Piper Sandler Lowers Procore Technologies (NYSE:PCOR) Price Target to $63.00

Procore Technologies (NYSE:PCOR) had its target price cut by Piper Sandler from $74.00 to $63.00 in a research note released on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. lowered their price target on Procore Technologies from $90.00 to $75.00 and set an overweight rating on the stock in a research report on Friday. Macquarie restated a neutral rating and issued a $70.00 price target on shares of Procore Technologies in a research report on Tuesday, July 30th. BMO Capital Markets reaffirmed an outperform rating and set a $85.00 price objective on shares of Procore Technologies in a research note on Tuesday, June 11th. Barclays cut shares of Procore Technologies from an overweight rating to an equal weight rating and cut their target price for the company from $78.00 to $54.00 in a research note on Friday. Finally, TD Cowen assumed coverage on Procore Technologies in a research report on Wednesday, June 12th. They set a buy rating and a $85.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Procore Technologies currently has a consensus rating of Moderate Buy and an average price target of $69.31.

Procore Technologies Stock Performance

Shares of PCOR traded up $0.35 on Friday, reaching $53.55. 2,636,750 shares of the stock traded hands, compared to its average volume of 1,471,948. The firm has a market cap of $7.84 billion, a price-to-earnings ratio of -55.42 and a beta of 0.75. Procore Technologies has a 12 month low of $48.11 and a 12 month high of $83.35. The stock’s 50-day moving average price is $66.39 and its 200-day moving average price is $71.32. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.61 and a quick ratio of 1.60.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.14. The company 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 4.21%. The firm’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.28) EPS. Equities analysts forecast that Procore Technologies will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Howard Fu sold 1,142 shares of Procore Technologies stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $68.68, for a total transaction of $78,432.56. Following the transaction, the chief financial officer now owns 181,419 shares of the company’s stock, valued at approximately $12,459,856.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Procore Technologies news, CFO Howard Fu sold 1,142 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $68.68, for a total value of $78,432.56. Following the completion of the transaction, the chief financial officer now directly owns 181,419 shares of the company’s stock, valued at $12,459,856.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $69.48, for a total value of $356,293.44. Following the completion of the sale, the director now owns 1,448,159 shares of the company’s stock, valued at $100,618,087.32. The disclosure for this sale can be found here. Insiders sold a total of 238,511 shares of company stock valued at $16,024,349 over the last three months. 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 made changes to their positions in the stock. Signaturefd LLC boosted its position in Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after acquiring an additional 216 shares during the last quarter. Rothschild Investment LLC acquired a new position in Procore Technologies during the second quarter worth $51,000. International Assets Investment Management LLC grew its position in Procore Technologies by 6,823.1% in the fourth quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock valued at $62,000 after purchasing an additional 887 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new stake in Procore Technologies in the 4th quarter valued at $62,000. Finally, Advisors Asset Management Inc. lifted its position in Procore Technologies by 26.2% during the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after buying an additional 260 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.