Barclays Cuts Procore Technologies (NYSE:PCOR) Price Target to $78.00

Procore Technologies (NYSE:PCOR) had its target price cut by Barclays from $83.00 to $78.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 10.73% from the stock’s previous close.

PCOR has been the subject of several other reports. Stifel Nicolaus boosted their price objective on Procore Technologies from $64.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Mizuho reduced their price target on Procore Technologies from $80.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. increased their target price on Procore Technologies from $83.00 to $86.00 and gave the company an “overweight” rating in a research note on Thursday. BMO Capital Markets reduced their target price on Procore Technologies from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, The Goldman Sachs Group boosted their price objective on shares of Procore Technologies from $74.00 to $85.00 and gave the company a “buy” rating in a report on Friday, February 16th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $82.14.

Procore Technologies Stock Performance

Procore Technologies stock traded up $2.20 on Thursday, hitting $70.44. The company’s stock had a trading volume of 1,869,998 shares, compared to its average volume of 1,242,651. Procore Technologies has a one year low of $48.11 and a one year high of $83.35. The firm has a market cap of $10.31 billion, a P/E ratio of -53.37 and a beta of 0.78. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.04. The company has a fifty day moving average price of $76.44 and a 200-day moving average price of $68.91.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.13. Procore Technologies had a negative net margin of 19.97% and a negative return on equity of 12.26%. The firm had revenue of $260.04 million during the quarter, compared to analyst estimates of $248.20 million. On average, equities analysts anticipate that Procore Technologies will post -0.64 earnings per share for the current year.

Insider Transactions at Procore Technologies

In other news, SVP William Fred Fleming, Jr. sold 6,041 shares of the company’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $73.90, for a total value of $446,429.90. Following the completion of the transaction, the senior vice president now directly owns 77,768 shares in the company, valued at approximately $5,747,055.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP William Fred Fleming, Jr. sold 6,041 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $73.90, for a total value of $446,429.90. Following the completion of the sale, the senior vice president now owns 77,768 shares of the company’s stock, valued at approximately $5,747,055.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP William Fred Fleming, Jr. sold 5,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $77.25, for a total value of $386,250.00. Following the completion of the sale, the senior vice president now directly owns 74,521 shares of the company’s stock, valued at approximately $5,756,747.25. The disclosure for this sale can be found here. In the last three months, insiders sold 467,672 shares of company stock worth $36,612,454. 39.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BluePath Capital Management LLC purchased a new stake in shares of Procore Technologies in the 3rd quarter worth approximately $36,000. International Assets Investment Management LLC boosted its stake in Procore Technologies by 6,823.1% during the 4th quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock valued at $62,000 after purchasing an additional 887 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new stake in Procore Technologies during the 4th quarter valued at $62,000. TFO Wealth Partners LLC boosted its stake in 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 during the last quarter. Finally, HighPoint Advisor Group LLC purchased a new stake in Procore Technologies during the 4th quarter valued at $189,000. 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.