Procore Technologies (NYSE:PCOR) Price Target Lowered to $85.00 at BMO Capital Markets

Procore Technologies (NYSE:PCOR) had its target price trimmed by BMO Capital Markets from $90.00 to $85.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. upped their target price on shares of Procore Technologies from $76.00 to $81.00 and gave the stock an overweight rating in a research note on Tuesday, January 23rd. The Goldman Sachs Group increased their price objective on shares of Procore Technologies from $74.00 to $85.00 and gave the company a buy rating in a research report on Friday, February 16th. Stifel Nicolaus increased their price objective on shares of Procore Technologies from $64.00 to $90.00 and gave the company a buy rating in a research report on Friday, February 16th. DA Davidson restated a buy rating and set a $95.00 price objective on shares of Procore Technologies in a research report on Thursday, March 14th. Finally, KeyCorp increased their price objective on shares of Procore Technologies from $85.00 to $95.00 and gave the company an overweight rating in a research report on Friday, February 16th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Procore Technologies presently has a consensus rating of Moderate Buy and a consensus price target of $81.79.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $68.14 on Thursday. The firm’s 50 day moving average price is $76.24 and its 200-day moving average price is $68.91. Procore Technologies has a 52-week low of $48.11 and a 52-week high of $83.35. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.04.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, February 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.13. The firm had revenue of $260.04 million for the quarter, compared to the consensus estimate of $248.20 million. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.37%. On average, research analysts forecast that Procore Technologies will post -0.62 earnings per share for the current year.

Insiders Place Their Bets

In other Procore Technologies news, insider Benjamin C. Singer sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $69.05, for a total value of $207,150.00. Following the transaction, the insider now directly owns 122,321 shares in the company, valued at $8,446,265.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Benjamin C. Singer sold 3,000 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $69.05, for a total value of $207,150.00. Following the completion of the sale, the insider now directly owns 122,321 shares of the company’s stock, valued at $8,446,265.05. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 65,246 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $73.90, for a total transaction of $4,821,679.40. Following the completion of the sale, the chief executive officer now directly owns 748,247 shares of the company’s stock, valued at $55,295,453.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 538,672 shares of company stock worth $41,509,564. Company insiders own 39.20% of the company’s stock.

Institutional Trading of Procore Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of PCOR. Vanguard Group Inc. grew its stake in Procore Technologies by 13.2% during the third quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock valued at $557,746,000 after acquiring an additional 995,757 shares in the last quarter. California Public Employees Retirement System grew its stake in Procore Technologies by 31.8% during the third quarter. California Public Employees Retirement System now owns 139,326 shares of the company’s stock valued at $9,101,000 after acquiring an additional 33,590 shares in the last quarter. Rhumbline Advisers grew its stake in Procore Technologies by 1.9% during the third quarter. Rhumbline Advisers now owns 111,137 shares of the company’s stock valued at $7,259,000 after acquiring an additional 2,073 shares in the last quarter. Lisanti Capital Growth LLC purchased a new position in Procore Technologies during the third quarter valued at $2,922,000. Finally, Nomura Asset Management Co. Ltd. purchased a new position in Procore Technologies during the third quarter valued at $7,328,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.