Procore Technologies (NYSE:PCOR) Given New $70.00 Price Target at Piper Sandler

Procore Technologies (NYSE:PCOR) had its price target boosted by Piper Sandler from $63.00 to $70.00 in a report released on Thursday, Benzinga reports. The firm currently has an overweight rating on the stock.

PCOR has been the subject of a number of other research reports. DA Davidson reaffirmed a “neutral” rating and issued a $60.00 price target on shares of Procore Technologies in a research note on Wednesday, October 2nd. Macquarie reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Procore Technologies in a research note on Tuesday, July 30th. KeyCorp dropped their price target on Procore Technologies from $79.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. dropped 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. Finally, Scotiabank decreased their price objective on Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.94.

Procore Technologies Price Performance

Shares of PCOR stock traded up $1.95 during trading on Thursday, hitting $67.60. The company had a trading volume of 680,543 shares, compared to its average volume of 1,543,918. The stock has a market capitalization of $9.98 billion, a price-to-earnings ratio of -131.32 and a beta of 0.73. The stock’s 50-day moving average is $59.99 and its two-hundred day moving average is $63.94. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03. Procore Technologies has a 52 week low of $48.11 and a 52 week high of $83.35.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.11). The firm had revenue of $295.89 million during the quarter, compared to analyst estimates of $287.42 million. Procore Technologies had a negative return on equity of 2.55% and a negative net margin of 6.59%. As a group, analysts predict that Procore Technologies will post -0.28 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 3,846 shares of Procore Technologies stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $53.65, for a total value of $206,337.90. Following the sale, the director now owns 1,444,313 shares of the company’s stock, valued at $77,487,392.45. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Connor Kevin J. O sold 25,000 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $57.53, for a total transaction of $1,438,250.00. Following the transaction, the director now owns 1,380,078 shares in the company, valued at approximately $79,395,887.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Connor Kevin J. O sold 3,846 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $53.65, for a total value of $206,337.90. Following the transaction, the director now owns 1,444,313 shares in the company, valued at approximately $77,487,392.45. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 96,748 shares of company stock valued at $5,661,056. 29.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dragoneer Investment Group LLC lifted its holdings in shares of Procore Technologies by 254.0% during the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after purchasing an additional 1,609,607 shares during the period. Assenagon Asset Management S.A. purchased a new stake in Procore Technologies in the 3rd quarter valued at $88,572,000. XN LP lifted its stake in shares of Procore Technologies by 101.1% in the 2nd quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after purchasing an additional 1,411,812 shares during the last quarter. Meritage Group LP acquired a new position in shares of Procore Technologies in the 1st quarter valued at $106,738,000. Finally, William Blair Investment Management LLC acquired a new position in Procore Technologies during the 1st quarter worth about $91,158,000. 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.