Procore Technologies (NYSE:PCOR) Price Target Lowered to $85.00 at JPMorgan Chase & Co.

Procore Technologies (NYSE:PCOR) had its target price decreased by JPMorgan Chase & Co. from $97.00 to $85.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 51.23% from the company’s previous close.

Several other brokerages also recently issued reports on PCOR. JMP Securities upped their target price on shares of Procore Technologies from $90.00 to $95.00 and gave the stock a “market outperform” rating in a research note on Tuesday, February 18th. KeyCorp boosted their price target on Procore Technologies from $85.00 to $96.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Barclays raised their target price on Procore Technologies from $84.00 to $90.00 and gave the stock an “equal weight” rating in a report on Friday, February 14th. Jefferies Financial Group lowered their price target on shares of Procore Technologies from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Finally, Piper Sandler upped their price objective on Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.24.

Procore Technologies Trading Down 0.1 %

Shares of NYSE PCOR traded down $0.08 during midday trading on Wednesday, hitting $56.21. 188,932 shares of the company traded hands, compared to its average volume of 1,715,292. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $88.92. The stock has a 50-day moving average price of $72.96 and a 200 day moving average price of $72.28. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The firm has a market cap of $8.43 billion, a P/E ratio of -78.07 and a beta of 0.90.

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

Insider Buying and Selling

In related news, CFO Howard Fu sold 1,447 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $68.79, for a total value of $99,539.13. Following the transaction, the chief financial officer now owns 144,713 shares of the company’s stock, valued at $9,954,807.27. This represents a 0.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benjamin C. Singer sold 1,500 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $78.00, for a total value of $117,000.00. Following the transaction, the insider now directly owns 83,039 shares in the company, valued at $6,477,042. The trade was a 1.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 69,604 shares of company stock worth $5,427,468 over the last three months. 29.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Procore Technologies by 7.6% in the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock worth $891,692,000 after acquiring an additional 838,925 shares in the last quarter. Capital World Investors lifted its position in Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after acquiring an additional 2,555,612 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Procore Technologies by 99.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after acquiring an additional 1,425,967 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock worth $200,810,000 after purchasing an additional 2,670,872 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Procore Technologies by 14.0% during the fourth quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company’s stock worth $196,873,000 after purchasing an additional 322,367 shares in the last quarter. 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.