Mizuho Cuts Procore Technologies (NYSE:PCOR) Price Target to $65.00

Procore Technologies (NYSE:PCOR) had its price objective decreased by Mizuho from $75.00 to $65.00 in a research note released on Tuesday,Benzinga reports. Mizuho currently has a neutral rating on the stock.

PCOR has been the subject of a number of other research reports. UBS Group upped their price objective on Procore Technologies from $105.00 to $110.00 and gave the company a “buy” rating in a report on Friday, February 14th. Piper Sandler increased their price target on shares of Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Macquarie decreased their price objective on shares of Procore Technologies from $93.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. cut their target price on shares of Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Finally, Stifel Nicolaus lifted their price target on shares of Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $86.88.

Procore Technologies Stock Performance

Shares of NYSE:PCOR opened at $58.37 on Tuesday. The stock has a market capitalization of $8.75 billion, a P/E ratio of -81.06 and a beta of 0.90. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. Procore Technologies has a 1-year low of $49.46 and a 1-year high of $88.92. The business has a 50-day moving average price of $70.32 and a two-hundred day moving average price of $72.13.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). The business had revenue of $302.05 million during the quarter, compared to the consensus estimate of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. Equities analysts predict that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Transactions at Procore Technologies

In other news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total value of $93,867.60. Following the sale, the insider now owns 200 shares of the company’s stock, valued at $17,480. The trade was a 84.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Howard Fu sold 1,190 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $67.00, for a total transaction of $79,730.00. Following the completion of the transaction, the chief financial officer now directly owns 146,160 shares of the company’s stock, valued at approximately $9,792,720. This trade represents a 0.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,982 shares of company stock valued at $5,069,759 over the last three months. Company insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Conestoga Capital Advisors LLC increased its position in shares of Procore Technologies by 7.5% during the 1st quarter. Conestoga Capital Advisors LLC now owns 222,962 shares of the company’s stock worth $14,720,000 after purchasing an additional 15,510 shares during the last quarter. Adero Partners LLC grew its stake in shares of Procore Technologies by 25.6% in the first quarter. Adero Partners LLC now owns 280,522 shares of the company’s stock valued at $18,520,000 after buying an additional 57,097 shares in the last quarter. Hanson & Doremus Investment Management increased its holdings in Procore Technologies by 5.9% during the first quarter. Hanson & Doremus Investment Management now owns 30,532 shares of the company’s stock worth $2,016,000 after buying an additional 1,711 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Procore Technologies by 8.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,702 shares of the company’s stock worth $508,000 after acquiring an additional 613 shares in the last quarter. Finally, Fifth Third Bancorp lifted its stake in Procore Technologies by 5.8% in the first quarter. Fifth Third Bancorp now owns 5,977 shares of the company’s stock valued at $395,000 after acquiring an additional 329 shares during 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.