Procore Technologies (NYSE:PCOR) PT Lowered to $63.00 at Stifel Nicolaus

Procore Technologies (NYSE:PCOR) had its price target lowered by equities research analysts at Stifel Nicolaus from $85.00 to $63.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ price objective suggests a potential upside of 12.34% from the stock’s current price.

Several other brokerages have also recently weighed in on PCOR. DA Davidson cut shares of Procore Technologies from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $90.00 to $60.00 in a research note on Friday. BMO Capital Markets reduced their target price on shares of Procore Technologies from $85.00 to $71.00 and set an “outperform” rating on the stock in a research note on Friday. Macquarie reaffirmed a “neutral” rating and set a $70.00 price target on shares of Procore Technologies in a research note on Tuesday. Barclays downgraded shares of Procore Technologies from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $78.00 to $54.00 in a research note on Friday. Finally, JPMorgan Chase & Co. cut their price target on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $69.27.

Procore Technologies Trading Down 16.6 %

Shares of PCOR stock traded down $11.14 during trading hours on Friday, hitting $56.08. 11,590,550 shares of the company’s stock traded hands, compared to its average volume of 1,410,030. The stock’s 50 day simple moving average is $66.94 and its 200 day simple moving average is $71.46. Procore Technologies has a 12 month low of $48.11 and a 12 month high of $83.35. The stock has a market cap of $8.21 billion, a PE ratio of -56.21 and a beta of 0.75. The company has a quick ratio of 1.60, a current ratio of 1.61 and a debt-to-equity ratio of 0.04.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.15. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. The firm had revenue of $269.43 million during the quarter, compared to analyst estimates of $263.13 million. On average, sell-side analysts anticipate that Procore Technologies will post -0.35 EPS for the current year.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 2,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $67.58, for a total value of $135,160.00. Following the sale, the insider now owns 110,705 shares of the company’s stock, valued at $7,481,443.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $70.29, for a total value of $360,447.12. Following the sale, the director now directly owns 1,489,183 shares in the company, valued at approximately $104,674,673.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin C. Singer sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $67.58, for a total value of $135,160.00. Following the transaction, the insider now directly owns 110,705 shares in the company, valued at approximately $7,481,443.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 238,511 shares of company stock valued at $16,024,349. 29.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Large investors have recently added to or reduced their stakes in the stock. Signaturefd LLC boosted its stake in shares of Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after purchasing an additional 216 shares in the last quarter. Rothschild Investment LLC acquired a new stake in shares of Procore Technologies during the second quarter worth $51,000. International Assets Investment Management LLC grew its stake in Procore Technologies by 6,823.1% during the fourth quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock worth $62,000 after purchasing an additional 887 shares during the period. Cullen Frost Bankers Inc. bought a new position in Procore Technologies during the fourth quarter worth $62,000. Finally, Advisors Asset Management Inc. grew its stake in shares of Procore Technologies by 26.2% in the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after buying an additional 260 shares during the period. 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.