Procore Technologies (NYSE:PCOR) Earns "Overweight" Rating from Piper Sandler

Key Points

• Piper Sandler has reissued an "overweight" rating for Procore Technologies (NYSE:PCOR) with a price target of $82.00, indicating a potential upside of 14.14% from its current price.
• The company reported a loss of ($0.19) earnings per share (EPS) for the last quarter, with revenue at $172.21 million and negative returns on equity at 7.66%.
• Procore Technologies has garnered an average rating of "Moderate Buy" from analysts, with a consensus price target of $83.11, reflecting strong institutional interest with 81.10% of the stock owned by institutional investors.

Procore Technologies (NYSE:PCOR - Get Free Report)'s stock had its "overweight" rating reissued by Piper Sandler in a report issued on Tuesday,Benzinga reports. They currently have a $82.00 price target on the stock. Piper Sandler's target price points to a potential upside of 14.14% from the company's current price.

A number of other equities research analysts have also recently issued reports on PCOR. Weiss Ratings reiterated a "sell (d-)" rating on shares of Procore Technologies in a research report on Wednesday, October 8th. Berenberg Bank started coverage on shares of Procore Technologies in a research report on Friday, October 3rd. They set a "buy" rating and a $84.00 target price for the company. DA Davidson started coverage on shares of Procore Technologies in a research report on Monday, August 4th. They set a "neutral" rating and a $70.00 target price for the company. KeyCorp increased their target price on shares of Procore Technologies from $77.00 to $81.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Arete assumed coverage on shares of Procore Technologies in a report on Monday, June 16th. They set a "buy" rating and a $91.00 price objective on the stock. Fourteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $83.11.

Procore Technologies Trading Up 3.2%

Shares of PCOR stock opened at $71.84 on Tuesday. Procore Technologies has a 52-week low of $53.71 and a 52-week high of $88.92. The stock has a market cap of $10.79 billion, a price-to-earnings ratio of -74.84 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 1.29. The firm has a fifty day moving average of $69.16 and a 200-day moving average of $67.76.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Wednesday, September 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. The firm had revenue of $172.21 million for the quarter. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%. On average, equities research analysts forecast that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Benjamin C. Singer sold 1,036 shares of the firm's stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $75.00, for a total value of $77,700.00. Following the transaction, the insider owned 85,330 shares of the company's stock, valued at approximately $6,399,750. This trade represents a 1.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 7,692 shares of the firm's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $72.57, for a total transaction of $558,208.44. Following the completion of the transaction, the director directly owned 1,123,329 shares in the company, valued at $81,519,985.53. This trade represents a 0.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,422 shares of company stock valued at $1,685,658 in the last 90 days. 21.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. George Kaiser Family Foundation boosted its stake in shares of Procore Technologies by 1.0% in the 2nd quarter. George Kaiser Family Foundation now owns 23,168 shares of the company's stock valued at $1,585,000 after purchasing an additional 240 shares during the last quarter. Xponance Inc. boosted its stake in Procore Technologies by 1.8% during the 1st quarter. Xponance Inc. now owns 14,864 shares of the company's stock worth $981,000 after acquiring an additional 263 shares during the last quarter. TFB Advisors LLC boosted its stake in Procore Technologies by 8.1% during the 1st quarter. TFB Advisors LLC now owns 3,543 shares of the company's stock worth $234,000 after acquiring an additional 264 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Procore Technologies by 3.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company's stock worth $500,000 after acquiring an additional 269 shares during the last quarter. Finally, Amalgamated Bank boosted its stake in Procore Technologies by 4.2% during the 1st quarter. Amalgamated Bank now owns 7,374 shares of the company's stock worth $487,000 after acquiring an additional 295 shares during the last quarter. 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.

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