Piper Sandler Cuts Procore Technologies (NYSE:PCOR) Price Target to $71.00

Procore Technologies (NYSE:PCOR) had its price target dropped by investment analysts at Piper Sandler from $79.00 to $71.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target would indicate a potential upside of 29.84% from the stock’s previous close.

A number of other brokerages have also issued reports on PCOR. Stifel Nicolaus cut their price target on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, February 13th. DA Davidson reduced their target price on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. BMO Capital Markets decreased their target price on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research report on Thursday, February 5th. Canaccord Genuity Group dropped their price target on Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Finally, Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday. Fifteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and an average price target of $73.25.

Procore Technologies Trading Down 11.9%

Shares of PCOR stock opened at $54.68 on Wednesday. Procore Technologies has a 52-week low of $46.08 and a 52-week high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market capitalization of $8.25 billion, a PE ratio of -81.61 and a beta of 0.78. The stock has a fifty day simple moving average of $55.64 and a two-hundred day simple moving average of $64.41.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business had revenue of $359.28 million during the quarter, compared to analysts’ expectations of $352.82 million. During the same quarter in the previous year, the company posted $0.23 EPS. The company’s quarterly revenue was up 15.7% on a year-over-year basis. On average, analysts predict that Procore Technologies will post 0.09 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $47.64, for a total value of $2,673,652.08. Following the completion of the transaction, the chairman owned 927,580 shares in the company, valued at approximately $44,189,911.20. This trade represents a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 9,615 shares of Procore Technologies stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $54.48, for a total value of $523,825.20. Following the completion of the transaction, the director owned 1,012,136 shares of the company’s stock, valued at approximately $55,141,169.28. This represents a 0.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 148,026 shares of company stock worth $7,783,734. Corporate insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc grew its position in Procore Technologies by 23.6% in the third quarter. Versant Capital Management Inc now owns 938 shares of the company’s stock worth $68,000 after acquiring an additional 179 shares in the last quarter. Argos Wealth Advisors LLC lifted its stake in Procore Technologies by 3.9% in the first quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock worth $294,000 after purchasing an additional 195 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after purchasing an additional 199 shares during the last quarter. Intellectus Partners LLC lifted its stake in Procore Technologies by 1.6% in the third quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock worth $912,000 after purchasing an additional 200 shares during the last quarter. Finally, Chicago Partners Investment Group LLC lifted its stake in Procore Technologies by 1.4% in the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock worth $1,068,000 after purchasing an additional 202 shares during the last quarter. 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. 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.