Jefferies Financial Group Issues Pessimistic Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its price objective trimmed by Jefferies Financial Group from $100.00 to $90.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also recently issued reports about the company. Canaccord Genuity Group increased their price objective on Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Barclays raised their price target on shares of Procore Technologies from $84.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Piper Sandler boosted their price objective on shares of Procore Technologies from $90.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Robert W. Baird lifted their target price 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. Finally, JMP Securities boosted their target price on shares of 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 analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $89.65.

Procore Technologies Stock Performance

Shares of PCOR opened at $66.13 on Monday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The stock has a market cap of $9.91 billion, a P/E ratio of -91.84 and a beta of 0.85. The business’s 50 day moving average price is $75.55 and its 200-day moving average price is $72.26. Procore Technologies has a 52 week low of $49.46 and a 52 week high of $88.92.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). The company 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%. Equities research analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the completion of the transaction, the insider now owns 200 shares of the company’s stock, valued at $17,480. This represents a 84.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Lawrence Joseph Stack sold 12,000 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $82.92, for a total value of $995,040.00. Following the completion of the sale, the executive now owns 161,368 shares in the company, valued at $13,380,634.56. This represents a 6.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 69,604 shares of company stock valued at $5,427,468 over the last ninety days. 29.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Procore Technologies by 16.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 682,303 shares of the company’s stock valued at $42,112,000 after acquiring an additional 97,117 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Procore Technologies by 8.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 31,718 shares of the company’s stock valued at $1,958,000 after purchasing an additional 2,538 shares during the last quarter. FMR LLC raised its position in Procore Technologies by 4.6% in the 3rd quarter. FMR LLC now owns 17,939 shares of the company’s stock worth $1,107,000 after purchasing an additional 797 shares during the period. Townsquare Capital LLC lifted its stake in Procore Technologies by 6.6% in the third quarter. Townsquare Capital LLC now owns 12,882 shares of the company’s stock worth $795,000 after purchasing an additional 793 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Procore Technologies during the third quarter valued at approximately $1,722,000. 81.10% of the stock is currently owned by 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.