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

Procore Technologies (NYSE:PCOR) had its price target cut by equities researchers at Macquarie from $93.00 to $75.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Macquarie’s price objective suggests a potential upside of 9.85% from the stock’s current price.

PCOR has been the topic of several other research reports. BMO Capital Markets lifted their price objective on shares of Procore Technologies from $71.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. Robert W. Baird lifted their price objective on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. TD Cowen lifted their price objective on shares of Procore Technologies from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Stifel Nicolaus lifted their price objective on shares of Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. Four equities 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $90.24.

Procore Technologies Stock Up 3.8 %

PCOR opened at $68.28 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The company’s 50-day moving average is $77.06 and its 200 day moving average is $71.08. Procore Technologies has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The firm has a market capitalization of $10.24 billion, a P/E ratio of -94.83 and a beta of 0.85.

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 analysts’ consensus estimates of $0.11 by ($0.46). The firm had revenue of $302.05 million for the quarter, compared to the consensus estimate of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. Research analysts expect that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Activity at Procore Technologies

In other news, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $67.10, for a total value of $344,088.80. Following the completion of the sale, the director now directly owns 1,226,240 shares in the company, valued at approximately $82,280,704. The trade was a 0.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Howard Fu sold 8,000 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $87.00, for a total transaction of $696,000.00. Following the sale, the chief financial officer now owns 156,188 shares of the company’s stock, valued at $13,588,356. This represents a 4.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 69,657 shares of company stock valued at $5,442,199. Corporate insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc grew its position in shares of Procore Technologies by 92.1% in the 4th quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock worth $27,000 after buying an additional 175 shares during the period. Parkside Financial Bank & Trust grew its position in shares of Procore Technologies by 61.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock worth $29,000 after buying an additional 147 shares during the period. V Square Quantitative Management LLC grew its position in Procore Technologies by 37.8% during the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock valued at $44,000 after purchasing an additional 162 shares during the last quarter. Huntington National Bank grew its position in Procore Technologies by 161.6% during the 4th quarter. Huntington National Bank now owns 654 shares of the company’s stock valued at $49,000 after purchasing an additional 404 shares during the last quarter. Finally, Hilltop National Bank purchased a new stake in Procore Technologies during the 4th quarter valued at about $53,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.