Procore Technologies (NYSE:PCOR – Get Free Report) had its target price cut by analysts at Loop Capital from $75.00 to $70.00 in a research note issued on Thursday, MarketBeat.com reports. The brokerage currently has a “hold” rating on the stock. Loop Capital’s target price suggests a potential upside of 9.14% from the company’s current price.
Other equities analysts also recently issued reports about the stock. KeyCorp raised their price target on shares of Procore Technologies from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, August 3rd. Scotiabank raised shares of Procore Technologies from a “sector perform” rating to a “sector outperform” rating and set a $81.00 price target on the stock in a research note on Tuesday, July 11th. The Goldman Sachs Group raised their price target on shares of Procore Technologies from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Mizuho lifted their price objective on Procore Technologies from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. Finally, Canaccord Genuity Group lifted their price objective on Procore Technologies from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.14.
View Our Latest Report on PCOR
Procore Technologies Stock Performance
Procore Technologies (NYSE:PCOR – Get Free Report) last released its earnings results on Wednesday, August 2nd. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.41) by $0.13. The business had revenue of $228.54 million for the quarter, compared to the consensus estimate of $217.69 million. Procore Technologies had a negative return on equity of 18.16% and a negative net margin of 31.15%. As a group, equities research analysts anticipate that Procore Technologies will post -1.37 EPS for the current fiscal year.
Insider Activity
In other news, SVP William Fred Fleming, Jr. sold 3,388 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $62.97, for a total value of $213,342.36. Following the sale, the senior vice president now directly owns 82,973 shares of the company’s stock, valued at approximately $5,224,809.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP William Fred Fleming, Jr. sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $66.33, for a total transaction of $198,990.00. Following the sale, the senior vice president now directly owns 80,973 shares of the company’s stock, valued at approximately $5,370,939.09. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP William Fred Fleming, Jr. sold 3,388 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $62.97, for a total transaction of $213,342.36. Following the sale, the senior vice president now directly owns 82,973 shares in the company, valued at $5,224,809.81. The disclosure for this sale can be found here. In the last three months, insiders have sold 316,352 shares of company stock valued at $21,006,078. Company insiders own 39.20% of the company’s stock.
Institutional Investors Weigh In On Procore Technologies
Several large investors have recently bought and sold shares of PCOR. Bank of New York Mellon Corp increased its holdings in Procore Technologies by 311.8% during the 1st quarter. Bank of New York Mellon Corp now owns 487,908 shares of the company’s stock worth $28,280,000 after purchasing an additional 369,427 shares during the period. HighTower Advisors LLC increased its holdings in Procore Technologies by 33.1% during the 1st quarter. HighTower Advisors LLC now owns 15,927 shares of the company’s stock worth $924,000 after purchasing an additional 3,959 shares during the period. Citigroup Inc. increased its position in shares of Procore Technologies by 41.9% in the 1st quarter. Citigroup Inc. now owns 8,019 shares of the company’s stock valued at $465,000 after purchasing an additional 2,367 shares during the last quarter. PNC Financial Services Group Inc. purchased a new stake in shares of Procore Technologies in the 1st quarter valued at approximately $31,000. Finally, Bank of Montreal Can purchased a new stake in shares of Procore Technologies in the 1st quarter valued at approximately $2,460,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.
About Procore Technologies
Procore Technologies, Inc provides 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 Management, 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.
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