Procore Technologies (NYSE:PCOR) Given New $75.00 Price Target at JPMorgan Chase & Co.

Procore Technologies (NYSE:PCOR) had its target price reduced by JPMorgan Chase & Co. from $90.00 to $75.00 in a research note issued to investors on Friday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other research analysts have also issued reports on PCOR. TD Cowen initiated coverage on shares of Procore Technologies in a research note on Wednesday, June 12th. They set a buy rating and a $85.00 price target on the stock. Piper Sandler cut their target price on Procore Technologies from $77.00 to $74.00 and set an overweight rating for the company in a research note on Friday, July 12th. Stifel Nicolaus decreased their price target on Procore Technologies from $90.00 to $85.00 and set a buy rating on the stock in a research note on Monday, July 8th. DA Davidson lowered Procore Technologies from a buy rating to a neutral rating and dropped their price objective for the stock from $90.00 to $60.00 in a report on Friday. Finally, Macquarie reissued a neutral rating and issued a $70.00 target price on shares of Procore Technologies in a report on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $69.31.

Procore Technologies Stock Up 0.7 %

Shares of PCOR traded up $0.35 during midday trading on Friday, hitting $53.55. The company had a trading volume of 2,636,750 shares, compared to its average volume of 1,471,948. Procore Technologies has a 1 year low of $48.11 and a 1 year high of $83.35. The firm has a market capitalization of $7.84 billion, a P/E ratio of -55.42 and a beta of 0.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.61. The company’s 50-day simple moving average is $66.39 and its 200-day simple moving average is $71.32.

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

Insider Buying and Selling

In other news, CFO Howard Fu sold 1,157 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $65.00, for a total value of $75,205.00. Following the transaction, the chief financial officer now directly owns 182,561 shares in the company, valued at approximately $11,866,465. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Howard Fu sold 1,157 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $11,866,465. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Graham Smith sold 1,787 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $65.68, for a total transaction of $117,370.16. Following the sale, the director now directly owns 46,620 shares of the company’s stock, valued at $3,062,001.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 238,511 shares of company stock valued at $16,024,349. 29.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PCOR. Signaturefd LLC boosted its holdings in Procore Technologies by 52.0% in the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after purchasing an additional 216 shares during the last quarter. Rothschild Investment LLC acquired a new position in shares of Procore Technologies in the 2nd quarter valued at approximately $51,000. International Assets Investment Management LLC boosted its stake in shares of 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 buying an additional 887 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of Procore Technologies during the fourth quarter worth approximately $62,000. Finally, Advisors Asset Management Inc. increased its stake in shares of Procore Technologies by 26.2% in the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after buying an additional 260 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

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.