Piper Sandler Begins Coverage on Procore Technologies (NYSE:PCOR)

Stock analysts at Piper Sandler began coverage on shares of Procore Technologies (NYSE:PCOR) in a research report issued on Monday, Marketbeat reports. The brokerage set an “overweight” rating and a $68.00 price target on the stock. Piper Sandler’s price target indicates a potential upside of 37.06% from the stock’s current price.

PCOR has been the topic of several other research reports. BMO Capital Markets boosted their price objective on Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Cantor Fitzgerald started coverage on Procore Technologies in a report on Tuesday, September 15th. They set an “overweight” rating and a $65.00 price objective for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. UBS Group boosted their price objective on Procore Technologies from $68.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, BTIG Research reissued a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research note on Friday, July 24th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $70.18.

Procore Technologies Trading Up 1.1%

PCOR stock opened at $49.62 on Monday. The firm has a 50-day moving average price of $55.32 and a 200-day moving average price of $51.55. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $82.32. The stock has a market capitalization of $7.54 billion, a P/E ratio of -190.83 and a beta of 0.74.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%.The company had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same period in the previous year, the firm earned $0.35 earnings per share. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. As a group, equities analysts predict that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, Director Kevin O’Connor sold 15,386 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $54.93, for a total transaction of $845,152.98. Following the completion of the sale, the director owned 946,746 shares of the company’s stock, valued at $52,004,757.78. This represents a 1.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin Singer sold 3,943 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $63.35, for a total value of $249,789.05. Following the transaction, the insider owned 86,931 shares in the company, valued at approximately $5,507,078.85. This represents a 4.34% decrease in their position. 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. Insiders sold 214,579 shares of company stock valued at $11,349,271 over the last quarter. Company insiders own 16.80% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of large investors have recently modified their holdings of the stock. SJS Investment Consulting Inc. raised its stake in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after buying an additional 426 shares in the last quarter. Global Retirement Partners LLC grew its holdings in shares of Procore Technologies by 116.2% during the 4th quarter. Global Retirement Partners LLC now owns 843 shares of the company’s stock worth $61,000 after acquiring an additional 453 shares during the period. Twin Tree Management LP purchased a new position in shares of Procore Technologies during the 2nd quarter worth approximately $40,000. Root Financial Partners LLC raised its position in shares of Procore Technologies by 11,150.0% in the 1st quarter. Root Financial Partners LLC now owns 1,125 shares of the company’s stock worth $64,000 after acquiring an additional 1,115 shares in the last quarter. Finally, Versant Capital Management Inc raised its position in shares of Procore Technologies by 50.3% in 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. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Company Profile

Procore Technologies, Inc (NYSE: PCOR) provides cloud-based construction management software. Its platform is designed to help construction companies and other industry participants manage projects, financial processes, field operations and collaboration across the project lifecycle.

The company’s products support preconstruction activities, project management, construction financial management, quality and safety programs, workforce coordination, asset management and project analytics.