Piper Sandler Cuts Procore Technologies (NYSE:PCOR) Price Target to $75.00

Procore Technologies (NYSE:PCOR) had its price target cut by Piper Sandler from $110.00 to $75.00 in a report released on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages have also recently weighed in on PCOR. JPMorgan Chase & Co. lowered their target price on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. KeyCorp dropped their target price on Procore Technologies from $96.00 to $77.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Macquarie reduced their price target on Procore Technologies from $93.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. BMO Capital Markets lowered their price target on shares of Procore Technologies from $95.00 to $75.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Jefferies Financial Group cut their price objective on shares of Procore Technologies from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $81.18.

Procore Technologies Stock Performance

Shares of NYSE:PCOR opened at $63.80 on Wednesday. The business’s 50 day moving average price is $67.74 and its 200-day moving average price is $72.15. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $88.92. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The firm has a market capitalization of $9.57 billion, a PE ratio of -88.61 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). The business had revenue of $302.05 million for the quarter, compared to analysts’ expectations of $297.72 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. As a group, equities research analysts expect that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 6,410 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $76.77, for a total value of $492,095.70. Following the sale, the director now owns 1,231,368 shares of the company’s stock, valued at $94,532,121.36. This trade represents a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Benjamin C. Singer sold 6,937 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $83.60, for a total value of $579,933.20. Following the transaction, the insider now directly owns 72,110 shares of the company’s stock, valued at approximately $6,028,396. This represents a 8.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,962 shares of company stock valued at $5,041,588. 29.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PCOR. Versant Capital Management Inc increased its position in shares of Procore Technologies by 92.1% in the 4th quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock valued at $27,000 after purchasing an additional 175 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in Procore Technologies by 61.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock valued at $29,000 after buying an additional 147 shares in the last quarter. V Square Quantitative Management LLC lifted its holdings in Procore Technologies by 37.8% during the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock worth $44,000 after buying an additional 162 shares during the last quarter. Huntington National Bank boosted its position in shares of Procore Technologies by 161.6% during the 4th quarter. Huntington National Bank now owns 654 shares of the company’s stock worth $49,000 after acquiring an additional 404 shares in the last quarter. Finally, Hilltop National Bank purchased a new position in shares of Procore Technologies in the 4th quarter valued at about $53,000. 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.