Mizuho Lowers Procore Technologies (NYSE:PCOR) Price Target to $75.00

Procore Technologies (NYSE:PCOR) had its target price reduced by stock analysts at Mizuho from $80.00 to $75.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Mizuho’s price objective points to a potential upside of 9.89% from the stock’s current price.

Several other research analysts have also commented on the company. KeyCorp lifted their price target on Procore Technologies from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Piper Sandler increased their target price on shares of Procore Technologies from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. JMP Securities lifted their price target on shares of Procore Technologies from $81.00 to $93.00 and gave the stock a “market outperform” rating in a research note on Friday, February 16th. JPMorgan Chase & Co. upped their price target on shares of Procore Technologies from $76.00 to $81.00 and gave the company an “overweight” rating in a report on Tuesday, January 23rd. Finally, DA Davidson reissued a “buy” rating and issued a $95.00 price objective on shares of Procore Technologies in a research note on Thursday, March 14th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Procore Technologies has an average rating of “Moderate Buy” and a consensus target price of $81.64.

Procore Technologies Trading Down 0.2 %

Shares of PCOR stock opened at $68.25 on Thursday. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $9.98 billion, a price-to-earnings ratio of -51.32 and a beta of 0.78. Procore Technologies has a 12-month low of $48.11 and a 12-month high of $83.35. The stock’s 50-day moving average price is $76.54 and its 200-day moving average price is $68.92.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, February 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.13. The business had revenue of $260.04 million for the quarter, compared to the consensus estimate of $248.20 million. Procore Technologies had a negative return on equity of 12.26% and a negative net margin of 19.97%. Equities research analysts predict that Procore Technologies will post -0.64 EPS for the current fiscal year.

Insider Activity

In other news, Director Connor Kevin J. O sold 5,128 shares of the business’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $72.21, for a total value of $370,292.88. Following the completion of the sale, the director now owns 1,543,037 shares in the company, valued at approximately $111,422,701.77. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $72.21, for a total transaction of $370,292.88. Following the sale, the director now owns 1,543,037 shares of the company’s stock, valued at approximately $111,422,701.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Nanci Caldwell sold 9,270 shares of the business’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $75.00, for a total value of $695,250.00. Following the completion of the transaction, the director now directly owns 64,280 shares of the company’s stock, valued at $4,821,000. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 467,672 shares of company stock worth $36,612,454. Company insiders own 39.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Procore Technologies by 13.2% during the 3rd quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock valued at $557,746,000 after buying an additional 995,757 shares in the last quarter. California Public Employees Retirement System increased its holdings in shares of Procore Technologies by 31.8% during the third quarter. California Public Employees Retirement System now owns 139,326 shares of the company’s stock valued at $9,101,000 after acquiring an additional 33,590 shares in the last quarter. Rhumbline Advisers raised its position in shares of Procore Technologies by 1.9% in the 3rd quarter. Rhumbline Advisers now owns 111,137 shares of the company’s stock valued at $7,259,000 after purchasing an additional 2,073 shares during the last quarter. Lisanti Capital Growth LLC acquired a new stake in Procore Technologies in the 3rd quarter worth approximately $2,922,000. Finally, Nomura Asset Management Co. Ltd. acquired a new stake in Procore Technologies in the 3rd quarter worth approximately $7,328,000. Hedge funds and other 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.