UBS Group Cuts Procore Technologies (NYSE:PCOR) Price Target to $87.00

Procore Technologies (NYSE:PCOR) had its price objective cut by UBS Group from $110.00 to $87.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s target price would indicate a potential upside of 36.36% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Canaccord Genuity Group lifted their price target on shares of Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a report on Friday, February 14th. BMO Capital Markets lowered their target price on Procore Technologies from $95.00 to $75.00 and set an “outperform” rating on the stock in a research note on Wednesday. Mizuho dropped their price target on Procore Technologies from $75.00 to $65.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. DA Davidson decreased their price objective on Procore Technologies from $80.00 to $60.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Finally, Scotiabank dropped their price objective on shares of Procore Technologies from $95.00 to $75.00 and set a “sector outperform” rating on the stock in a report on Thursday. Four investment 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. Based on data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and a consensus target price of $81.18.

Procore Technologies Stock Up 1.3 %

Shares of NYSE:PCOR opened at $63.80 on Thursday. The company has a market capitalization of $9.57 billion, a PE ratio of -88.61 and a beta of 0.90. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $88.92. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The business has a fifty day moving average price of $67.74 and a two-hundred day moving average price of $72.15.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). The company had revenue of $302.05 million for 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%. Analysts forecast that Procore Technologies will post -0.15 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Connor Kevin J. O sold 6,410 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $77.33, for a total value of $495,685.30. Following the transaction, the director now directly owns 1,244,188 shares in the company, valued at approximately $96,213,058.04. This represents a 0.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Howard Fu sold 1,480 shares of Procore Technologies stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $60.02, for a total transaction of $88,829.60. Following the sale, the chief financial officer now owns 206,704 shares of the company’s stock, valued at approximately $12,406,374.08. The trade was a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,962 shares of company stock worth $5,041,588 in the last three months. 29.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Procore Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc grew its position in Procore Technologies by 92.1% in the fourth quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock worth $27,000 after acquiring an additional 175 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in Procore Technologies by 61.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock worth $29,000 after purchasing an additional 147 shares during the last quarter. V Square Quantitative Management LLC lifted its stake in Procore Technologies by 37.8% during the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock worth $44,000 after purchasing an additional 162 shares during the last quarter. Huntington National Bank boosted its holdings in shares of Procore Technologies by 161.6% in the 4th quarter. Huntington National Bank now owns 654 shares of the company’s stock worth $49,000 after purchasing an additional 404 shares in the last quarter. Finally, Hilltop National Bank bought a new position in shares of Procore Technologies during the 4th quarter valued at about $53,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.