Procore Technologies (NYSE:PCOR) Price Target Lowered to $68.00 at Piper Sandler

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

Several other equities research analysts have also recently issued reports on the company. Guggenheim began coverage on Procore Technologies in a report on Thursday, July 23rd. They issued a “buy” rating and a $68.00 price objective on the stock. Barclays cut their price objective on shares of Procore Technologies from $65.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday, July 13th. BTIG Research reissued a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research note on Friday, July 24th. Jefferies Financial Group reduced their price target on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.41.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $53.79 on Friday. The company has a 50 day simple moving average of $44.69 and a two-hundred day simple moving average of $51.89. The stock has a market cap of $8.12 billion, a price-to-earnings ratio of -206.90 and a beta of 0.75. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $82.32.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.72% and a negative net margin of 2.73%.The firm had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same period last year, the company earned $0.35 earnings per share. Procore Technologies’s revenue for the quarter was up 15.8% compared to the same quarter last year. As a group, analysts predict that Procore Technologies will post 0.06 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies 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 transaction of $197,100.00. Following the sale, the insider owned 96,723 shares in the company, valued at approximately $4,836,150. This represents a 3.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,775 shares of Procore Technologies stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $42.92, for a total transaction of $247,863.00. Following the completion of the sale, the director directly owned 979,439 shares of the company’s stock, valued at $42,037,521.88. The trade was a 0.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 189,621 shares of company stock valued at $8,791,847. 16.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB boosted its stake in shares of Procore Technologies by 145.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 53,400 shares of the company’s stock valued at $2,169,000 after buying an additional 31,600 shares during the last quarter. First Bank & Trust raised its holdings in Procore Technologies by 62.1% in the second quarter. First Bank & Trust now owns 10,157 shares of the company’s stock valued at $413,000 after acquiring an additional 3,893 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Procore Technologies by 95.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after acquiring an additional 2,146,182 shares during the last quarter. Versant Capital Management Inc grew its holdings in Procore Technologies by 50.3% during the 2nd quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock worth $64,000 after acquiring an additional 529 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in Procore Technologies during the 1st quarter worth $563,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.