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

Procore Technologies (NYSE:PCOR) had its target price decreased by Piper Sandler from $79.00 to $71.00 in a research report sent to investors on Wednesday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Other equities analysts also recently issued reports about the company. BMO Capital Markets reduced their target price on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research report on Thursday, February 5th. Canaccord Genuity Group dropped their price objective on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research note on Friday, February 13th. KeyCorp cut their price objective on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. Wall Street Zen cut shares of Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, The Goldman Sachs Group lowered their target price on shares of Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a report on Monday, February 9th. Fifteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $72.56.

Procore Technologies Trading Down 0.4%

Shares of PCOR opened at $53.28 on Wednesday. The stock has a fifty day moving average of $55.78 and a two-hundred day moving average of $64.18. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.12. The company has a market capitalization of $8.04 billion, a PE ratio of -104.46 and a beta of 0.78. Procore Technologies has a fifty-two week low of $46.08 and a fifty-two week high of $82.32.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business had revenue of $359.28 million for the quarter, compared to analysts’ expectations of $352.82 million. During the same period in the prior year, the company earned $0.23 EPS. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year. As a group, analysts forecast that Procore Technologies will post 0.1 EPS for the current year.

Insider Transactions at Procore Technologies

In related news, Director Connor Kevin J. O sold 9,615 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $54.48, for a total transaction of $523,825.20. Following the completion of the sale, the director owned 1,012,136 shares of the company’s stock, valued at approximately $55,141,169.28. This represents a 0.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin C. Singer sold 4,225 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the transaction, the insider owned 64,660 shares in the company, valued at $3,233,000. The trade was a 6.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 148,026 shares of company stock worth $7,783,734 in the last three months. 16.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently made changes to their positions in PCOR. Vanguard Group Inc. raised its stake in shares of Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after acquiring an additional 804,920 shares during the period. Alliancebernstein L.P. boosted its position in Procore Technologies by 493.9% during the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after purchasing an additional 5,079,534 shares during the period. Wasatch Advisors LP boosted its position in Procore Technologies by 6.8% during the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock worth $362,560,000 after purchasing an additional 315,604 shares during the period. Wellington Management Group LLP increased its holdings in Procore Technologies by 4.0% in the 4th quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock valued at $257,431,000 after purchasing an additional 137,171 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Procore Technologies by 3.9% in the 4th quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock valued at $249,416,000 after purchasing an additional 127,256 shares in the last quarter. Institutional investors and hedge funds 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. 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.