Jefferies Financial Group Cuts Procore Technologies (NYSE:PCOR) Price Target to $75.00

Key Points

• Jefferies Financial Group cut its price target on Procore Technologies from $95 to $75, while keeping a buy rating on the stock. The new target still implies about 62% upside from the current share price.
• Other analysts have also been adjusting their views, with UBS lowering its target to $68 and TD Cowen cutting its target to $75; overall, the stock has a Moderate Buy consensus and an average price target of $70.62.
• Procore recently reported mixed quarterly results, beating revenue expectations but missing EPS estimates, while insiders have also sold shares in recent months. The company’s stock was trading around $46.22 and remains well below its 52-week high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) had its price target dropped by research analysts at Jefferies Financial Group from $95.00 to $75.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Jefferies Financial Group's price objective points to a potential upside of 62.25% from the stock's current price.

A number of other research firms have also recently weighed in on PCOR. Citigroup reissued a "market outperform" rating on shares of Procore Technologies in a research note on Tuesday. UBS Group dropped their target price on Procore Technologies from $74.00 to $68.00 and set a "buy" rating for the company in a report on Wednesday, May 6th. Citizens Jmp upgraded Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price target on the stock in a research report on Wednesday, April 29th. Wall Street Zen downgraded shares of Procore Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, TD Cowen cut their price target on shares of Procore Technologies from $85.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday, April 21st. Sixteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $70.62.

Procore Technologies Stock Performance

PCOR opened at $46.22 on Tuesday. The stock's 50 day simple moving average is $44.83 and its 200-day simple moving average is $53.40. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock has a market cap of $6.97 billion, a PE ratio of -90.64 and a beta of 0.75. Procore Technologies has a 1 year low of $38.03 and a 1 year high of $82.32.

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

Insider Activity at Procore Technologies

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total value of $2,463,755.80. Following the transaction, the chairman owned 919,704 shares of the company's stock, valued at $40,375,005.60. This represents a 5.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through 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 on Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the sale, the insider directly owned 96,723 shares of the company's stock, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 189,621 shares of company stock worth $8,791,847 over the last ninety days. Company insiders own 16.80% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Argos Wealth Advisors LLC increased its position in Procore Technologies by 3.9% during the first quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company's stock worth $294,000 after acquiring an additional 195 shares during the period. Intellectus Partners LLC grew its position in shares of Procore Technologies by 1.6% during the 4th quarter. Intellectus Partners LLC now owns 12,705 shares of the company's stock worth $924,000 after purchasing an additional 200 shares in the last quarter. Chicago Partners Investment Group LLC grew its position in shares of Procore Technologies by 1.4% during the 4th quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company's stock worth $1,068,000 after purchasing an additional 202 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after purchasing an additional 204 shares during the period. Finally, Vident Advisory LLC raised its position in shares of Procore Technologies by 6.0% in the fourth quarter. Vident Advisory LLC now owns 3,860 shares of the company's stock valued at $281,000 after buying an additional 219 shares in the last quarter. 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. 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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