Jefferies Financial Group Cuts Procore Technologies (NYSE:PCOR) Price Target to $75.00

Procore Technologies (NYSE:PCOR) had its target price reduced by Jefferies Financial Group from $95.00 to $75.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

PCOR has been the topic of a number of other research reports. BTIG Research reaffirmed a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research note on Wednesday, May 6th. The Goldman Sachs Group cut their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Piper Sandler reduced their price objective on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 6th. Citizens Jmp raised Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a report on Wednesday, April 29th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a research report on Monday, July 6th. Seventeen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $70.47.

Procore Technologies Trading Down 1.1%

PCOR opened at $41.18 on Tuesday. The company’s 50 day moving average is $44.56 and its 200-day moving average is $52.78. Procore Technologies has a 1-year low of $38.03 and a 1-year high of $82.32. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. The company has a market cap of $6.21 billion, a P/E ratio of -80.75 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The company had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period last year, the firm posted $0.23 earnings per share. Equities research analysts predict that Procore Technologies will post 0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Connor Kevin J. O sold 5,769 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $41.93, for a total value of $241,894.17. Following the sale, the director owned 967,901 shares of the company’s stock, valued at $40,584,088.93. The trade was a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction on Friday, July 10th. The shares were sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the sale, the chairman owned 919,704 shares of the company’s stock, valued at $40,375,005.60. The trade was a 5.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 189,621 shares of company stock valued at $8,791,847 over the last 90 days. 16.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds have recently made changes to their positions in PCOR. SJS Investment Consulting Inc. boosted its holdings in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after acquiring an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Procore Technologies during the 3rd quarter worth approximately $34,000. V Square Quantitative Management LLC bought a new position in Procore Technologies during the 4th quarter worth approximately $41,000. Allworth Financial LP lifted its position in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares during the period. Finally, Employees Retirement System of Texas acquired a new position in shares of Procore Technologies in the 4th quarter worth approximately $54,000. 81.10% of the stock is currently owned by 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. 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.