Procore Technologies (NYSE:PCOR) Price Target Cut to $77.00 by Analysts at Piper Sandler

Procore Technologies (NYSE:PCOR) had its price target decreased by analysts at Piper Sandler from $80.00 to $77.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 12.82% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. DA Davidson reaffirmed a “buy” rating and set a $95.00 price target on shares of Procore Technologies in a research note on Thursday, March 14th. JPMorgan Chase & Co. increased their target price on Procore Technologies from $76.00 to $81.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 23rd. BMO Capital Markets lifted their target price on Procore Technologies from $76.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, February 16th. JMP Securities upped their price target on Procore Technologies from $81.00 to $93.00 and gave the stock a “market outperform” rating in a research note on Friday, February 16th. Finally, Stifel Nicolaus raised their price objective on Procore Technologies from $64.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $81.64.

Procore Technologies Stock Performance

Procore Technologies stock opened at $68.25 on Thursday. The stock has a fifty day moving average price of $76.54 and a 200 day moving average price of $68.92. Procore Technologies has a 52 week low of $48.11 and a 52 week high of $83.35. The firm has a market capitalization of $9.98 billion, a P/E ratio of -51.32 and a beta of 0.78. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.04.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Thursday, February 15th. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.13. The company had revenue of $260.04 million during the quarter, compared to the consensus estimate of $248.20 million. Procore Technologies had a negative net margin of 19.97% and a negative return on equity of 12.26%. Equities research analysts anticipate that Procore Technologies will post -0.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Howard Fu sold 1,441 shares of the firm’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $71.02, for a total transaction of $102,339.82. Following the completion of the sale, the chief financial officer now directly owns 192,178 shares of the company’s stock, valued at approximately $13,648,481.56. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Howard Fu sold 1,441 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $71.02, for a total value of $102,339.82. Following the transaction, the chief financial officer now owns 192,178 shares in the company, valued at $13,648,481.56. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP William Fred Fleming, Jr. sold 6,041 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $73.90, for a total value of $446,429.90. Following the sale, the senior vice president now owns 77,768 shares of the company’s stock, valued at approximately $5,747,055.20. The disclosure for this sale can be found here. Insiders sold a total of 467,672 shares of company stock worth $36,612,454 in the last 90 days. 39.20% of the stock is owned by company insiders.

Institutional Trading of Procore Technologies

Several institutional investors have recently added to or reduced their stakes in PCOR. Xponance Inc. increased its position in shares of Procore Technologies by 4.4% in the 3rd quarter. Xponance Inc. now owns 11,364 shares of the company’s stock worth $742,000 after purchasing an additional 481 shares during the last quarter. Raymond James & Associates acquired a new stake in Procore Technologies during the third quarter valued at approximately $261,000. Raymond James Financial Services Advisors Inc. bought a new position in Procore Technologies during the 3rd quarter worth approximately $304,000. Bank of New York Mellon Corp lifted its holdings in Procore Technologies by 3.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 454,477 shares of the company’s stock worth $29,686,000 after buying an additional 17,111 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Procore Technologies by 32.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,425 shares of the company’s stock worth $1,073,000 after acquiring an additional 3,992 shares in the last quarter. 81.10% of the stock is 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.