UBS Group Issues Pessimistic Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its target price decreased by equities research analysts at UBS Group from $87.00 to $74.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price target would suggest a potential upside of 39.18% from the company’s previous close.

Other analysts have also issued reports about the company. BMO Capital Markets boosted their price objective on Procore Technologies from $82.00 to $87.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. William Blair reiterated an “outperform” rating on shares of Procore Technologies in a report on Friday, October 17th. Canaccord Genuity Group increased their price target on Procore Technologies from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Robert W. Baird lifted their price objective on shares of Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Finally, Piper Sandler increased their target price on shares of Procore Technologies from $82.00 to $91.00 and gave the company an “overweight” rating in a 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 given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $84.16.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $53.17 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02. The firm has a fifty day simple moving average of $70.65 and a two-hundred day simple moving average of $70.97. Procore Technologies has a 12 month low of $49.40 and a 12 month high of $88.92. The firm has a market capitalization of $8.27 billion, a PE ratio of -63.30 and a beta of 0.89.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $328.13 million. During the same period last year, the firm earned $0.24 earnings per share. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. Analysts forecast that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $64.31, for a total value of $494,672.52. Following the sale, the director owned 1,035,212 shares of the company’s stock, valued at approximately $66,574,483.72. The trade was a 0.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Lawrence Joseph Stack sold 10,000 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $13,864,838.40. This represents a 5.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 690,703 shares of company stock worth $50,266,998. 21.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently bought and sold shares of PCOR. Argos Wealth Advisors LLC bought a new stake in shares of Procore Technologies in the fourth quarter valued at $361,000. Swiss Life Asset Management Ltd increased its holdings in Procore Technologies by 6.0% in the 4th quarter. Swiss Life Asset Management Ltd now owns 5,307 shares of the company’s stock worth $386,000 after acquiring an additional 301 shares during the last quarter. Makena Capital Management LLC increased its holdings in Procore Technologies by 34.3% in the 4th quarter. Makena Capital Management LLC now owns 232,527 shares of the company’s stock worth $16,914,000 after acquiring an additional 59,423 shares during the last quarter. Ethic Inc. raised its stake in Procore Technologies by 114.1% in the 4th quarter. Ethic Inc. now owns 12,263 shares of the company’s stock valued at $892,000 after acquiring an additional 6,534 shares during the period. Finally, Wildcat Capital Management LLC purchased a new stake in Procore Technologies during the fourth quarter valued at about $280,000. 81.10% of the stock is 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.