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

Procore Technologies (NYSE:PCOR) had its target price decreased by analysts at Jefferies Financial Group from $95.00 to $75.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Jefferies Financial Group’s target price suggests a potential upside of 79.82% from the stock’s previous close.

A number of other analysts have also issued reports on PCOR. TD Cowen lowered their price target on Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, April 21st. Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective on the stock in a report on Wednesday, April 29th. Piper Sandler lowered their target price on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. The Goldman Sachs Group dropped their target price on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Finally, UBS Group reduced their target price on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Sixteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $70.62.

Procore Technologies Stock Down 5.9%

PCOR opened at $41.71 on Tuesday. The company has a market cap of $6.29 billion, a PE ratio of -81.78 and a beta of 0.75. Procore Technologies has a twelve month low of $38.03 and a twelve month high of $82.32. The company has a 50-day moving average price of $44.67 and a 200 day moving average price of $52.98. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data 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). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same quarter in the previous year, the firm posted $0.23 earnings per share. The company’s quarterly revenue was up 15.7% on a year-over-year basis. Sell-side analysts expect that Procore Technologies will post 0.06 earnings per share for the current fiscal year.

Insider Activity at Procore Technologies

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the transaction, the chairman owned 919,704 shares in the company, valued at approximately $40,375,005.60. This trade represents a 5.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $41.93, for a total value of $241,894.17. Following the transaction, the director directly owned 967,901 shares in the company, valued at $40,584,088.93. This trade represents a 0.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 189,621 shares of company stock valued at $8,791,847. 16.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Procore Technologies

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Procore Technologies by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock worth $957,150,000 after purchasing an additional 804,920 shares during the period. Wasatch Advisors LP grew its stake 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 valued at $362,560,000 after buying an additional 315,604 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Procore Technologies by 95.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock worth $178,653,000 after buying an additional 2,146,182 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Procore Technologies by 4.0% during the 4th quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock worth $257,431,000 after buying an additional 137,171 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Procore Technologies by 3.9% during the 4th quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock worth $249,416,000 after buying an additional 127,256 shares during the last quarter. Hedge funds and other 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. 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.