TD Cowen Issues Pessimistic Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its target price cut by research analysts at TD Cowen from $90.00 to $80.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price target points to a potential upside of 54.15% from the stock’s previous close.

A number of other research firms have also issued reports on PCOR. Weiss Ratings reiterated a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd. Robert W. Baird boosted their price target on Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. UBS Group dropped their price objective on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday. BTIG Research reissued a “buy” rating and issued a $88.00 price objective on shares of Procore Technologies in a report on Wednesday, December 17th. Finally, Piper Sandler upped their price objective on Procore Technologies from $82.00 to $91.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and an average target price of $84.16.

Procore Technologies Stock Performance

NYSE:PCOR traded down $4.70 during mid-day trading on Tuesday, hitting $51.90. 281,560 shares of the stock were exchanged, compared to its average volume of 1,767,502. The stock has a market capitalization of $8.07 billion, a price-to-earnings ratio of -62.13 and a beta of 0.90. Procore Technologies has a fifty-two week low of $52.63 and a fifty-two week high of $88.92. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.33. The firm’s 50-day simple moving average is $71.53 and its 200 day simple moving average is $71.25.

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

Insider Activity

In other news, Director William J.G. Griffith sold 207,474 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the completion of the sale, the director owned 3,244,546 shares in the company, valued at $234,580,675.80. This trade represents a 6.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of the company’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $72.70, for a total value of $5,452,500.00. Following the transaction, the chairman owned 1,155,480 shares in the company, valued at $84,003,396. This trade represents a 6.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 690,703 shares of company stock valued at $50,266,998 in the last three months. Corporate insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc grew its position in shares of Procore Technologies by 23.6% in the third quarter. Versant Capital Management Inc now owns 938 shares of the company’s stock valued at $68,000 after purchasing an additional 179 shares during the last quarter. Jones Financial Companies Lllp raised its stake in Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 199 shares during the last quarter. Intellectus Partners LLC grew its holdings in shares of Procore Technologies by 1.6% during the third quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock worth $912,000 after buying an additional 200 shares in the last quarter. Chicago Partners Investment Group LLC lifted its stake in shares of Procore Technologies by 1.4% during the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock valued at $1,068,000 after buying an additional 202 shares during the period. Finally, George Kaiser Family Foundation boosted its position in Procore Technologies by 1.0% during the second quarter. George Kaiser Family Foundation now owns 23,168 shares of the company’s stock worth $1,585,000 after acquiring an additional 240 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.