BTIG Research Has Lowered Expectations for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its price objective decreased by investment analysts at BTIG Research from $88.00 to $66.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s price objective suggests a potential upside of 37.70% from the stock’s previous close.

Several other analysts have also issued reports on the company. UBS Group cut their price target on Procore Technologies from $87.00 to $74.00 and set a “buy” rating for the company in a report on Tuesday, February 3rd. KeyCorp decreased their price objective 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. William Blair reaffirmed an “outperform” rating on shares of Procore Technologies in a report on Friday, October 17th. The Goldman Sachs Group cut their price target on Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a research note on Monday. Finally, BMO Capital Markets dropped their price objective on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research note on Thursday, February 5th. Seventeen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Procore Technologies has a consensus rating of “Moderate Buy” and an average target price of $81.05.

Procore Technologies Trading Down 1.5%

Shares of NYSE:PCOR opened at $47.93 on Friday. The stock’s 50-day simple moving average is $67.68 and its two-hundred day simple moving average is $69.99. The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of -57.06 and a beta of 0.89. Procore Technologies has a 52-week low of $46.08 and a 52-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.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. The company had revenue of $349.11 million for the quarter, compared to the consensus estimate of $340.80 million. During the same quarter last year, the firm posted $0.01 earnings per share. The firm’s revenue was up 15.6% compared to the same quarter last year. Analysts expect that Procore Technologies will post -0.15 EPS for the current year.

Insider Activity at Procore Technologies

In other Procore Technologies news, CRO Lawrence Joseph Stack sold 10,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive owned 184,128 shares in the company, valued at $13,864,838.40. This trade represents a 5.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Benjamin C. Singer sold 4,204 shares of the stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $69.21, for a total value of $290,958.84. Following the transaction, the insider owned 75,676 shares of the company’s stock, valued at $5,237,535.96. This represents a 5.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 616,392 shares of company stock valued at $44,460,801 in the last 90 days. 21.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE boosted its holdings in Procore Technologies by 5.5% in the second quarter. US Bancorp DE now owns 21,638 shares of the company’s stock worth $1,480,000 after acquiring an additional 1,131 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Procore Technologies by 12.2% during the third quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock valued at $240,753,000 after acquiring an additional 360,207 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Procore Technologies in the 3rd quarter valued at approximately $1,442,000. Federated Hermes Inc. boosted its stake in Procore Technologies by 17.0% in the 2nd quarter. Federated Hermes Inc. now owns 304,219 shares of the company’s stock worth $20,815,000 after purchasing an additional 44,105 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Procore Technologies by 31.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company’s stock worth $30,607,000 after purchasing an additional 99,706 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.