Procore Technologies (NYSE:PCOR) Price Target Lowered to $80.00 at TD Cowen

Procore Technologies (NYSE:PCOR) had its price objective dropped by equities research analysts at TD Cowen from $90.00 to $80.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price target indicates a potential upside of 54.15% from the stock’s current price.

A number of other analysts have also recently commented on PCOR. Piper Sandler boosted their price objective on Procore Technologies from $82.00 to $91.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Wall Street Zen upgraded shares of Procore Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. DA Davidson raised Procore Technologies to a “hold” rating in a report on Friday, November 7th. Robert W. Baird raised their price objective on shares of Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $84.16.

Procore Technologies Stock Performance

NYSE:PCOR traded down $4.70 during trading hours on Tuesday, reaching $51.90. The company had a trading volume of 281,560 shares, compared to its average volume of 1,767,502. 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 1-year low of $52.63 and a 1-year high of $88.92. The business’s 50 day moving average price is $71.53 and its 200-day moving average price is $71.25. The firm has a market cap of $8.07 billion, a PE ratio of -62.13 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, November 5th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.10. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. The firm had revenue of $338.85 million during the quarter, compared to analysts’ expectations of $328.13 million. During the same period in the previous year, the business posted $0.24 EPS. The business’s revenue was up 14.5% compared to the same quarter last year. Research analysts forecast that Procore Technologies will post -0.15 EPS for the current year.

Insider Buying and Selling

In related news, Chairman Craig F. Jr. Courtemanche sold 300,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $71.91, for a total value of $21,573,000.00. Following the sale, the chairman owned 677,796 shares in the company, valued at $48,740,310.36. This represents a 30.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William J.G. Griffith sold 207,474 shares of the business’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $72.30, for a total value of $15,000,370.20. Following the completion of the transaction, the director directly owned 3,244,546 shares of the company’s stock, valued at approximately $234,580,675.80. This trade represents a 6.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 690,703 shares of company stock valued at $50,266,998 in the last 90 days. 21.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PCOR. Global Retirement Partners LLC boosted its position in Procore Technologies by 465.2% during the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after acquiring an additional 321 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies in the third quarter valued at approximately $34,000. Jones Financial Companies Lllp raised its position in shares of Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 199 shares during the period. V Square Quantitative Management LLC bought a new stake in shares of Procore Technologies in the fourth quarter valued at approximately $41,000. Finally, First Horizon Corp acquired a new position in shares of Procore Technologies in the third quarter valued at $49,000. 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.