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

Key Points

• Piper Sandler cut its price target on Procore from $79 to $71 while maintaining an "overweight" rating, a target the firm says implies roughly a 29.8% upside from the current share price.
• Procore's latest quarter showed EPS of $0.34 (missing estimates of $0.36) while revenue of $359.3M beat forecasts and rose 15.7% year‑over‑year, though the company remains unprofitable with a negative net margin and negative ROE.
• The stock opened at $54.68 and was trading down about 11.9%, and analysts hold a consensus "Moderate Buy" with a consensus price target of $73.25 (15 Buys, 3 Holds, 1 Sell).

Procore Technologies (NYSE:PCOR - Get Free Report) had its target price cut by equities research analysts at Piper Sandler from $79.00 to $71.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price objective suggests a potential upside of 29.84% from the stock's current price.

A number of other research analysts also recently issued reports on the company. The Goldman Sachs Group reduced their price target on Procore Technologies from $90.00 to $75.00 and set a "buy" rating on the stock in a report on Monday, February 9th. Citizens Jmp upgraded Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 target price on the stock in a report on Wednesday, April 29th. Canaccord Genuity Group reduced their target price on Procore Technologies from $90.00 to $72.00 and set a "buy" rating on the stock in a report on Friday, February 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Procore Technologies in a report on Thursday, January 22nd. Finally, Barclays reduced their target price on Procore Technologies from $90.00 to $65.00 and set an "overweight" rating on the stock in a report on Friday, February 13th. Fifteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.25.

Procore Technologies Trading Down 11.9%

NYSE PCOR opened at $54.68 on Wednesday. Procore Technologies has a 1-year low of $46.08 and a 1-year high of $82.32. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. The stock has a 50-day moving average of $55.64 and a 200-day moving average of $64.41. The firm has a market cap of $8.25 billion, a PE ratio of -81.61 and a beta of 0.78.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced 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 net margin of 7.62% and a negative return on equity of 3.96%. The business had revenue of $359.28 million for the quarter, compared to analysts' expectations of $352.82 million. During the same quarter in the prior year, the firm earned $0.23 EPS. The firm's revenue for the quarter was up 15.7% on a year-over-year basis. As a group, sell-side analysts forecast that Procore Technologies will post 0.09 EPS for the current year.

Insider Activity

In other news, insider Benjamin C. Singer sold 4,225 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $211,250.00. Following the transaction, the insider directly owned 64,660 shares of the company's stock, valued at $3,233,000. This represents a 6.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Connor Kevin J. O sold 9,615 shares of the firm's stock in a transaction on 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 directly owned 1,012,136 shares in the company, valued at approximately $55,141,169.28. This represents a 0.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 148,026 shares of company stock valued at $7,783,734 in the last ninety days. 16.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC raised its holdings in Procore Technologies by 465.2% in the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company's stock worth $28,000 after purchasing an additional 321 shares during the period. SJS Investment Consulting Inc. raised its holdings in Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after purchasing an additional 426 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Procore Technologies in the 3rd quarter worth $34,000. Jones Financial Companies Lllp increased its stake in Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock worth $35,000 after buying an additional 199 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new stake in Procore Technologies in the 4th quarter worth $41,000. 81.10% of the stock is owned by 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. 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.

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