Procore Technologies (NYSE:PCOR) Given New $68.00 Price Target at Piper Sandler

Procore Technologies (NYSE:PCOR) had its price target decreased by Piper Sandler from $71.00 to $68.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 26.41% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Guggenheim assumed coverage on shares of Procore Technologies in a research note on Thursday, July 23rd. They set a “buy” rating and a $68.00 price objective on the stock. The Goldman Sachs Group dropped their price target on shares of Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Barclays reduced their price target on shares of Procore Technologies from $65.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, July 13th. BTIG Research reiterated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research note on Friday, July 24th. Finally, Jefferies Financial Group dropped their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $69.41.

Procore Technologies Trading Up 7.2%

NYSE PCOR opened at $53.79 on Friday. Procore Technologies has a one year low of $38.03 and a one year high of $82.32. The company has a 50-day simple moving average of $44.69 and a 200-day simple moving average of $51.89. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a market capitalization of $8.12 billion, a PE ratio of -206.90 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. The business had revenue of $375.21 million during the quarter, compared to analyst estimates of $365.82 million. Procore Technologies had a positive return on equity of 0.72% and a negative net margin of 2.73%.The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.35 EPS. On average, equities analysts forecast that Procore Technologies will post 0.06 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In other news, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the sale, the insider owned 96,723 shares in the company, valued at $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of Procore Technologies stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $41.93, for a total value of $241,894.17. Following the transaction, the director directly owned 967,901 shares in the company, valued at approximately $40,584,088.93. This trade represents a 0.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 189,621 shares of company stock valued at $8,791,847 in the last three months. 16.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Blue Owl Capital Holdings LP bought a new stake in Procore Technologies in the 4th quarter valued at $6,857,000. Robinhood Asset Management LLC bought a new stake in Procore Technologies during the 4th quarter worth approximately $7,136,000. Stephens Investment Management Group LLC grew its holdings in shares of Procore Technologies by 23.3% during the first quarter. Stephens Investment Management Group LLC now owns 543,159 shares of the company’s stock worth $30,960,000 after purchasing an additional 102,574 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Procore Technologies by 105.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 45,802 shares of the company’s stock worth $3,332,000 after buying an additional 23,555 shares in the last quarter. Finally, Hillsdale Investment Management Inc. bought a new stake in Procore Technologies during the 1st quarter worth about $3,181,000. Institutional investors and hedge funds 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. 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 Execution, 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.