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

Procore Technologies (NYSE:PCOR) had its price objective cut by stock analysts at TD Cowen from $90.00 to $80.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective would suggest a potential upside of 50.46% from the company’s current price.

Several other analysts also recently issued reports on PCOR. UBS Group decreased their price objective on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating for the company in a research note on Tuesday. Robert W. Baird raised their price target on Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. BMO Capital Markets boosted their price objective on Procore Technologies from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. William Blair reaffirmed an “outperform” rating on shares of Procore Technologies in a research report on Friday, October 17th. Finally, Canaccord Genuity Group lifted their target price on Procore Technologies from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. One research 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $84.16.

Procore Technologies Trading Up 4.3%

PCOR stock opened at $53.17 on Tuesday. Procore Technologies has a twelve month low of $49.40 and a twelve month high of $88.92. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of -63.30 and a beta of 0.89. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.02. The firm’s fifty day simple moving average is $70.65 and its two-hundred day simple moving average is $70.97.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, November 5th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.10. The firm had revenue of $338.85 million during the quarter, compared to analyst estimates of $328.13 million. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. The business’s revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the business earned $0.24 EPS. As a group, analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 300,000 shares of the stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $71.91, for a total transaction of $21,573,000.00. Following the transaction, the chairman directly owned 677,796 shares in the company, valued at $48,740,310.36. This represents a 30.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Lawrence Joseph Stack sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $75.30, for a total transaction of $753,000.00. Following the transaction, the executive directly owned 184,128 shares in the company, valued at $13,864,838.40. This trade represents a 5.15% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 690,703 shares of company stock worth $50,266,998. Insiders own 21.50% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Procore Technologies by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock worth $957,150,000 after buying an additional 804,920 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after acquiring an additional 5,079,534 shares during the period. Wasatch Advisors LP raised its position in shares of Procore Technologies by 6.8% in the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after acquiring an additional 315,604 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Procore Technologies by 76.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock worth $294,449,000 after purchasing an additional 1,750,998 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Procore Technologies by 3.9% during the fourth quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock valued at $249,416,000 after purchasing an additional 127,256 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

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.