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

Procore Technologies (NYSE:PCOR) had its price target dropped by analysts at Jefferies Financial Group from $95.00 to $75.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Jefferies Financial Group’s price target points to a potential upside of 62.25% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. Wall Street Zen lowered shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. UBS Group lowered their price target on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price on the stock in a report on Wednesday, April 29th. Piper Sandler lowered their target price on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Finally, Citigroup reissued a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday. Sixteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and an average price target of $70.62.

Procore Technologies Price Performance

Procore Technologies stock opened at $46.22 on Tuesday. The stock has a fifty day moving average of $44.83 and a 200-day moving average of $53.40. The stock has a market capitalization of $6.97 billion, a P/E ratio of -90.64 and a beta of 0.75. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. Procore Technologies has a 52 week low of $38.03 and a 52 week high of $82.32.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results 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). The company had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year. During the same period last year, the firm posted $0.23 earnings per share. On average, sell-side analysts expect that Procore Technologies will post 0.06 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the transaction, the chairman directly owned 919,704 shares of the company’s stock, valued at approximately $40,375,005.60. This trade represents a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the sale, the insider owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. The trade was a 3.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 189,621 shares of company stock valued at $8,791,847 in the last quarter. Insiders own 16.80% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of PCOR. SJS Investment Consulting Inc. boosted its position in shares of Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after buying an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Procore Technologies during the third quarter valued at approximately $34,000. V Square Quantitative Management LLC purchased a new stake in shares of Procore Technologies in the fourth quarter worth about $41,000. Allworth Financial LP increased its holdings in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after buying an additional 204 shares during the last quarter. Finally, Employees Retirement System of Texas bought a new position in Procore Technologies during the fourth quarter valued at $54,000. 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. 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.