Piper Sandler Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its price objective lifted by stock analysts at Piper Sandler from $63.00 to $70.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 5.06% from the company’s previous close.

A number of other analysts have also recently weighed in on the stock. The Goldman Sachs Group dropped their target price on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. TD Cowen increased their target price on shares of Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Monday, October 28th. JMP Securities dropped their target price on shares of Procore Technologies from $93.00 to $82.00 and set a “market outperform” rating on the stock in a report on Friday, August 2nd. Jefferies Financial Group upped their price target on shares of Procore Technologies from $60.00 to $65.00 and gave the stock a “hold” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. lowered their price target on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $69.94.

Procore Technologies Price Performance

PCOR opened at $66.63 on Thursday. The company’s 50 day simple moving average is $60.10 and its 200 day simple moving average is $63.90. 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 1 year low of $48.11 and a 1 year high of $83.35. The stock has a market capitalization of $9.84 billion, a PE ratio of -133.26 and a beta of 0.73.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.11). The business had revenue of $295.89 million during the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.55%. As a group, sell-side analysts expect that Procore Technologies will post -0.28 EPS for the current year.

Insider Buying and Selling

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 2,707 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $160,091.98. Following the transaction, the senior vice president now owns 79,156 shares in the company, valued at $4,681,285.84. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Connor Kevin J. O sold 5,128 shares of the firm’s stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $62.88, for a total value of $322,448.64. Following the sale, the director now owns 1,345,464 shares in the company, valued at approximately $84,602,776.32. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP William Fred Fleming, Jr. sold 2,707 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total transaction of $160,091.98. Following the completion of the sale, the senior vice president now owns 79,156 shares in the company, valued at approximately $4,681,285.84. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 96,748 shares of company stock worth $5,661,056. Insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Atria Investments Inc lifted its position in Procore Technologies by 11.9% in the third quarter. Atria Investments Inc now owns 4,950 shares of the company’s stock worth $306,000 after purchasing an additional 527 shares during the period. Kornitzer Capital Management Inc. KS lifted its position in Procore Technologies by 24.9% in the third quarter. Kornitzer Capital Management Inc. KS now owns 175,800 shares of the company’s stock worth $10,850,000 after purchasing an additional 35,000 shares during the period. Olympiad Research LP lifted its position in Procore Technologies by 42.4% in the third quarter. Olympiad Research LP now owns 9,899 shares of the company’s stock worth $611,000 after purchasing an additional 2,947 shares during the period. WoodTrust Financial Corp bought a new position in Procore Technologies in the third quarter worth $201,000. Finally, Malaga Cove Capital LLC bought a new position in Procore Technologies in the third quarter worth $277,000. 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.