The Goldman Sachs Group Issues Pessimistic Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its price objective decreased by The Goldman Sachs Group from $80.00 to $70.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 31.39% from the stock’s previous close.

Several other equities analysts have also weighed in on PCOR. Barclays reduced their price target on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. DA Davidson reduced their price target on shares of Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. BMO Capital Markets reduced their price target on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research report on Thursday, February 5th. Canaccord Genuity Group reduced their price target on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Finally, Piper Sandler reduced their price target on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday. Fifteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $72.56.

Procore Technologies Stock Performance

NYSE PCOR opened at $53.28 on Thursday. Procore Technologies has a 1 year low of $46.08 and a 1 year high of $82.32. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.32. The firm has a market cap of $8.04 billion, a price-to-earnings ratio of -104.46 and a beta of 0.78. The company has a fifty day moving average price of $55.78 and a 200-day moving average price of $64.18.

Procore Technologies (NYSE:PCOR) last posted its 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). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. During the same quarter in the previous year, the company earned $0.23 EPS. The business’s revenue was up 15.7% compared to the same quarter last year. As a group, equities research analysts predict that Procore Technologies will post 0.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 9,615 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $54.48, for a total transaction of $523,825.20. Following the completion of the transaction, the director owned 1,012,136 shares in the company, valued at $55,141,169.28. This trade represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $47.64, for a total transaction of $2,673,652.08. Following the transaction, the chairman owned 927,580 shares of the company’s stock, valued at $44,189,911.20. This represents a 5.71% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 148,026 shares of company stock worth $7,783,734 over the last quarter. 16.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. Principal Financial Group Inc. lifted its holdings in shares of Procore Technologies by 12.2% in the third quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock worth $240,753,000 after buying an additional 360,207 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in shares of Procore Technologies in the third quarter worth about $1,442,000. Envestnet Asset Management Inc. lifted its holdings in shares of Procore Technologies by 31.2% in the third quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company’s stock worth $30,607,000 after buying an additional 99,706 shares in the last quarter. Robinhood Asset Management LLC purchased a new stake in shares of Procore Technologies in the fourth quarter worth about $7,136,000. Finally, Stephens Investment Management Group LLC lifted its holdings in shares of Procore Technologies by 19.6% in the third quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company’s stock worth $26,627,000 after buying an additional 59,923 shares in the last quarter. 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.