Procore Technologies (NYSE:PCOR) Given New $73.00 Price Target at The Goldman Sachs Group

Procore Technologies (NYSE:PCOR) had its target price lowered by The Goldman Sachs Group from $85.00 to $73.00 in a research report report published on Friday morning, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

A number of other equities research analysts also recently issued reports on PCOR. DA Davidson downgraded shares of Procore Technologies from a buy rating to a neutral rating and lowered their price target for the stock from $90.00 to $60.00 in a report on Friday. Stifel Nicolaus lowered their target price on shares of Procore Technologies from $90.00 to $85.00 and set a buy rating on the stock in a research note on Monday, July 8th. TD Cowen started coverage on shares of Procore Technologies in a research note on Wednesday, June 12th. They issued a buy rating and a $85.00 target price on the stock. Macquarie reaffirmed a neutral rating and issued a $70.00 target price on shares of Procore Technologies in a research note on Tuesday, July 30th. Finally, KeyCorp lowered their target price on shares of Procore Technologies from $79.00 to $68.00 and set an overweight rating on the stock in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $69.31.

Procore Technologies Stock Performance

NYSE:PCOR traded up $0.49 on Friday, reaching $53.69. 2,589,697 shares of the company’s stock were exchanged, compared to its average volume of 1,471,948. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.61 and a quick ratio of 1.60. The firm has a market cap of $7.86 billion, a price-to-earnings ratio of -55.42 and a beta of 0.75. Procore Technologies has a 52 week low of $48.11 and a 52 week high of $83.35. The stock has a fifty day simple moving average of $66.39 and a 200-day simple moving average of $71.32.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.14. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.21%. The firm had revenue of $284.30 million during the quarter, compared to analyst estimates of $275.26 million. During the same quarter last year, the business earned ($0.28) earnings per share. The company’s quarterly revenue was up 24.4% on a year-over-year basis. As a group, sell-side analysts predict that Procore Technologies will post -0.35 earnings per share for the current year.

Insider Transactions at Procore Technologies

In other news, CFO Howard Fu sold 1,157 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $65.00, for a total value of $75,205.00. Following the transaction, the chief financial officer now owns 182,561 shares in the company, valued at $11,866,465. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $67.58, for a total value of $135,160.00. Following the sale, the insider now owns 110,705 shares in the company, valued at $7,481,443.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Howard Fu sold 1,157 shares of Procore Technologies stock in a transaction on Friday, June 28th. The shares were sold at an average price of $65.00, for a total transaction of $75,205.00. Following the completion of the sale, the chief financial officer now owns 182,561 shares in the company, valued at approximately $11,866,465. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 238,511 shares of company stock worth $16,024,349. Insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

Several large investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System boosted its holdings in Procore Technologies by 2.9% in the second quarter. Arizona State Retirement System now owns 26,370 shares of the company’s stock valued at $1,749,000 after acquiring an additional 737 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Procore Technologies by 255.7% during the 2nd quarter. Victory Capital Management Inc. now owns 60,465 shares of the company’s stock valued at $4,009,000 after buying an additional 43,466 shares in the last quarter. Kornitzer Capital Management Inc. KS boosted its holdings in shares of Procore Technologies by 38.3% during the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 140,800 shares of the company’s stock valued at $9,336,000 after buying an additional 39,000 shares in the last quarter. Jackson Creek Investment Advisors LLC bought a new stake in shares of Procore Technologies during the 2nd quarter valued at $228,000. Finally, Fiera Capital Corp boosted its holdings in shares of Procore Technologies by 1.0% during the 2nd quarter. Fiera Capital Corp now owns 731,174 shares of the company’s stock valued at $48,484,000 after buying an additional 6,946 shares in the last quarter. 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.