Macquarie Issues Pessimistic Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its price target lowered by equities research analysts at Macquarie from $93.00 to $75.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Macquarie’s target price suggests a potential upside of 9.85% from the company’s current price.

PCOR has been the topic of several other reports. Robert W. Baird boosted their price objective on shares of Procore Technologies from $87.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. TD Cowen boosted their price objective on shares of Procore Technologies from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Mizuho boosted their price objective on shares of Procore Technologies from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. The Goldman Sachs Group boosted their price objective on shares of Procore Technologies from $73.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Finally, UBS Group boosted their price objective on shares of Procore Technologies from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.24.

Procore Technologies Trading Up 3.8 %

PCOR opened at $68.28 on Thursday. The firm’s fifty day moving average is $77.06 and its two-hundred day moving average is $71.08. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The firm has a market cap of $10.24 billion, a PE ratio of -94.83 and a beta of 0.85. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $88.92.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The firm had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. Equities research analysts anticipate that Procore Technologies will post -0.15 EPS for the current year.

Insider Transactions at Procore Technologies

In other news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the transaction, the insider now directly owns 200 shares in the company, valued at $17,480. The trade was a 84.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Howard Fu sold 1,190 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $67.00, for a total transaction of $79,730.00. Following the completion of the transaction, the chief financial officer now owns 146,160 shares in the company, valued at approximately $9,792,720. This trade represents a 0.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 69,657 shares of company stock worth $5,442,199 in the last ninety days. Insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Atria Investments Inc lifted its stake in Procore Technologies by 11.9% in the 3rd quarter. Atria Investments Inc now owns 4,950 shares of the company’s stock valued at $306,000 after purchasing an additional 527 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Procore Technologies by 4.0% in the third quarter. Victory Capital Management Inc. now owns 62,897 shares of the company’s stock worth $3,882,000 after purchasing an additional 2,432 shares during the period. Oppenheimer Asset Management Inc. grew its holdings in Procore Technologies by 56.5% in the third quarter. Oppenheimer Asset Management Inc. now owns 58,947 shares of the company’s stock worth $3,638,000 after purchasing an additional 21,287 shares during the period. KBC Group NV grew its holdings in Procore Technologies by 19.0% in the third quarter. KBC Group NV now owns 2,722 shares of the company’s stock worth $168,000 after purchasing an additional 435 shares during the period. Finally, Curi RMB Capital LLC lifted its stake in shares of Procore Technologies by 17.6% in the third quarter. Curi RMB Capital LLC now owns 105,909 shares of the company’s stock valued at $6,537,000 after buying an additional 15,846 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Company Profile

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.