Procore Technologies (NYSE:PCOR) Price Target Cut to $77.00 by Analysts at KeyCorp

Procore Technologies (NYSE:PCOR) had its price objective cut by KeyCorp from $96.00 to $77.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s target price points to a potential upside of 34.58% from the company’s previous close.

Several other research firms also recently weighed in on PCOR. Barclays decreased their price target on shares of Procore Technologies from $90.00 to $70.00 and set an “equal weight” rating for the company in a research note on Monday, April 14th. Jefferies Financial Group lowered their target price on Procore Technologies from $100.00 to $90.00 and set a “buy” rating for the company in a report on Monday, March 31st. JPMorgan Chase & Co. cut their price target on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Piper Sandler upped their price objective on shares of Procore Technologies from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Finally, Macquarie cut their target price on shares of Procore Technologies from $93.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and an average target price of $85.76.

Procore Technologies Price Performance

PCOR opened at $57.21 on Monday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The business has a fifty day moving average of $69.27 and a 200 day moving average of $72.17. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $88.92. The stock has a market cap of $8.58 billion, a P/E ratio of -79.46 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) EPS 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 during the quarter, compared to the consensus estimate of $297.72 million. As a group, sell-side analysts anticipate that Procore Technologies will post -0.15 EPS for the current year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, CRO Lawrence Joseph Stack sold 12,000 shares of Procore Technologies stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $82.92, for a total transaction of $995,040.00. Following the completion of the sale, the executive now owns 161,368 shares of the company’s stock, valued at approximately $13,380,634.56. The trade was a 6.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Benjamin C. Singer sold 6,937 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $83.60, for a total value of $579,933.20. Following the sale, the insider now owns 72,110 shares in the company, valued at approximately $6,028,396. The trade was a 8.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,482 shares of company stock worth $4,952,759. Insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Procore Technologies by 7.6% during the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock valued at $891,692,000 after acquiring an additional 838,925 shares during the period. Capital World Investors lifted its position in Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after purchasing an additional 2,555,612 shares during the period. Assenagon Asset Management S.A. lifted its position in Procore Technologies by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after purchasing an additional 1,425,967 shares during the period. Principal Financial Group Inc. boosted its holdings in Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after purchasing an additional 2,670,872 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in Procore Technologies by 14.0% during the 4th quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company’s stock worth $196,873,000 after purchasing an additional 322,367 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

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.