Piper Sandler Issues Positive Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its target price lifted by equities research analysts at Piper Sandler from $63.00 to $70.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 11.86% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. Scotiabank reduced their price target on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Stifel Nicolaus reduced their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Barclays upped their price target on shares of Procore Technologies from $54.00 to $64.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Macquarie reiterated a “neutral” rating and issued a $70.00 target price on shares of Procore Technologies in a research report on Tuesday, July 30th. Finally, KeyCorp dropped their price target on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $70.25.

Procore Technologies Stock Performance

Procore Technologies stock opened at $62.58 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.55 and a quick ratio of 1.55. The company has a market cap of $9.24 billion, a P/E ratio of -99.33 and a beta of 0.73. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The firm’s 50 day simple moving average is $59.86 and its 200-day simple moving average is $63.93.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.25 by $0.14. The business had revenue of $284.30 million during the quarter, compared to the consensus estimate of $275.26 million. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The firm’s quarterly revenue was up 24.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.28) EPS. As a group, equities research analysts predict that Procore Technologies will post -0.28 EPS for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 3,846 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $53.84, for a total value of $207,068.64. Following the completion of the sale, the director now directly owns 1,436,621 shares of the company’s stock, valued at $77,347,674.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, SVP William Fred Fleming, Jr. sold 2,707 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $160,091.98. Following the completion of the transaction, the senior vice president now directly owns 79,156 shares of the company’s stock, valued at approximately $4,681,285.84. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Connor Kevin J. O sold 3,846 shares of Procore Technologies stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $53.84, for a total transaction of $207,068.64. Following the transaction, the director now directly owns 1,436,621 shares of the company’s stock, valued at $77,347,674.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 96,748 shares of company stock valued at $5,661,056 in the last ninety days. Company insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Orion Portfolio Solutions LLC increased its position in Procore Technologies by 29.2% in the 1st quarter. Orion Portfolio Solutions LLC now owns 75,840 shares of the company’s stock valued at $6,232,000 after acquiring an additional 17,119 shares in the last quarter. M&G Plc acquired a new stake in shares of Procore Technologies during the 1st quarter worth approximately $8,798,000. Swiss National Bank grew its position in shares of Procore Technologies by 9.3% during the 1st quarter. Swiss National Bank now owns 184,100 shares of the company’s stock worth $15,127,000 after buying an additional 15,700 shares during the period. BNP Paribas acquired a new stake in shares of Procore Technologies during the 1st quarter worth approximately $1,349,000. Finally, Park Avenue Securities LLC grew its position in shares of Procore Technologies by 16.9% during the 2nd quarter. Park Avenue Securities LLC now owns 8,741 shares of the company’s stock worth $580,000 after buying an additional 1,266 shares during the period. Institutional investors and hedge funds 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.