Procore Technologies (NYSE:PCOR) Lowered to “Neutral” at DA Davidson

DA Davidson cut shares of Procore Technologies (NYSE:PCOR) from a buy rating to a neutral rating in a research report sent to investors on Friday morning, MarketBeat Ratings reports. The firm currently has $60.00 target price on the stock, down from their previous target price of $90.00.

Other analysts have also issued reports about the stock. Macquarie restated a neutral rating and issued a $70.00 price objective on shares of Procore Technologies in a report on Tuesday. Piper Sandler cut their target price on shares of Procore Technologies from $77.00 to $74.00 and set an overweight rating for the company in a research report on Friday, July 12th. Mizuho reaffirmed a neutral rating and issued a $70.00 target price (down previously from $75.00) on shares of Procore Technologies in a research report on Tuesday, June 4th. Canaccord Genuity Group cut their price objective on shares of Procore Technologies from $95.00 to $80.00 and set a buy rating for the company in a research report on Thursday, May 2nd. Finally, TD Cowen assumed coverage on shares of Procore Technologies in a research report on Wednesday, June 12th. They set a buy rating and a $85.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $69.31.

Procore Technologies Stock Performance

Shares of NYSE:PCOR traded down $10.44 during trading on Friday, hitting $56.78. 15,378,814 shares of the company were exchanged, compared to its average volume of 1,481,846. 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 52-week low of $48.11 and a 52-week high of $83.35. The company has a market cap of $8.31 billion, a PE ratio of -59.15 and a beta of 0.75. The stock has a 50 day moving average of $66.71 and a 200 day moving average of $71.37.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data 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. The company had revenue of $269.43 million for the quarter, compared to the consensus estimate of $263.13 million. Procore Technologies had a negative return on equity of 4.21% and a negative net margin of 8.54%. As a group, equities research analysts predict that Procore Technologies will post -0.35 EPS for the current year.

Insiders Place Their Bets

In other Procore Technologies news, CFO Howard Fu sold 1,157 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $65.00, for a total value of $75,205.00. Following the transaction, the chief financial officer now directly owns 182,561 shares in the company, valued at approximately $11,866,465. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $70.29, for a total transaction of $360,447.12. Following the completion of the sale, the director now owns 1,489,183 shares of the company’s stock, valued at $104,674,673.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Howard Fu sold 1,157 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $65.00, for a total transaction of $75,205.00. Following the sale, the chief financial officer now directly owns 182,561 shares of the company’s stock, valued at approximately $11,866,465. The disclosure for this sale can be found here. Insiders have sold 238,511 shares of company stock worth $16,024,349 in the last three months. Corporate insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Signaturefd LLC raised its holdings in shares of Procore Technologies by 52.0% in the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after buying an additional 216 shares during the last quarter. Rothschild Investment LLC purchased a new position in shares of Procore Technologies in the second quarter worth $51,000. International Assets Investment Management LLC raised its holdings in shares of Procore Technologies by 6,823.1% in the fourth quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock worth $62,000 after buying an additional 887 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of Procore Technologies in the fourth quarter worth $62,000. Finally, Advisors Asset Management Inc. raised its holdings in shares of Procore Technologies by 26.2% in the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after buying an additional 260 shares during the last quarter. Hedge funds and other 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.