Piper Sandler Increases Procore Technologies (NASDAQ:PCOR) Price Target to $72.00

Procore Technologies (NASDAQ:PCORGet Rating) had its price target hoisted by equities research analysts at Piper Sandler from $62.00 to $72.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 14.16% from the company’s previous close.

PCOR has been the topic of a number of other reports. JPMorgan Chase & Co. lowered their target price on Procore Technologies from $113.00 to $95.00 in a research report on Thursday, June 16th. Mizuho increased their price target on Procore Technologies from $57.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday. Jefferies Financial Group lowered their price target on Procore Technologies from $90.00 to $75.00 in a research report on Monday, May 23rd. Barclays lowered their price target on Procore Technologies from $70.00 to $65.00 and set an “overweight” rating for the company in a research report on Tuesday, July 12th. Finally, The Goldman Sachs Group reduced their price objective on Procore Technologies from $90.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, April 14th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $82.00.

Procore Technologies Price Performance

Procore Technologies stock opened at $63.07 on Thursday. The stock has a market capitalization of $8.55 billion, a price-to-earnings ratio of -31.07 and a beta of 0.61. Procore Technologies has a 52-week low of $40.00 and a 52-week high of $105.29. The stock’s 50 day moving average price is $48.35 and its two-hundred day moving average price is $53.88. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.78 and a current ratio of 1.78.

Procore Technologies (NASDAQ:PCORGet Rating) last issued its earnings results on Wednesday, May 4th. The company reported ($0.42) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.05. Procore Technologies had a negative return on equity of 15.47% and a negative net margin of 36.48%. The company had revenue of $159.52 million for the quarter, compared to analyst estimates of $150.25 million. During the same period in the prior year, the firm earned ($0.04) earnings per share. Procore Technologies’s revenue for the quarter was up 40.0% on a year-over-year basis. On average, equities analysts predict that Procore Technologies will post -1.82 earnings per share for the current year.

Insider Transactions at Procore Technologies

In related news, SVP William Fred Fleming, Jr. sold 1,698 shares of Procore Technologies stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $42.79, for a total transaction of $72,657.42. Following the sale, the senior vice president now directly owns 67,159 shares in the company, valued at $2,873,733.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP William Fred Fleming, Jr. sold 1,698 shares of Procore Technologies stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $42.79, for a total transaction of $72,657.42. Following the sale, the senior vice president now directly owns 67,159 shares in the company, valued at $2,873,733.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J.G. Griffith acquired 171,489 shares of the stock in a transaction on Tuesday, June 14th. The shares were bought at an average price of $42.81 per share, with a total value of $7,341,444.09. Following the purchase, the director now directly owns 1,069,534 shares of the company’s stock, valued at approximately $45,786,750.54. The disclosure for this purchase can be found here. In the last three months, insiders have sold 111,476 shares of company stock worth $4,972,888. 40.00% of the stock is currently owned by insiders.

Institutional Trading of Procore Technologies

Several hedge funds have recently bought and sold shares of the stock. ICONIQ Capital LLC grew its holdings in Procore Technologies by 2.7% during the first quarter. ICONIQ Capital LLC now owns 44,808,883 shares of the company’s stock valued at $2,597,174,000 after purchasing an additional 1,186,014 shares during the period. Deer Management Co. LLC bought a new position in shares of Procore Technologies in the fourth quarter worth about $1,113,059,000. Goldman Sachs Group Inc. boosted its stake in shares of Procore Technologies by 1,231.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 12,016,191 shares of the company’s stock worth $960,935,000 after acquiring an additional 11,113,486 shares during the period. Vanguard Group Inc. boosted its stake in shares of Procore Technologies by 12.3% in the first quarter. Vanguard Group Inc. now owns 4,778,273 shares of the company’s stock worth $276,949,000 after acquiring an additional 522,256 shares during the period. Finally, 12 West Capital Management LP boosted its stake in shares of Procore Technologies by 51.8% in the first quarter. 12 West Capital Management LP now owns 3,208,211 shares of the company’s stock worth $185,948,000 after acquiring an additional 1,095,000 shares during the period. Institutional investors own 91.35% of the company’s stock.

About Procore Technologies

(Get Rating)

Procore Technologies, Inc provides 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 Management, 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.

Featured Stories

Analyst Recommendations for Procore Technologies (NASDAQ:PCOR)

Receive News & Ratings for Procore Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Procore Technologies and related companies with MarketBeat.com's FREE daily email newsletter.