Piper Sandler Raises Procore Technologies (NYSE:PCOR) Price Target to $90.00

Procore Technologies (NYSE:PCOR) had its price objective hoisted by stock analysts at Piper Sandler from $70.00 to $90.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 17.37% from the stock’s current price.

Several other equities analysts have also weighed in on PCOR. BMO Capital Markets lifted their target price on shares of Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a report on Friday. Scotiabank lowered their target price on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. JPMorgan Chase & Co. cut their price target on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Jefferies Financial Group increased their price target on Procore Technologies from $65.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, November 18th. Finally, The Goldman Sachs Group cut their price objective on Procore Technologies from $85.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Five analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $79.25.

Procore Technologies Trading Up 1.9 %

NYSE PCOR opened at $76.68 on Friday. The company has a fifty day moving average of $64.19 and a 200 day moving average of $63.94. The company has a market capitalization of $11.40 billion, a PE ratio of -153.36 and a beta of 0.71. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $83.35.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, hitting analysts’ consensus estimates of ($0.11). The firm had revenue of $295.89 million for the quarter, compared to the consensus estimate of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. Research analysts forecast that Procore Technologies will post -0.23 earnings per share for the current year.

Insider Transactions at Procore Technologies

In related news, CFO Howard Fu sold 7,809 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total value of $557,250.24. Following the completion of the transaction, the chief financial officer now directly owns 164,188 shares in the company, valued at approximately $11,716,455.68. This represents a 4.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Connor Kevin J. O sold 8,974 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $58.06, for a total value of $521,030.44. Following the sale, the director now directly owns 1,371,104 shares of the company’s stock, valued at approximately $79,606,298.24. This trade represents a 0.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 109,053 shares of company stock worth $7,426,909 in the last quarter. Company insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Dragoneer Investment Group LLC lifted its holdings in shares of Procore Technologies by 254.0% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after acquiring an additional 1,609,607 shares during the last quarter. Wasatch Advisors LP boosted its position in shares of Procore Technologies by 27,239.5% during the third quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock worth $97,599,000 after buying an additional 1,575,534 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Procore Technologies in the third quarter valued at $88,572,000. XN LP lifted its stake in Procore Technologies by 101.1% during the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after acquiring an additional 1,411,812 shares in the last quarter. Finally, PointState Capital LP purchased a new position in Procore Technologies during the 3rd quarter valued at about $81,306,000. Hedge funds and other institutional investors 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.