Piper Sandler Issues Positive Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its price target hoisted by investment analysts at Piper Sandler from $70.00 to $90.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s target price indicates a potential upside of 20.05% from the company’s current price.

A number of other equities analysts have also commented on the company. The Goldman Sachs Group lowered their price objective on Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Robert W. Baird began coverage on shares of Procore Technologies in a research report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price objective for the company. Macquarie reissued a “neutral” rating and issued a $70.00 target price on shares of Procore Technologies in a report on Tuesday, July 30th. Barclays upped their price target on shares of Procore Technologies from $64.00 to $66.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Finally, Baird R W upgraded Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $72.38.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $74.97 on Friday. The company has a market capitalization of $11.15 billion, a price-to-earnings ratio of -149.94 and a beta of 0.71. 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 has a 52 week low of $49.46 and a 52 week high of $83.35. The company has a 50-day simple moving average of $63.82 and a 200 day simple moving average of $63.92.

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

Insiders Place Their Bets

In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $58.48, for a total value of $299,885.44. Following the completion of the sale, the director now directly owns 1,360,848 shares in the company, valued at approximately $79,582,391.04. The trade was a 0.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP William Fred Fleming, Jr. sold 15,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $70.75, for a total value of $1,061,250.00. Following the transaction, the senior vice president now owns 75,120 shares in the company, valued at $5,314,740. The trade was a 16.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,997 shares of company stock worth $4,497,153. Company insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of PCOR. GAMMA Investing LLC grew its stake in shares of Procore Technologies by 76.4% in the 3rd quarter. GAMMA Investing LLC now owns 404 shares of the company’s stock valued at $25,000 after buying an additional 175 shares during the period. V Square Quantitative Management LLC acquired a new stake in Procore Technologies in the third quarter valued at approximately $26,000. Signaturefd LLC grew its stake in Procore Technologies by 52.0% in the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after acquiring an additional 216 shares during the period. International Assets Investment Management LLC increased its holdings in shares of Procore Technologies by 6,069.2% during the third quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock valued at $49,000 after acquiring an additional 789 shares in the last quarter. Finally, Rothschild Investment LLC acquired a new position in shares of Procore Technologies during the second quarter worth approximately $51,000. 81.10% of the stock is owned by institutional investors.

Procore Technologies Company Profile

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.