Piper Sandler Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

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 price objective lifted by analysts at Piper Sandler from $75.00 to $82.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's target price suggests a potential upside of 27.19% from the company's current price.

A number of other analysts have also recently weighed in on the company. Scotiabank lowered their price target on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Thursday, April 24th. Stifel Nicolaus lowered their target price on shares of Procore Technologies from $93.00 to $75.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. JPMorgan Chase & Co. reduced their price target on shares of Procore Technologies from $97.00 to $85.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. 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 for the company. Finally, Barclays boosted their target price on Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.06.

Procore Technologies Stock Performance

Procore Technologies stock traded up $1.48 during trading hours on Friday, reaching $64.47. 4,224,721 shares of the company were exchanged, compared to its average volume of 1,424,875. Procore Technologies has a 12 month low of $51.65 and a 12 month high of $88.92. The firm has a market cap of $9.62 billion, a price-to-earnings ratio of -67.15 and a beta of 0.90. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02. The stock has a 50-day moving average of $69.57 and a 200 day moving average of $70.07.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.11. The firm had revenue of $323.92 million during the quarter, compared to the consensus estimate of $311.91 million. Procore Technologies had a negative return on equity of 7.61% and a negative net margin of 11.58%. The firm's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.39 EPS. As a group, research analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Activity at Procore Technologies

In other news, Director William J.G. Griffith sold 309,168 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $20,021,719.68. Following the completion of the sale, the director directly owned 1,893,458 shares of the company's stock, valued at $122,620,340.08. This represents a 14.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 8,035 shares of the business's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $72.36, for a total value of $581,412.60. Following the completion of the sale, the director owned 1,154,097 shares in the company, valued at approximately $83,510,458.92. This trade represents a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 672,447 shares of company stock worth $43,878,843. 29.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds have recently modified their holdings of PCOR. Capital World Investors increased its position in shares of Procore Technologies by 453.6% during the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after purchasing an additional 2,555,612 shares during the last quarter. Wellington Management Group LLP bought a new stake in Procore Technologies during the fourth quarter worth $131,840,000. JPMorgan Chase & Co. lifted its stake in Procore Technologies by 84.5% in the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock valued at $215,195,000 after acquiring an additional 1,492,869 shares during the last quarter. Champlain Investment Partners LLC bought a new position in shares of Procore Technologies in the 4th quarter valued at about $105,747,000. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Procore Technologies by 134.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company's stock worth $77,901,000 after purchasing an additional 660,726 shares during the last quarter. 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.