Procore Technologies (NASDAQ:PCOR) PT Raised to $72.00 at Piper Sandler

Procore Technologies (NASDAQ:PCORGet Rating) had its target price lifted by equities researchers at Piper Sandler from $62.00 to $72.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price indicates a potential upside of 14.16% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. The Goldman Sachs Group lowered their target price on shares of Procore Technologies from $90.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, April 14th. Barclays decreased their price objective on shares of Procore Technologies from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Tuesday, July 12th. JPMorgan Chase & Co. decreased their price objective on shares of Procore Technologies from $113.00 to $95.00 in a research note on Thursday, June 16th. Jefferies Financial Group decreased their price objective on shares of Procore Technologies from $90.00 to $75.00 in a research note on Monday, May 23rd. Finally, Oppenheimer upped their price objective on shares of Procore Technologies from $60.00 to $70.00 in a research note on Thursday. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $82.00.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $63.07 on Thursday. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 0.04. The firm has a fifty day moving average price of $48.35 and a 200 day moving average price of $53.88. The company has a market cap of $8.55 billion, a P/E ratio of -31.07 and a beta of 0.61. Procore Technologies has a 12 month low of $40.00 and a 12 month high of $105.29.

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

Insider Buying and Selling

In related news, major shareholder Iconiq Strategic Partners Vi, bought 76,287 shares of the company’s stock in a transaction on Tuesday, June 14th. The stock was bought at an average cost of $42.81 per share, with a total value of $3,265,846.47. Following the completion of the acquisition, the insider now owns 857,031 shares in the company, valued at approximately $36,689,497.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CRO Dennis Lyandres sold 9,900 shares of Procore Technologies stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $42.79, for a total transaction of $423,621.00. Following the sale, the executive now owns 659,538 shares of the company’s stock, valued at approximately $28,221,631.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Iconiq Strategic Partners Vi, purchased 76,287 shares of the company’s stock in a transaction that occurred on Tuesday, June 14th. The shares were purchased at an average cost of $42.81 per share, for a total transaction of $3,265,846.47. Following the purchase, the insider now directly owns 857,031 shares in the company, valued at $36,689,497.11. The disclosure for this purchase can be found here. Insiders sold 111,476 shares of company stock valued at $4,972,888 over the last ninety days. Corporate insiders own 40.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Rhumbline Advisers raised its position in shares of Procore Technologies by 613.5% during the 4th quarter. Rhumbline Advisers now owns 54,964 shares of the company’s stock worth $4,395,000 after buying an additional 47,261 shares in the last quarter. EPIQ Capital Group LLC bought a new stake in shares of Procore Technologies in the 4th quarter worth approximately $550,000. Taylor Frigon Capital Management LLC raised its holdings in shares of Procore Technologies by 0.6% in the 1st quarter. Taylor Frigon Capital Management LLC now owns 63,482 shares of the company’s stock worth $3,679,000 after purchasing an additional 405 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Procore Technologies in the 4th quarter worth approximately $755,000. Finally, Long Pond Capital LP bought a new stake in shares of Procore Technologies in the 4th quarter worth approximately $21,081,000. 91.35% of the stock is owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for Procore Technologies (NASDAQ:PCOR)

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