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

Procore Technologies (NYSE:PCOR) had its price objective lifted by Piper Sandler from $70.00 to $90.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

PCOR has been the subject of a number of other reports. Scotiabank decreased their target price on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. DA Davidson restated a “neutral” rating and set a $60.00 price objective on shares of Procore Technologies in a report on Wednesday, October 2nd. KeyCorp lowered their target price on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. JMP Securities reduced their price target on shares of Procore Technologies from $82.00 to $75.00 and set a “market outperform” rating for the company in a research report on Thursday, October 31st. Finally, Baird R W upgraded shares of Procore Technologies to a “strong-buy” rating in a report on Tuesday, September 24th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Procore Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $79.25.

Procore Technologies Price Performance

Shares of PCOR opened at $76.68 on Friday. The firm has a market cap of $11.40 billion, a PE ratio of -153.36 and a beta of 0.71. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $83.35. The business’s 50 day moving average price is $64.19 and its two-hundred day moving average price is $63.92. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57.

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

Insider Activity

In other news, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $58.48, for a total transaction of $299,885.44. Following the completion of the transaction, the director now directly owns 1,360,848 shares of the company’s stock, valued at $79,582,391.04. This represents a 0.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Howard Fu sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $71.75, for a total transaction of $107,625.00. Following the sale, the chief financial officer now owns 171,997 shares of the company’s stock, valued at approximately $12,340,784.75. The trade was a 0.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 109,053 shares of company stock valued at $7,426,909 over the last three months. Corporate insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

Large investors have recently bought and sold shares of the company. Park Avenue Securities LLC grew its stake in shares of Procore Technologies by 16.9% during the 2nd quarter. Park Avenue Securities LLC now owns 8,741 shares of the company’s stock worth $580,000 after acquiring an additional 1,266 shares during the period. M&G Plc lifted its holdings in Procore Technologies by 12.4% during the second quarter. M&G Plc now owns 120,626 shares of the company’s stock valued at $7,961,000 after purchasing an additional 13,334 shares during the last quarter. Burney Co. bought a new position in Procore Technologies during the first quarter worth about $1,371,000. SG Americas Securities LLC increased its stake in shares of Procore Technologies by 118.0% in the second quarter. SG Americas Securities LLC now owns 17,466 shares of the company’s stock worth $1,158,000 after purchasing an additional 9,454 shares in the last quarter. Finally, Dragoneer Investment Group LLC raised its position in shares of Procore Technologies by 254.0% in the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock valued at $148,762,000 after purchasing an additional 1,609,607 shares during the period. 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.