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

Key Points

• TD Cowen cut its price target on Procore from $85 to $75 but kept a "buy" rating, with the $75 target implying roughly a 32.5% upside and matching the consensus target near $75.24.
• Procore beat the quarter—$0.37 EPS vs. $0.35 expected and revenue of $349.11M (up 15.6% year-over-year)—but remains unprofitable, showing a negative net margin (−7.62%) and negative return on equity.
• Insiders sold about 155,718 shares worth $8.28M in the past three months (including the chairman's 56,122‑share sale under a Rule 10b5‑1 plan), though insiders still own roughly 21.5% of the stock.

Procore Technologies (NYSE:PCOR - Get Free Report) had its price target decreased by stock analysts at TD Cowen from $85.00 to $75.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. TD Cowen's price objective indicates a potential upside of 32.52% from the company's previous close.

Other equities analysts have also issued reports about the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Procore Technologies in a report on Thursday, January 22nd. The Goldman Sachs Group reduced their price objective on Procore Technologies from $90.00 to $75.00 and set a "buy" rating for the company in a report on Monday, February 9th. UBS Group reduced their price objective on Procore Technologies from $87.00 to $74.00 and set a "buy" rating for the company in a report on Tuesday, February 3rd. Zacks Research raised shares of Procore Technologies from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 18th. Finally, Barclays cut their price objective on shares of Procore Technologies from $90.00 to $65.00 and set an "overweight" rating for the company in a report on Friday, February 13th. Fifteen analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.24.

Procore Technologies Stock Performance

Shares of Procore Technologies stock traded up $0.89 on Tuesday, reaching $56.60. 480,987 shares of the company traded hands, compared to its average volume of 2,445,167. The company has a 50 day moving average of $54.90 and a 200 day moving average of $65.49. Procore Technologies has a 52 week low of $46.08 and a 52 week high of $82.32. The firm has a market capitalization of $8.50 billion, a PE ratio of -84.67 and a beta of 0.85. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business had revenue of $349.11 million during the quarter, compared to analyst estimates of $340.80 million. During the same period in the prior year, the company earned $0.01 earnings per share. Procore Technologies's revenue was up 15.6% compared to the same quarter last year. Equities analysts forecast that Procore Technologies will post 0.09 earnings per share for the current year.

Insiders Place Their Bets

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $47.64, for a total value of $2,673,652.08. Following the sale, the chairman directly owned 927,580 shares in the company, valued at $44,189,911.20. This represents a 5.71% 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, Director Connor Kevin J. O sold 5,769 shares of the firm's stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total transaction of $294,622.83. Following the sale, the director owned 990,983 shares in the company, valued at approximately $50,609,501.81. This trade represents a 0.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 155,718 shares of company stock worth $8,278,407 in the last three months. 21.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Procore Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC raised its position in shares of Procore Technologies by 465.2% during the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company's stock valued at $28,000 after buying an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Procore Technologies during the 3rd quarter valued at $34,000. Jones Financial Companies Lllp raised its position in shares of Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock valued at $35,000 after buying an additional 199 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in shares of Procore Technologies during the 4th quarter valued at $41,000. Finally, Allworth Financial LP raised its position in shares of Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock valued at $46,000 after buying an additional 204 shares in the last quarter. 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. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.