UBS Group Cuts Procore Technologies (NYSE:PCOR) Price Target to $74.00

Procore Technologies (NYSE:PCOR) had its price target decreased by UBS Group from $87.00 to $74.00 in a report published on Tuesday morning,Benzinga reports. UBS Group currently has a buy rating on the stock.

PCOR has been the topic of a number of other research reports. Barclays raised Procore Technologies from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $82.00 to $90.00 in a research report on Monday, January 5th. Robert W. Baird raised their target price on shares of Procore Technologies from $88.00 to $93.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Canaccord Genuity Group upped their price target on shares of Procore Technologies from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. BTIG Research reiterated a “buy” rating and issued a $88.00 price target on shares of Procore Technologies in a research note on Wednesday, December 17th. Finally, Piper Sandler boosted their price objective on shares of Procore Technologies from $82.00 to $91.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.11.

Procore Technologies Stock Performance

Shares of PCOR opened at $51.76 on Tuesday. Procore Technologies has a 12 month low of $49.40 and a 12 month high of $88.92. The firm has a fifty day simple moving average of $70.21 and a 200 day simple moving average of $70.83. The stock has a market capitalization of $8.05 billion, a price-to-earnings ratio of -61.61 and a beta of 0.89. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02.

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

Insider Activity at Procore Technologies

In other news, Director Connor Kevin J. O sold 7,692 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $64.31, for a total value of $494,672.52. Following the transaction, the director owned 1,035,212 shares of the company’s stock, valued at approximately $66,574,483.72. This represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William J.G. Griffith sold 207,474 shares of Procore Technologies stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $72.30, for a total value of $15,000,370.20. Following the sale, the director directly owned 3,244,546 shares of the company’s stock, valued at approximately $234,580,675.80. The trade was a 6.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 690,703 shares of company stock valued at $50,266,998. Insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors have recently modified their holdings of PCOR. Global Retirement Partners LLC raised its stake in Procore Technologies by 465.2% in the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after purchasing an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Procore Technologies during the third quarter worth approximately $34,000. Jones Financial Companies Lllp raised its position in shares of Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after buying an additional 199 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Procore Technologies in the fourth quarter valued at approximately $41,000. Finally, Allworth Financial LP boosted its stake in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after buying an additional 204 shares during the period. Institutional investors own 81.10% of the company’s stock.

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.