TD Cowen Cuts Procore Technologies (NYSE:PCOR) Price Target to $80.00

Procore Technologies (NYSE:PCOR) had its price target decreased by TD Cowen from $90.00 to $80.00 in a report released on Tuesday,Benzinga reports. TD Cowen currently has a buy rating on the stock.

Several other research analysts also recently commented on PCOR. KeyCorp lifted their target price on shares of Procore Technologies from $81.00 to $91.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. UBS Group lowered their price objective on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating for the company in a research note on Tuesday. BMO Capital Markets raised their target price on Procore Technologies from $82.00 to $87.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Canaccord Genuity Group boosted their price target on Procore Technologies from $85.00 to $90.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Finally, William Blair reiterated an “outperform” rating on shares of Procore Technologies in a report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and an average target price of $83.11.

Procore Technologies Stock Down 2.6%

Shares of NYSE PCOR opened at $51.76 on Tuesday. The stock has a market capitalization of $8.05 billion, a P/E ratio of -61.61 and a beta of 0.89. Procore Technologies has a one year low of $49.40 and a one year high of $88.92. The firm’s 50 day simple moving average is $70.21 and its two-hundred day simple moving average is $70.83. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.33 and a quick ratio of 1.33.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.10. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The firm had revenue of $338.85 million for the quarter, compared to analysts’ expectations of $328.13 million. During the same period last year, the firm earned $0.24 earnings per share. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, analysts expect that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In related news, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of the stock in a transaction on Monday, December 15th. The stock was sold at an average price of $72.70, for a total transaction of $5,452,500.00. Following the sale, the chairman directly owned 1,155,480 shares of the company’s stock, valued at $84,003,396. This trade represents a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Connor Kevin J. O sold 7,692 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $64.31, for a total transaction of $494,672.52. Following the sale, the director directly owned 1,035,212 shares in the company, valued at approximately $66,574,483.72. The trade was a 0.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 690,703 shares of company stock worth $50,266,998 in the last ninety days. 21.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Procore Technologies by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after buying an additional 804,920 shares during the period. Alliancebernstein L.P. raised its position in Procore Technologies by 493.9% in the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after acquiring an additional 5,079,534 shares during the period. Wasatch Advisors LP boosted its stake in shares of Procore Technologies by 6.8% during the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after acquiring an additional 315,604 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Procore Technologies by 76.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock valued at $294,449,000 after acquiring an additional 1,750,998 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Procore Technologies by 3.9% in the 4th quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock worth $249,416,000 after purchasing an additional 127,256 shares in the last quarter. 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. 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.