BMO Capital Markets Cuts Procore Technologies (NYSE:PCOR) Price Target to $85.00

Procore Technologies (NYSE:PCOR) had its price target trimmed by BMO Capital Markets from $90.00 to $85.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other equities research analysts have also weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Procore Technologies from $76.00 to $81.00 and gave the stock an overweight rating in a report on Tuesday, January 23rd. Stifel Nicolaus increased their price objective on shares of Procore Technologies from $64.00 to $90.00 and gave the company a buy rating in a research note on Friday, February 16th. Mizuho decreased their price objective on shares of Procore Technologies from $80.00 to $75.00 and set a buy rating for the company in a research note on Thursday. Piper Sandler decreased their price objective on shares of Procore Technologies from $80.00 to $77.00 and set an overweight rating for the company in a research note on Thursday. Finally, DA Davidson reiterated a buy rating and issued a $95.00 price objective on shares of Procore Technologies in a research note on Thursday, March 14th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $81.79.

Procore Technologies Trading Down 1.6 %

PCOR opened at $68.14 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.49 and a current ratio of 1.49. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The company’s 50-day moving average is $76.24 and its 200 day moving average is $68.91.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, February 15th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.13. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.37%. The company had revenue of $260.04 million for the quarter, compared to analyst estimates of $248.20 million. On average, equities research analysts anticipate that Procore Technologies will post -0.62 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Benjamin C. Singer sold 3,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $82.15, for a total transaction of $246,450.00. Following the completion of the transaction, the insider now directly owns 125,321 shares of the company’s stock, valued at approximately $10,295,120.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Benjamin C. Singer sold 3,000 shares of Procore Technologies stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $82.15, for a total value of $246,450.00. Following the completion of the transaction, the insider now directly owns 125,321 shares in the company, valued at approximately $10,295,120.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Craig F. Jr. Courtemanche sold 110,000 shares of Procore Technologies stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $80.00, for a total transaction of $8,800,000.00. Following the completion of the transaction, the chief executive officer now owns 532,749 shares of the company’s stock, valued at $42,619,920. The disclosure for this sale can be found here. Insiders sold 538,672 shares of company stock valued at $41,509,564 in the last three months. Company insiders own 39.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. BluePath Capital Management LLC purchased a new position in Procore Technologies in the 3rd quarter valued at approximately $36,000. International Assets Investment Management LLC grew its stake in Procore Technologies by 6,823.1% in the 4th quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock valued at $62,000 after buying an additional 887 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new position in Procore Technologies in the 4th quarter valued at approximately $62,000. BI Asset Management Fondsmaeglerselskab A S grew its position in shares of Procore Technologies by 30.7% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock valued at $104,000 after purchasing an additional 297 shares in the last quarter. Finally, TFO Wealth Partners LLC grew its position in shares of Procore Technologies by 43,600.0% during the 4th quarter. TFO Wealth Partners LLC now owns 2,185 shares of the company’s stock valued at $151,000 after purchasing an additional 2,180 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other 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.