JPMorgan Chase & Co. Has Lowered Expectations for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR - Free Report) had its target price decreased by JPMorgan Chase & Co. from $97.00 to $85.00 in a report released on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other equities analysts have also issued research reports about the stock. KeyCorp upped their target price on shares of Procore Technologies from $85.00 to $96.00 and gave the stock an "overweight" rating in a research report on Friday, February 14th. Robert W. Baird raised their price objective on Procore Technologies from $87.00 to $96.00 and gave the company an "outperform" rating in a research report on Thursday, December 12th. Barclays increased their price target on Procore Technologies from $84.00 to $90.00 and gave the company an "equal weight" rating in a research note on Friday, February 14th. UBS Group lifted their price objective on Procore Technologies from $105.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Finally, 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. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $89.24.

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Procore Technologies Stock Performance

Procore Technologies stock traded down $1.01 during midday trading on Wednesday, hitting $59.59. The stock had a trading volume of 317,850 shares, compared to its average volume of 1,726,598. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $88.92. The company has a market capitalization of $8.93 billion, a PE ratio of -82.76 and a beta of 0.90. The firm's fifty day moving average is $71.63 and its two-hundred day moving average is $72.33. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued 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 business had revenue of $302.05 million during the quarter, compared to analysts' expectations 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, research analysts forecast that Procore Technologies will post -0.15 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of Procore Technologies stock in a transaction that occurred on Wednesday, February 19th. The shares were 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 of the company's stock, valued at approximately $17,480. The trade was a 84.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Connor Kevin J. O sold 7,700 shares of the stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $56.67, for a total value of $436,359.00. Following the completion of the transaction, the director now directly owns 1,208,284 shares in the company, valued at approximately $68,473,454.28. This trade represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 72,176 shares of company stock worth $5,486,304 over the last quarter. Company insiders own 29.00% of the company's stock.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC lifted its stake in Procore Technologies by 4.6% in the third quarter. FMR LLC now owns 17,939 shares of the company's stock worth $1,107,000 after acquiring an additional 797 shares during the period. Stifel Financial Corp boosted its stake in shares of Procore Technologies by 10.1% during the third quarter. Stifel Financial Corp now owns 118,447 shares of the company's stock valued at $7,311,000 after purchasing an additional 10,834 shares in the last quarter. State Street Corp raised its stake in Procore Technologies by 13.2% in the third quarter. State Street Corp now owns 1,810,895 shares of the company's stock worth $111,768,000 after buying an additional 211,590 shares in the last quarter. Barclays PLC lifted its holdings in Procore Technologies by 49.1% during the third quarter. Barclays PLC now owns 69,012 shares of the company's stock worth $4,259,000 after buying an additional 22,734 shares during the period. Finally, M&T Bank Corp bought a new stake in Procore Technologies during the 3rd quarter valued at $250,000. 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.