260.04 million during the quarter, compared to analysts’ expectations of $248.20 million. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. Analysts predict that Procore Technologies will post -0.62 EPS for the current fiscal year.

Insiders Place Their Bets

In other Procore Technologies news, CFO Howard Fu sold 1,441 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $71.02, for a total value of $102,339.82. Following the completion of the transaction, the chief financial officer now directly owns 192,178 shares of the company’s stock, valued at $13,648,481.56. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO Howard Fu sold 1,441 shares of Procore Technologies stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $71.02, for a total value of $102,339.82. Following the completion of the sale, the chief financial officer now directly owns 192,178 shares in the company, valued at $13,648,481.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Benjamin C. Singer sold 3,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $82.15, for a total transaction of $246,450.00. Following the transaction, the insider now owns 125,321 shares in the company, valued at $10,295,120.15. The disclosure for this sale can be found here. Insiders have sold a total of 533,544 shares of company stock valued at $41,139,271 in the last 90 days. 39.20% 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 PCOR. BluePath Capital Management LLC acquired a new position in shares of Procore Technologies in the 3rd quarter valued at $36,000. International Assets Investment Management LLC increased its holdings in Procore Technologies by 6,823.1% in the fourth quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock valued at $62,000 after purchasing an additional 887 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new position in Procore Technologies in the fourth quarter valued at about $62,000. BI Asset Management Fondsmaeglerselskab A S raised its position in shares of Procore Technologies by 30.7% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock valued at $104,000 after acquiring an additional 297 shares during the period. Finally, TFO Wealth Partners LLC boosted its stake in Procore Technologies by 43,600.0% during the 4th quarter. TFO Wealth Partners LLC now owns 2,185 shares of the company’s stock worth $151,000 after acquiring an additional 2,180 shares during the last quarter. Institutional investors and hedge funds 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.