DA Davidson Has Lowered Expectations for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR - Get Free Report) had its price objective reduced by stock analysts at DA Davidson from $80.00 to $60.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the stock. DA Davidson's price objective suggests a potential upside of 2.80% from the stock's current price. DA Davidson also issued estimates for Procore Technologies' FY2025 earnings at ($0.11) EPS and FY2026 earnings at ($0.03) EPS.

A number of other research firms also recently issued reports on PCOR. Stifel Nicolaus raised their price target on Procore Technologies from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Wednesday, December 18th. Piper Sandler raised their target price on shares of Procore Technologies from $90.00 to $110.00 and gave the company an "overweight" rating in a report on Friday, February 14th. KeyCorp raised their target price on shares of Procore Technologies from $85.00 to $96.00 and gave the stock an "overweight" rating in a report on Friday, February 14th. Macquarie dropped their target price on shares of Procore Technologies from $93.00 to $75.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Procore Technologies from $97.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $86.88.

Procore Technologies Trading Down 2.5 %

Shares of NYSE PCOR traded down $1.50 during mid-day trading on Monday, hitting $58.37. The stock had a trading volume of 1,030,883 shares, compared to its average volume of 1,731,829. The firm has a market cap of $8.75 billion, a P/E ratio of -81.06 and a beta of 0.90. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $88.92. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The business has a 50 day moving average price of $69.99 and a two-hundred day moving average price of $72.12.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.11 by ($0.46). The company had revenue of $302.05 million during the quarter, compared to the consensus estimate 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, equities analysts anticipate that Procore Technologies will post -0.15 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of Procore Technologies stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total transaction of $93,867.60. Following the completion of the sale, the insider now owns 200 shares in the company, valued at approximately $17,480. This trade represents a 84.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin C. Singer sold 1,500 shares of Procore Technologies stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $78.00, for a total transaction of $117,000.00. Following the completion of the sale, the insider now directly owns 83,039 shares of the company's stock, valued at $6,477,042. The trade was a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,982 shares of company stock valued at $5,069,759 over the last quarter. Corporate insiders own 29.00% of the company's stock.

Hedge Funds Weigh In On Procore Technologies

Several large investors have recently added to or reduced their stakes in PCOR. Vanguard Group Inc. raised its position in shares of Procore Technologies by 7.6% in the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company's stock worth $891,692,000 after buying an additional 838,925 shares during the period. Capital World Investors lifted its holdings in Procore Technologies by 453.6% in the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after buying an additional 2,555,612 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Procore Technologies by 99.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company's stock valued at $214,377,000 after purchasing an additional 1,425,967 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Procore Technologies by 29,376.1% during the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock worth $200,810,000 after buying an additional 2,670,872 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in Procore Technologies by 14.0% during the 4th quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock worth $196,873,000 after acquiring an additional 322,367 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other 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.