Stifel Nicolaus Trims Procore Technologies (NYSE:PCOR) Target Price to $85.00

Procore Technologies (NYSE:PCOR) had its price objective lowered by Stifel Nicolaus from $90.00 to $85.00 in a report released on Monday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

Several other analysts have also recently issued reports on PCOR. Piper Sandler lowered their price objective on shares of Procore Technologies from $80.00 to $77.00 and set an overweight rating for the company in a research note on Thursday, May 2nd. Canaccord Genuity Group dropped their price target on Procore Technologies from $95.00 to $80.00 and set a buy rating for the company in a research note on Thursday, May 2nd. Barclays cut their target price on shares of Procore Technologies from $83.00 to $78.00 and set an overweight rating on the stock in a research note on Thursday, May 2nd. TD Cowen initiated coverage on shares of Procore Technologies in a research report on Wednesday, June 12th. They set a buy rating and a $85.00 price target for the company. Finally, Macquarie began coverage on Procore Technologies in a research report on Wednesday, June 5th. They issued a neutral rating and a $70.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Procore Technologies has a consensus rating of Moderate Buy and a consensus price target of $80.88.

Procore Technologies Stock Performance

NYSE:PCOR opened at $64.32 on Monday. The firm has a market cap of $9.41 billion, a PE ratio of -67.00 and a beta of 0.75. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.61 and a quick ratio of 1.60. Procore Technologies has a 1-year low of $48.11 and a 1-year high of $83.35. The firm has a 50 day simple moving average of $66.90 and a 200-day simple moving average of $71.40.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.15. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. The firm had revenue of $269.43 million for the quarter, compared to analyst estimates of $263.13 million. On average, equities analysts expect that Procore Technologies will post -0.35 EPS for the current year.

Insider Buying and Selling at Procore Technologies

In related news, insider Benjamin C. Singer sold 2,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $66.13, for a total transaction of $132,260.00. Following the completion of the sale, the insider now owns 108,705 shares of the company’s stock, valued at approximately $7,188,661.65. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Benjamin C. Singer sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $66.13, for a total value of $132,260.00. Following the sale, the insider now owns 108,705 shares of the company’s stock, valued at approximately $7,188,661.65. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total value of $4,689,960.00. Following the transaction, the chief executive officer now owns 530,049 shares of the company’s stock, valued at $36,557,479.53. The disclosure for this sale can be found here. Insiders sold a total of 297,554 shares of company stock worth $20,096,420 over the last 90 days. Insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

Several hedge funds have recently bought and sold shares of PCOR. Cerity Partners LLC boosted its position in Procore Technologies by 4,290.2% during the 4th quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock worth $92,353,000 after acquiring an additional 1,303,804 shares during the period. Meritage Group LP bought a new stake in shares of Procore Technologies during the first quarter valued at about $106,738,000. William Blair Investment Management LLC acquired a new stake in Procore Technologies in the first quarter worth about $91,158,000. Vanguard Group Inc. grew its position in Procore Technologies by 13.2% in the 3rd quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock valued at $557,746,000 after buying an additional 995,757 shares in the last quarter. Finally, Norges Bank acquired a new position in Procore Technologies during the 4th quarter valued at about $68,005,000. 81.10% of the stock is currently owned by institutional investors.

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.