Procore Technologies (NYSE:PCOR) Stock Rating Lowered by Oppenheimer

Posted by Defense World Staff on Nov 4th, 2023

Procore Technologies (NYSE:PCOR – Get Free Report) was downgraded by research analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, Marketbeat reports.

Other equities analysts have also issued research reports about the company. The Goldman Sachs Group raised their price objective on Procore Technologies from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Scotiabank raised Procore Technologies from a “sector perform” rating to a “sector outperform” rating and set a $81.00 price target for the company in a research note on Tuesday, July 11th. Piper Sandler reissued an “overweight” rating and issued a $84.00 target price on shares of Procore Technologies in a report on Thursday, September 21st. Loop Capital dropped their target price on shares of Procore Technologies from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, September 21st. Finally, BMO Capital Markets began coverage on shares of Procore Technologies in a research report on Thursday, October 26th. They set an “outperform” rating and a $80.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $72.27.

View Our Latest Research Report on Procore Technologies

Procore Technologies Trading Up 3.5 %

PCOR stock opened at $52.23 on Thursday. Procore Technologies has a 52 week low of $41.80 and a 52 week high of $76.86. The company has a market capitalization of $7.44 billion, a PE ratio of -31.85 and a beta of 0.69. The company’s 50-day simple moving average is $64.66 and its 200 day simple moving average is $63.65. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.53 and a current ratio of 1.53.

Procore Technologies (NYSE:PCOR – Get Free Report) last announced its earnings results on Wednesday, August 2nd. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.13. Procore Technologies had a negative net margin of 25.94% and a negative return on equity of 15.92%. The firm had revenue of $228.54 million for the quarter, compared to analyst estimates of $217.69 million. As a group, sell-side analysts anticipate that Procore Technologies will post -1.37 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the business’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $59.40, for a total transaction of $4,039,200.00. Following the sale, the chief executive officer now directly owns 541,149 shares in the company, valued at $32,144,250.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $59.40, for a total transaction of $4,039,200.00. Following the completion of the transaction, the chief executive officer now owns 541,149 shares of the company’s stock, valued at $32,144,250.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction on Friday, October 13th. The stock was sold at an average price of $67.27, for a total transaction of $344,960.56. Following the completion of the sale, the director now directly owns 1,594,317 shares in the company, valued at approximately $107,249,704.59. The disclosure for this sale can be found here. Insiders sold a total of 433,678 shares of company stock valued at $28,189,338 in the last 90 days. Corporate insiders own 39.20% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds have recently made changes to their positions in the stock. Handelsbanken Fonder AB boosted its holdings in Procore Technologies by 0.8% in the third quarter. Handelsbanken Fonder AB now owns 25,900 shares of the company’s stock valued at $1,692,000 after acquiring an additional 200 shares during the last quarter. Headlands Technologies LLC boosted its stake in shares of Procore Technologies by 61.7% in the 2nd quarter. Headlands Technologies LLC now owns 527 shares of the company’s stock valued at $34,000 after purchasing an additional 201 shares during the last quarter. Pathstone Family Office LLC increased its position in shares of Procore Technologies by 4.5% during the fourth quarter. Pathstone Family Office LLC now owns 4,692 shares of the company’s stock worth $228,000 after buying an additional 204 shares during the period. Treasurer of the State of North Carolina raised its stake in Procore Technologies by 0.7% during the first quarter. Treasurer of the State of North Carolina now owns 31,083 shares of the company’s stock worth $1,947,000 after buying an additional 220 shares during the last quarter. Finally, Portside Wealth Group LLC lifted its holdings in Procore Technologies by 7.5% in the third quarter. Portside Wealth Group LLC now owns 3,311 shares of the company’s stock valued at $215,000 after buying an additional 231 shares during the period. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Company Profile

(Get Free Report)

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.