Procore Technologies (NYSE:PCOR) Given New $74.00 Price Target at UBS Group

Procore Technologies (NYSE:PCOR) had its target price cut by research analysts at UBS Group from $87.00 to $74.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price target would indicate a potential upside of 42.58% from the company’s previous close.

Several other equities analysts have also recently commented on the stock. KeyCorp increased their price target on shares of Procore Technologies from $81.00 to $91.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. BMO Capital Markets upped their price target on shares of Procore Technologies from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Canaccord Genuity Group raised their target price on Procore Technologies from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Barclays raised shares of Procore Technologies from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $82.00 to $90.00 in a research note on Monday, January 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $84.16.

Procore Technologies Price Performance

PCOR stock traded down $4.70 during trading on Tuesday, reaching $51.90. 281,560 shares of the company were exchanged, compared to its average volume of 1,767,502. The stock’s 50 day moving average price is $71.53 and its 200 day moving average price is $71.25. Procore Technologies has a 52-week low of $52.63 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. The company has a market cap of $8.07 billion, a P/E ratio of -62.13 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $338.85 million during the quarter, compared to the consensus estimate of $328.13 million. During the same period in the previous year, the firm posted $0.24 earnings per share. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. As a group, analysts predict that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director William J.G. Griffith sold 207,474 shares of Procore Technologies stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $72.30, for a total value of $15,000,370.20. Following the completion of the sale, the director owned 3,244,546 shares in the company, valued at $234,580,675.80. The trade was a 6.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 300,000 shares of Procore Technologies stock in a transaction that occurred on Wednesday, November 19th. The shares were sold at an average price of $71.91, for a total transaction of $21,573,000.00. Following the completion of the transaction, the chairman directly owned 677,796 shares in the company, valued at $48,740,310.36. This trade represents a 30.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 690,703 shares of company stock valued at $50,266,998 in the last 90 days. Corporate insiders own 21.50% of the company’s stock.

Institutional Trading of Procore Technologies

Several hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC increased its position in shares of Procore Technologies by 465.2% during the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock valued at $28,000 after buying an additional 321 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Procore Technologies in the third quarter worth $34,000. Jones Financial Companies Lllp raised its position in shares of Procore Technologies by 70.8% in 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 in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Procore Technologies during the fourth quarter valued at approximately $41,000. Finally, First Horizon Corp purchased a new position in Procore Technologies in the third quarter worth about $49,000. 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.