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

Procore Technologies (NYSE:PCOR) had its target price dropped by stock analysts at TD Cowen from $85.00 to $75.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price objective points to a potential upside of 32.52% from the stock’s previous close.

A number of other equities analysts have also recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Procore Technologies in a research report on Thursday, January 22nd. Wall Street Zen upgraded shares of Procore Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, March 28th. Canaccord Genuity Group decreased their target price on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Barclays decreased their target price on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Finally, KeyCorp decreased their target price on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Fifteen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $75.24.

Procore Technologies Trading Up 1.6%

NYSE:PCOR traded up $0.89 during trading hours on Tuesday, reaching $56.60. The company’s stock had a trading volume of 480,987 shares, compared to its average volume of 2,445,167. The firm has a market capitalization of $8.50 billion, a price-to-earnings ratio of -84.67 and a beta of 0.85. The firm has a 50-day simple moving average of $54.90 and a 200-day simple moving average of $65.49. Procore Technologies has a 1 year low of $46.08 and a 1 year high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. The company had revenue of $349.11 million for the quarter, compared to analysts’ expectations of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The firm’s revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.01 EPS. Research analysts expect that Procore Technologies will post 0.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction on Friday, April 10th. The shares were sold at an average price of $47.64, for a total value of $2,673,652.08. Following the sale, the chairman owned 927,580 shares of the company’s stock, valued at $44,189,911.20. This trade represents a 5.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the firm’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $51.07, for a total transaction of $294,622.83. Following the completion of the sale, the director directly owned 990,983 shares in the company, valued at approximately $50,609,501.81. This trade represents a 0.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 155,718 shares of company stock valued at $8,278,407 in the last quarter. Insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Large investors have recently modified their holdings of the stock. Principal Financial Group Inc. boosted its stake in shares of Procore Technologies by 12.2% during the 3rd quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock valued at $240,753,000 after purchasing an additional 360,207 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of Procore Technologies during the 3rd quarter valued at about $1,442,000. Envestnet Asset Management Inc. boosted its stake in shares of Procore Technologies by 31.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company’s stock valued at $30,607,000 after purchasing an additional 99,706 shares in the last quarter. Robinhood Asset Management LLC bought a new stake in shares of Procore Technologies during the 4th quarter valued at about $7,136,000. Finally, Stephens Investment Management Group LLC boosted its stake in shares of Procore Technologies by 19.6% during the 3rd quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company’s stock valued at $26,627,000 after purchasing an additional 59,923 shares in the last quarter. 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.