TD Cowen Cuts Procore Technologies (NYSE:PCOR) Price Target to $75.00
by Amy Steele · The Cerbat GemProcore Technologies (NYSE:PCOR – Free Report) had its price objective decreased by TD Cowen from $85.00 to $75.00 in a report released on Tuesday,Benzinga reports. TD Cowen currently has a buy rating on the stock.
A number of other brokerages also recently weighed in on PCOR. Weiss Ratings reissued a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd. Canaccord Genuity Group dropped their price target on Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. DA Davidson dropped their price target on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. KeyCorp dropped their price target on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Finally, UBS Group dropped their price target on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Fourteen research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $75.25.
Get Our Latest Stock Report on Procore Technologies
Procore Technologies Stock Down 6.1%
Shares of PCOR stock opened at $53.38 on Tuesday. The stock’s 50 day simple moving average is $55.25 and its 200 day simple moving average is $65.23. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32. Procore Technologies has a twelve month low of $46.08 and a twelve month high of $82.32. The company has a market capitalization of $8.01 billion, a price-to-earnings ratio of -79.68 and a beta of 0.85.
Procore Technologies (NYSE:PCOR – Get Free Report) last issued its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business had revenue of $349.11 million for the quarter, compared to the consensus estimate of $340.80 million. During the same period last year, the business earned $0.01 EPS. The firm’s revenue was up 15.6% compared to the same quarter last year. As a group, research analysts predict that Procore Technologies will post 0.09 EPS for the current year.
Insiders Place Their Bets
In other Procore Technologies news, Director Connor Kevin J. O sold 9,615 shares of Procore Technologies stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $54.48, for a total value of $523,825.20. Following the transaction, the director directly owned 1,012,136 shares of the company’s stock, valued at $55,141,169.28. The trade was a 0.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Benjamin C. Singer sold 4,225 shares of Procore Technologies stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $211,250.00. Following the completion of the transaction, the insider directly owned 64,660 shares in the company, valued at approximately $3,233,000. This represents a 6.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 148,026 shares of company stock valued at $7,783,734 in the last three months. Company insiders own 21.50% of the company’s stock.
Institutional Trading of Procore Technologies
Institutional investors and hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. increased its position in shares of Procore Technologies by 12.2% during the third quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock valued at $240,753,000 after purchasing an additional 360,207 shares during the period. Sequoia Financial Advisors LLC bought a new stake in shares of Procore Technologies during the third quarter valued at approximately $1,442,000. Envestnet Asset Management Inc. increased its position in shares of Procore Technologies by 31.2% during the third quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company’s stock valued at $30,607,000 after purchasing an additional 99,706 shares during the period. Robinhood Asset Management LLC bought a new stake in shares of Procore Technologies during the fourth quarter valued at approximately $7,136,000. Finally, Stephens Investment Management Group LLC increased its position in shares of Procore Technologies by 19.6% during the third quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company’s stock valued at $26,627,000 after purchasing an additional 59,923 shares during the period. 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.