Macquarie Cuts Procore Technologies (NYSE:PCOR) Price Target to $75.00

Procore Technologies (NYSE:PCOR) had its target price decreased by Macquarie from $93.00 to $75.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Macquarie’s target price would indicate a potential upside of 12.39% from the stock’s current price.

Several other research analysts have also recently weighed in on the company. Stifel Nicolaus increased their price objective on shares of Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Mizuho boosted their price target on Procore Technologies from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, December 13th. Robert W. Baird raised their target price on Procore Technologies from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. TD Cowen raised their target price on shares of Procore Technologies from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Finally, JMP Securities upped their price objective on Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a research note on Tuesday, February 18th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Procore Technologies presently has an average rating of “Moderate Buy” and an average target price of $90.24.

Procore Technologies Trading Down 1.2 %

Shares of PCOR traded down $0.81 during trading hours on Thursday, hitting $66.73. 835,898 shares of the stock traded hands, compared to its average volume of 1,445,116. The firm has a market capitalization of $10.00 billion, a PE ratio of -92.56 and a beta of 0.85. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03. Procore Technologies has a 1-year low of $49.46 and a 1-year high of $88.92. The business has a fifty day moving average of $77.42 and a 200-day moving average of $71.07.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data 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 net margin of 9.20% and a negative return on equity of 5.10%. The firm had revenue of $302.05 million during the quarter, compared to the consensus estimate of $297.72 million. Analysts expect that Procore Technologies will post -0.15 EPS for the current year.

Insider Transactions at Procore Technologies

In other news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the stock in a transaction that occurred on 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 owns 200 shares in the company, valued at $17,480. This represents a 84.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CRO Lawrence Joseph Stack sold 12,000 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $82.92, for a total value of $995,040.00. Following the completion of the transaction, the executive now directly owns 161,368 shares in the company, valued at $13,380,634.56. This trade represents a 6.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,211 shares of company stock valued at $4,672,701. Insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of large investors have recently added to or reduced their stakes in PCOR. Atria Investments Inc increased its stake in shares of Procore Technologies by 11.9% in the 3rd quarter. Atria Investments Inc now owns 4,950 shares of the company’s stock worth $306,000 after purchasing an additional 527 shares in the last quarter. Victory Capital Management Inc. increased its position in Procore Technologies by 4.0% in the third quarter. Victory Capital Management Inc. now owns 62,897 shares of the company’s stock worth $3,882,000 after buying an additional 2,432 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Procore Technologies by 56.5% in the third quarter. Oppenheimer Asset Management Inc. now owns 58,947 shares of the company’s stock worth $3,638,000 after buying an additional 21,287 shares during the period. KBC Group NV lifted its position in shares of Procore Technologies by 19.0% during the 3rd quarter. KBC Group NV now owns 2,722 shares of the company’s stock valued at $168,000 after buying an additional 435 shares in the last quarter. Finally, Curi RMB Capital LLC grew its stake in shares of Procore Technologies by 17.6% during the 3rd quarter. Curi RMB Capital LLC now owns 105,909 shares of the company’s stock valued at $6,537,000 after acquiring an additional 15,846 shares during the period. Institutional investors 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.