Procore Technologies (NYSE:PCOR) Price Target Lowered to $82.00 at JMP Securities

Procore Technologies (NYSE:PCOR) had its price target trimmed by JMP Securities from $93.00 to $82.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a market outperform rating on the stock.

Other research analysts also recently issued research reports about the company. Stifel Nicolaus reduced their price objective on Procore Technologies from $90.00 to $85.00 and set a buy rating for the company in a research note on Monday, July 8th. JPMorgan Chase & Co. lowered their price objective on shares of Procore Technologies from $90.00 to $75.00 and set an overweight rating on the stock in a research report on Friday. Piper Sandler lowered their price target on shares of Procore Technologies from $74.00 to $63.00 and set an overweight rating on the stock in a report on Friday. Macquarie reissued a neutral rating and issued a $70.00 target price on shares of Procore Technologies in a research report on Tuesday. Finally, The Goldman Sachs Group cut their price target on Procore Technologies from $85.00 to $73.00 and set a buy rating for the company in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $69.31.

Procore Technologies Stock Down 15.5 %

PCOR traded down $10.44 during midday trading on Friday, reaching $56.78. 15,378,814 shares of the company were exchanged, compared to its average volume of 1,481,846. The company has a market cap of $8.31 billion, a price-to-earnings ratio of -59.15 and a beta of 0.75. Procore Technologies has a one year low of $48.11 and a one year high of $83.35. The company’s fifty day moving average price is $66.71 and its 200 day moving average price is $71.37. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.61.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.15. The business had revenue of $269.43 million during 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, analysts expect that Procore Technologies will post -0.35 EPS for the current year.

Insiders Place Their Bets

In other news, 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 value of $75,205.00. Following the transaction, the chief financial officer now owns 182,561 shares in the company, valued at approximately $11,866,465. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 1,489,183 shares in the company, valued at $104,674,673.07. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Howard Fu sold 1,157 shares of the firm’s stock in a transaction 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 owns 182,561 shares in the company, valued at $11,866,465. The disclosure for this sale can be found here. Over the last three months, insiders have sold 238,511 shares of company stock valued at $16,024,349. Insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PCOR. Signaturefd LLC raised its position in shares of Procore Technologies by 52.0% during the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after buying an additional 216 shares during the last quarter. Rothschild Investment LLC bought a new stake in Procore Technologies in the 2nd quarter valued at $51,000. International Assets Investment Management LLC lifted its stake in Procore Technologies by 6,823.1% in the 4th quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock worth $62,000 after purchasing an additional 887 shares in the last quarter. Cullen Frost Bankers Inc. bought a new position in shares of Procore Technologies during the 4th quarter valued at about $62,000. Finally, Advisors Asset Management Inc. grew its position in shares of Procore Technologies by 26.2% during the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after purchasing an additional 260 shares in the last quarter. 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.