Mizuho Lowers Procore Technologies (NYSE:PCOR) Price Target to $65.00

Procore Technologies (NYSE:PCOR) had its price target cut by analysts at Mizuho from $75.00 to $65.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Mizuho’s target price suggests a potential upside of 8.59% from the company’s current price.

A number of other brokerages have also recently commented on PCOR. Jefferies Financial Group reduced their price target on Procore Technologies from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, March 31st. KeyCorp increased their target price on shares of Procore Technologies from $85.00 to $96.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. Canaccord Genuity Group lifted their price target on shares of Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a report on Friday, February 14th. DA Davidson reduced their price objective on shares of Procore Technologies from $80.00 to $60.00 and set a “neutral” rating for the company in a research note on Monday. Finally, UBS Group lifted their target price on shares of Procore Technologies from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $86.88.

Procore Technologies Price Performance

NYSE PCOR opened at $59.86 on Tuesday. The company has a 50-day moving average price of $70.68 and a 200-day moving average price of $72.15. Procore Technologies has a 52 week low of $49.46 and a 52 week high of $88.92. 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 firm has a market capitalization of $8.97 billion, a P/E ratio of -83.14 and a beta of 0.90.

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 the consensus estimate 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 business had revenue of $302.05 million during the quarter, compared to the consensus estimate of $297.72 million. Equities research analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Activity

In other news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the sale, the insider now directly owns 200 shares in the company, valued at approximately $17,480. This represents a 84.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Howard Fu sold 1,216 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $61.34, for a total transaction of $74,589.44. Following the completion of the transaction, the chief financial officer now directly owns 208,184 shares of the company’s stock, valued at approximately $12,770,006.56. The trade was a 0.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,982 shares of company stock worth $5,069,759. 29.00% of the stock is currently owned by insiders.

Institutional Trading of Procore Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Versant Capital Management Inc raised its stake in shares of Procore Technologies by 92.1% in the fourth quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock valued at $27,000 after acquiring an additional 175 shares during the period. Parkside Financial Bank & Trust boosted 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 buying an additional 147 shares during the period. V Square Quantitative Management LLC grew its stake 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 buying an additional 162 shares during the last quarter. Huntington National Bank lifted its stake in shares of Procore Technologies by 161.6% during the 4th quarter. Huntington National Bank now owns 654 shares of the company’s stock worth $49,000 after acquiring an additional 404 shares during the last quarter. Finally, Hilltop National Bank purchased a new position in Procore Technologies during the 4th quarter valued at $53,000. 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.