Procore Technologies (NYSE:PCOR) Price Target Lowered to $75.00 at The Goldman Sachs Group

Procore Technologies (NYSE:PCOR) had its price target lowered by investment analysts at The Goldman Sachs Group from $90.00 to $75.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 48.21% from the stock’s previous close.

A number of other brokerages also recently commented on PCOR. Piper Sandler upped their target price on Procore Technologies from $82.00 to $91.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. UBS Group reduced their price objective on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. KeyCorp dropped their target price on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday. BMO Capital Markets cut their target price on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, BTIG Research reissued a “buy” rating and issued a $88.00 price target on shares of Procore Technologies in a research note on Wednesday, December 17th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and a consensus target price of $82.15.

Procore Technologies Trading Down 1.3%

NYSE:PCOR traded down $0.69 during mid-day trading on Monday, reaching $50.61. 867,805 shares of the company’s stock traded hands, compared to its average volume of 2,369,060. The company has a 50 day moving average price of $69.75 and a 200-day moving average price of $70.62. The firm has a market capitalization of $7.87 billion, a price-to-earnings ratio of -60.29 and a beta of 0.89. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.33 and a quick ratio of 1.33. Procore Technologies has a 12-month low of $49.40 and a 12-month high of $88.92.

Insider Transactions at Procore Technologies

In related news, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of Procore Technologies stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $72.70, for a total transaction of $5,452,500.00. Following the completion of the transaction, the chairman directly owned 1,155,480 shares of the company’s stock, valued at $84,003,396. This trade represents a 6.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Howard Fu sold 814 shares of the business’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $72.99, for a total transaction of $59,413.86. Following the sale, the chief financial officer directly owned 178,237 shares in the company, valued at $13,009,518.63. The trade was a 0.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 668,703 shares of company stock worth $48,534,058. 21.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Brighton Jones LLC purchased a new position in Procore Technologies in the 4th quarter worth approximately $511,000. Goldman Sachs Group Inc. increased its holdings in shares of Procore Technologies by 5.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after purchasing an additional 36,426 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Procore Technologies by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after purchasing an additional 52,507 shares during the last quarter. KLP Kapitalforvaltning AS lifted its holdings in shares of Procore Technologies by 13.9% during the second quarter. KLP Kapitalforvaltning AS now owns 22,900 shares of the company’s stock valued at $1,567,000 after purchasing an additional 2,800 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Procore Technologies by 5.5% during the second quarter. US Bancorp DE now owns 21,638 shares of the company’s stock valued at $1,480,000 after purchasing an additional 1,131 shares in 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.