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

Procore Technologies (NYSE:PCOR) had its price objective raised by Piper Sandler from $63.00 to $70.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective points to a potential upside of 11.86% from the stock’s previous close.

A number of other analysts have also commented on PCOR. Scotiabank cut their price objective on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Stifel Nicolaus cut their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. KeyCorp cut their price objective on shares of Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Baird R W upgraded shares of Procore Technologies to a “strong-buy” rating in a report on Tuesday, September 24th. Finally, Macquarie restated a “neutral” rating and set a $70.00 target price on shares of Procore Technologies in a report on Tuesday, July 30th. Six analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.25.

Procore Technologies Stock Down 1.4 %

Shares of NYSE PCOR opened at $62.58 on Thursday. The stock has a market cap of $9.24 billion, a P/E ratio of -99.33 and a beta of 0.73. The firm has a 50 day moving average price of $59.86 and a 200 day moving average price of $63.93. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.55 and a current ratio of 1.55. Procore Technologies has a 52-week low of $48.11 and a 52-week high of $83.35.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.14. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The firm had revenue of $284.30 million for the quarter, compared to analyst estimates of $275.26 million. During the same quarter in the previous year, the firm posted ($0.28) earnings per share. The business’s revenue was up 24.4% on a year-over-year basis. Analysts expect that Procore Technologies will post -0.28 EPS for the current year.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $62.88, for a total value of $322,448.64. Following the transaction, the director now directly owns 1,345,464 shares in the company, valued at approximately $84,602,776.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $62.88, for a total transaction of $322,448.64. Following the completion of the sale, the director now owns 1,345,464 shares of the company’s stock, valued at $84,602,776.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Connor Kevin J. O sold 3,846 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $53.65, for a total transaction of $206,337.90. Following the sale, the director now directly owns 1,444,313 shares of the company’s stock, valued at $77,487,392.45. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,748 shares of company stock worth $5,661,056. Corporate insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its holdings in shares of Procore Technologies by 76.4% in the third quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock worth $25,000 after acquiring an additional 175 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Procore Technologies in the 3rd quarter valued at approximately $26,000. Signaturefd LLC raised its holdings in Procore Technologies by 52.0% in the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after buying an additional 216 shares during the last quarter. Rothschild Investment LLC bought a new position in Procore Technologies in the 2nd quarter valued at approximately $51,000. Finally, International Assets Investment Management LLC raised its holdings in Procore Technologies by 6,069.2% in the 3rd quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock valued at $49,000 after buying an additional 789 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

About Procore Technologies

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.