Piper Sandler Increases Procore Technologies (NYSE:PCOR) Price Target to $82.00

Key Points

• Procore Technologies' price target was raised from $75.00 to $82.00 by Piper Sandler, suggesting a potential upside of 14.25% from the company's previous close.
• The company reported $0.35 earnings per share (EPS) for the last quarter, exceeding the consensus estimate of $0.24, with revenue of $323.92 million, a 13.9% increase compared to the same quarter last year.
• Despite recent insider sales, institutional investors have significantly increased their holdings, with 81.10% of the stock now owned by them.

Procore Technologies (NYSE:PCOR - Get Free Report) had its target price raised by Piper Sandler from $75.00 to $82.00 in a research report issued on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price objective points to a potential upside of 32.13% from the company's current price.

Other research analysts have also recently issued research reports about the stock. Mizuho dropped their price objective on shares of Procore Technologies from $75.00 to $65.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Arete initiated coverage on Procore Technologies in a report on Monday, June 16th. They set a "buy" rating and a $91.00 price target on the stock. Citizens Jmp downgraded Procore Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday. Barclays lifted their price target on Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Finally, UBS Group decreased their price target on shares of Procore Technologies from $110.00 to $87.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $82.50.

Procore Technologies Stock Down 13.4%

PCOR traded down $9.57 during trading on Friday, hitting $62.06. The stock had a trading volume of 7,116,339 shares, compared to its average volume of 1,344,716. The stock has a 50 day simple moving average of $69.66 and a two-hundred day simple moving average of $70.22. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $88.92. The company has a market capitalization of $9.26 billion, a PE ratio of -64.65 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.61%. The company had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. During the same quarter in the previous year, the company earned $0.39 earnings per share. The firm's revenue for the quarter was up 13.9% on a year-over-year basis. On average, research analysts predict that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Activity

In other news, Director Connor Kevin J. O sold 8,035 shares of the business's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $72.36, for a total transaction of $581,412.60. Following the completion of the transaction, the director directly owned 1,154,097 shares in the company, valued at $83,510,458.92. The trade was a 0.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the sale, the insider owned 3,137,255 shares in the company, valued at approximately $203,168,633.80. This trade represents a 5.79% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 672,447 shares of company stock worth $43,878,843. Company insiders own 29.00% of the company's stock.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Covestor Ltd increased its holdings in Procore Technologies by 15.1% in the 4th quarter. Covestor Ltd now owns 1,571 shares of the company's stock valued at $118,000 after acquiring an additional 206 shares during the last quarter. Two Sigma Investments LP lifted its position in shares of Procore Technologies by 5.3% during the fourth quarter. Two Sigma Investments LP now owns 4,181 shares of the company's stock worth $313,000 after purchasing an additional 210 shares during the last quarter. Park Avenue Securities LLC boosted its stake in shares of Procore Technologies by 1.7% during the first quarter. Park Avenue Securities LLC now owns 12,934 shares of the company's stock valued at $854,000 after purchasing an additional 221 shares during the period. OneDigital Investment Advisors LLC grew its holdings in shares of Procore Technologies by 4.3% in the fourth quarter. OneDigital Investment Advisors LLC now owns 5,438 shares of the company's stock worth $407,000 after purchasing an additional 225 shares during the last quarter. Finally, Xponance Inc. increased its stake in Procore Technologies by 1.8% in the 1st quarter. Xponance Inc. now owns 14,864 shares of the company's stock worth $981,000 after buying an additional 263 shares during the period. Hedge funds and other institutional investors own 81.10% of the company's stock.

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.