Macquarie Cuts Procore Technologies (NYSE:PCOR) Price Target to $75.00

Procore Technologies (NYSE:PCOR) had its price target lowered by Macquarie from $93.00 to $75.00 in a research note published on Thursday,Benzinga reports. Macquarie currently has a neutral rating on the stock.

Several other equities analysts have also recently issued reports on the company. Canaccord Genuity Group raised their price objective on Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Piper Sandler raised their target price on Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Robert W. Baird raised their target price on Procore Technologies from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. UBS Group raised their target price on Procore Technologies from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Barclays raised their target price on Procore Technologies from $84.00 to $90.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.24.

Procore Technologies Stock Up 3.8 %

PCOR stock opened at $68.28 on Thursday. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $88.92. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $10.24 billion, a P/E ratio of -94.83 and a beta of 0.85. The firm has a 50 day simple moving average of $77.06 and a 200-day simple moving average of $71.15.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $302.05 million for the quarter, compared to analyst estimates of $297.72 million. On average, equities research analysts predict that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 1,500 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $76.18, for a total transaction of $114,270.00. Following the completion of the sale, the insider now directly owns 84,539 shares in the company, valued at approximately $6,440,181.02. This trade represents a 1.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the sale, the insider now owns 200 shares of the company’s stock, valued at $17,480. The trade was a 84.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 69,657 shares of company stock valued at $5,442,199. 29.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Institutional investors have recently made changes to their positions in the company. Versant Capital Management Inc lifted its holdings in Procore Technologies by 92.1% in the 4th quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock worth $27,000 after purchasing an additional 175 shares during the last quarter. Parkside Financial Bank & Trust increased its position in shares of Procore Technologies by 61.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after purchasing an additional 147 shares during the period. V Square Quantitative Management LLC increased its position in shares of Procore Technologies by 37.8% during the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock valued at $44,000 after purchasing an additional 162 shares during the period. Huntington National Bank grew its position in Procore Technologies by 161.6% in the fourth quarter. Huntington National Bank now owns 654 shares of the company’s stock valued at $49,000 after acquiring an additional 404 shares during the period. Finally, Hilltop National Bank bought a new stake in Procore Technologies in the fourth quarter valued at $53,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.