KeyCorp Lowers Procore Technologies (NYSE:PCOR) Price Target to $80.00

Procore Technologies (NYSE:PCOR) had its target price lowered by equities research analysts at KeyCorp from $91.00 to $80.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s target price would suggest a potential upside of 55.09% from the company’s current price.

A number of other brokerages have also weighed in on PCOR. BMO Capital Markets dropped their target price on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research report on Thursday. Canaccord Genuity Group lifted their target price on Procore Technologies from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Procore Technologies in a report on Thursday, January 22nd. BTIG Research reiterated a “buy” rating and set a $88.00 price target on shares of Procore Technologies in a report on Wednesday, December 17th. Finally, Robert W. Baird boosted their price objective on shares of Procore Technologies from $88.00 to $93.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. 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 given a Sell rating to the company. Based on data from MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and an average price target of $82.53.

Procore Technologies Price Performance

PCOR stock traded down $0.13 during trading on Friday, reaching $51.58. The company’s stock had a trading volume of 2,144,262 shares, compared to its average volume of 2,300,962. The company’s fifty day moving average is $70.21 and its 200-day moving average is $70.83. Procore Technologies has a 1 year low of $49.40 and a 1 year high of $88.92. The company has a market capitalization of $8.02 billion, a P/E ratio of -61.50 and a beta of 0.89. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last released its earnings results on Wednesday, November 5th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $328.13 million. During the same quarter last year, the business posted $0.24 earnings per share. The firm’s revenue was up 14.5% on a year-over-year basis. On average, research analysts expect that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, CRO Lawrence Joseph Stack sold 10,000 shares of the company’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $75.30, for a total transaction of $753,000.00. Following the completion of the sale, the executive owned 184,128 shares in the company, valued at $13,864,838.40. This represents a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 300,000 shares of the firm’s stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $71.91, for a total value of $21,573,000.00. Following the sale, the chairman directly owned 677,796 shares in the company, valued at approximately $48,740,310.36. The trade was a 30.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 690,703 shares of company stock valued at $50,266,998 over the last ninety days. Company insiders own 21.50% of the company’s stock.

Institutional Trading of Procore Technologies

A number of institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC raised its holdings in shares of Procore Technologies by 465.2% in the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after buying an additional 321 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Procore Technologies in the 3rd quarter worth $34,000. Jones Financial Companies Lllp lifted its position in Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 199 shares during the period. V Square Quantitative Management LLC purchased a new stake in Procore Technologies during the 4th quarter valued at about $41,000. Finally, Allworth Financial LP increased its holdings 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 purchasing an additional 204 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.