Procore Technologies' (PCOR) Overweight Rating Reaffirmed at Piper Sandler

Key Points

• Piper Sandler reaffirmed its Overweight rating on Procore Technologies and set a $68 price target, implying nearly 39% upside from the prior close. MarketBeat’s analyst consensus remains “Buy,” with an average target of $70.12.
• Procore’s latest quarterly results exceeded expectations: earnings were $0.47 per share versus a $0.42 estimate, while revenue rose 15.8% year over year to $375.21 million.
• PCOR shares fell 0.8% to $48.93, while insiders sold 220,348 shares worth approximately $11.6 million during the past quarter; institutional investors and hedge funds own 81.1% of the stock.

Procore Technologies (NYSE:PCOR - Get Free Report)'s stock had its "overweight" rating reissued by stock analysts at Piper Sandler in a note issued to investors on Monday, Benzinga reports. They presently have a $68.00 price target on the stock. Piper Sandler's price target suggests a potential upside of 38.97% from the stock's previous close.

Several other brokerages have also issued reports on PCOR. TD Cowen decreased their price objective on Procore Technologies from $70.00 to $60.00 and set a "buy" rating for the company in a research report on Tuesday, July 28th. BTIG Research reaffirmed a "buy" rating and issued a $66.00 price target on shares of Procore Technologies in a research note on Friday, July 24th. Jefferies Financial Group reduced their price target on shares of Procore Technologies from $95.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday, July 21st. Weiss Ratings reissued a "sell (e+)" rating on shares of Procore Technologies in a research report on Monday, July 6th. Finally, BMO Capital Markets raised their price objective on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Procore Technologies presently has a consensus rating of "Buy" and an average target price of $70.12.

Procore Technologies Trading Down 0.8%

Shares of PCOR stock traded down $0.37 on Monday, hitting $48.93. The stock had a trading volume of 217,722 shares, compared to its average volume of 2,784,365. The firm has a market cap of $7.44 billion, a P/E ratio of -188.02 and a beta of 0.74. Procore Technologies has a twelve month low of $38.03 and a twelve month high of $82.32. The company has a fifty day moving average price of $55.16 and a two-hundred day moving average price of $51.65.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate 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 firm 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 company posted $0.35 earnings per share. The company's revenue for the quarter was up 15.8% on a year-over-year basis. On average, analysts expect that Procore Technologies will post 0.41 earnings per share for the current year.

Insider Activity

In other news, Director Elisa Steele sold 1,500 shares of the business's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total value of $94,500.00. Following the sale, the director owned 58,371 shares of the company's stock, valued at $3,677,373. The trade was a 2.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction on Friday, July 10th. The stock was sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the transaction, the chairman owned 919,704 shares of the company's stock, valued at $40,375,005.60. The trade was a 5.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 220,348 shares of company stock worth $11,591,165. 16.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SJS Investment Consulting Inc. boosted its stake in shares of Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after buying an additional 426 shares during the last quarter. Global Retirement Partners LLC raised its holdings in Procore Technologies by 116.2% during the fourth quarter. Global Retirement Partners LLC now owns 843 shares of the company's stock worth $61,000 after acquiring an additional 453 shares in the last quarter. Twin Tree Management LP bought a new stake in Procore Technologies during the second quarter worth about $40,000. Root Financial Partners LLC boosted its position in Procore Technologies by 11,150.0% during the first quarter. Root Financial Partners LLC now owns 1,125 shares of the company's stock valued at $64,000 after purchasing an additional 1,115 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in Procore Technologies by 50.3% during the second quarter. Versant Capital Management Inc now owns 1,581 shares of the company's stock valued at $64,000 after purchasing an additional 529 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.

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