Procore Technologies (NYSE:PCOR) PT Lowered to $75.00 at Mizuho

Procore Technologies (NYSE:PCOR) had its price objective cut by Mizuho from $80.00 to $75.00 in a research report released on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. BMO Capital Markets boosted their price target on shares of Procore Technologies from $76.00 to $90.00 and gave the company an outperform rating in a report on Friday, February 16th. Piper Sandler raised their price target on shares of Procore Technologies from $77.00 to $80.00 and gave the company an overweight rating in a research note on Friday, February 16th. DA Davidson reiterated a buy rating and set a $95.00 price objective on shares of Procore Technologies in a research report on Thursday, March 14th. The Goldman Sachs Group increased their price objective on Procore Technologies from $74.00 to $85.00 and gave the stock a buy rating in a report on Friday, February 16th. Finally, JMP Securities lifted their target price on Procore Technologies from $81.00 to $93.00 and gave the company a market outperform rating in a research note on Friday, February 16th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $81.79.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $68.14 on Thursday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.04. The firm’s 50-day moving average price is $76.24 and its two-hundred day moving average price is $68.93. Procore Technologies has a 52-week low of $48.11 and a 52-week high of $83.35. The stock has a market capitalization of $9.87 billion, a P/E ratio of -70.98 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, February 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.13. Procore Technologies had a negative return on equity of 8.37% and a negative net margin of 13.64%. The business had revenue of $260.04 million for the quarter, compared to the consensus estimate of $248.20 million. As a group, sell-side analysts forecast that Procore Technologies will post -0.62 earnings per share for the current year.

Insider Activity

In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total transaction of $4,689,960.00. Following the transaction, the chief executive officer now owns 530,049 shares in the company, valued at $36,557,479.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 6,041 shares of Procore Technologies stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $73.90, for a total transaction of $446,429.90. Following the completion of the sale, the senior vice president now owns 77,768 shares of the company’s stock, valued at approximately $5,747,055.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $68.97, for a total transaction of $4,689,960.00. Following the completion of the transaction, the chief executive officer now directly owns 530,049 shares in the company, valued at $36,557,479.53. The disclosure for this sale can be found here. Insiders sold 533,544 shares of company stock worth $41,139,271 over the last quarter. Corporate insiders own 39.20% of the company’s stock.

Institutional Trading of Procore Technologies

A number of institutional investors have recently added to or reduced their stakes in the business. BluePath Capital Management LLC bought a new position in shares of Procore Technologies in the 3rd quarter valued at approximately $36,000. International Assets Investment Management LLC raised its position in shares of Procore Technologies by 6,823.1% in the fourth quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock valued at $62,000 after purchasing an additional 887 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in shares of Procore Technologies in the fourth quarter worth $62,000. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in shares of Procore Technologies by 30.7% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after buying an additional 297 shares during the period. Finally, TFO Wealth Partners LLC grew its stake in Procore Technologies by 43,600.0% in the 4th quarter. TFO Wealth Partners LLC now owns 2,185 shares of the company’s stock valued at $151,000 after buying an additional 2,180 shares during the last quarter. 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.