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

Key Points

• Barclays cut its price target on Procore Technologies from $65 to $50 while keeping an overweight rating. Even after the downgrade, the new target still implies about 15% upside from the current share price.
• Analyst sentiment remains mixed but generally positive, with 14 Buy ratings, three Hold ratings, and one Sell rating. The stock’s average analyst target is $70.33, well above Barclays’ revised view.
• Procore’s latest earnings were mixed: revenue beat estimates at $359.28 million and rose 15.7% year over year, but EPS of $0.34 missed expectations and the company remains unprofitable. Insider selling has also been notable, with executives and directors trimming shares in recent months.

Procore Technologies (NYSE:PCOR - Get Free Report) had its price objective decreased by analysts at Barclays from $65.00 to $50.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Barclays's target price points to a potential upside of 15.37% from the company's current price.

PCOR has been the subject of a number of other reports. Weiss Ratings restated a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday, July 6th. Zacks Research upgraded shares of Procore Technologies from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 18th. The Goldman Sachs Group reduced their target price on shares of Procore Technologies from $80.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. Citizens Jmp raised shares of Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price target for the company in a research note on Wednesday, April 29th. Finally, Piper Sandler cut their price target on shares of Procore Technologies from $79.00 to $71.00 and set an "overweight" rating on the stock in a report on Wednesday, May 6th. Fourteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $70.33.

Procore Technologies Trading Up 0.0%

Shares of NYSE PCOR opened at $43.34 on Monday. The business's 50 day moving average is $45.90 and its two-hundred day moving average is $54.66. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. Procore Technologies has a 1-year low of $38.03 and a 1-year high of $82.32. The stock has a market capitalization of $6.54 billion, a P/E ratio of -84.98 and a beta of 0.75.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The company had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. Procore Technologies's revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.23 earnings per share. As a group, research analysts expect that Procore Technologies will post 0.06 EPS for the current year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,769 shares of the business's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $41.93, for a total value of $241,894.17. Following the completion of the sale, the director directly owned 967,901 shares of the company's stock, valued at $40,584,088.93. The trade was a 0.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the sale, the insider directly owned 96,723 shares of the company's stock, valued at $4,836,150. This represents a 3.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 139,268 shares of company stock worth $6,622,714 in the last 90 days. 16.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Owl Capital Holdings LP purchased a new position in Procore Technologies during the fourth quarter valued at approximately $6,857,000. Robinhood Asset Management LLC purchased a new stake in Procore Technologies during the fourth quarter worth $7,136,000. PNC Financial Services Group Inc. lifted its holdings in Procore Technologies by 105.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company's stock worth $3,332,000 after buying an additional 23,555 shares during the period. Stephens Investment Management Group LLC boosted its position in Procore Technologies by 20.7% during the 4th quarter. Stephens Investment Management Group LLC now owns 440,585 shares of the company's stock valued at $32,048,000 after acquiring an additional 75,436 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Procore Technologies by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 2,211,144 shares of the company's stock valued at $160,872,000 after acquiring an additional 91,204 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.

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