Jefferies Financial Group Issues Pessimistic Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its price objective decreased by equities researchers at Jefferies Financial Group from $100.00 to $90.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Jefferies Financial Group’s price objective would suggest a potential upside of 40.33% from the company’s previous close.

A number of other research firms also recently issued reports on PCOR. Canaccord Genuity Group raised their price target on Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Mizuho raised their target price on shares of Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Barclays upped their price target on shares of Procore Technologies from $84.00 to $90.00 and gave the company an “equal weight” rating in a research report on Friday, February 14th. KeyCorp lifted their price objective on shares of Procore Technologies from $85.00 to $96.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Finally, Robert W. Baird increased their target price on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.65.

Procore Technologies Stock Performance

NYSE:PCOR opened at $64.13 on Monday. The firm has a market capitalization of $9.62 billion, a PE ratio of -89.88 and a beta of 0.85. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The business’s fifty day moving average price is $75.77 and its 200 day moving average price is $72.19. Procore Technologies has a 12 month low of $49.46 and a 12 month high of $88.92.

Procore Technologies (NYSE:PCOR) last issued 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). The business had revenue of $302.05 million for the quarter, compared to analyst estimates of $297.72 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. On average, sell-side analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Activity at Procore Technologies

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of Procore Technologies stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the sale, the insider now owns 200 shares of the company’s stock, valued at $17,480. The trade was a 84.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 directly owns 146,160 shares of the company’s stock, valued at approximately $9,792,720. The trade was a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 69,604 shares of company stock worth $5,427,468. 29.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. raised its position in shares of Procore Technologies by 29,376.1% in the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after purchasing an additional 2,670,872 shares in the last quarter. Capital World Investors increased its holdings in Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after buying an additional 2,555,612 shares during the last quarter. Wellington Management Group LLP bought a new stake in Procore Technologies in the fourth quarter valued at about $131,840,000. Assenagon Asset Management S.A. lifted its holdings in Procore Technologies by 99.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock worth $214,377,000 after buying an additional 1,425,967 shares during the last quarter. Finally, Champlain Investment Partners LLC acquired a new position in shares of Procore Technologies in the 4th quarter worth approximately $105,747,000. Hedge funds and other institutional investors 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.