Piper Sandler Issues Pessimistic Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Procore Technologies (NYSE:PCOR) had its target price lowered by research analysts at Piper Sandler from $110.00 to $75.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective points to a potential upside of 19.18% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. DA Davidson reduced their target price on Procore Technologies from $80.00 to $60.00 and set a “neutral” rating for the company in a report on Monday, April 14th. UBS Group increased their target price on shares of Procore Technologies from $105.00 to $110.00 and gave the company a “buy” rating in a report on Friday, February 14th. Barclays decreased their price target on Procore Technologies from $90.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Monday, April 14th. JPMorgan Chase & Co. dropped their price objective on Procore Technologies from $97.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Finally, Mizuho dropped their price target on Procore Technologies from $75.00 to $65.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. Four 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $81.18.

Procore Technologies Trading Up 4.4 %

Shares of Procore Technologies stock opened at $62.93 on Wednesday. The firm has a market cap of $9.43 billion, a price-to-earnings ratio of -87.40 and a beta of 0.90. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $88.92. The company’s 50-day simple moving average is $68.24 and its 200-day simple moving average is $72.12. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

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 the consensus estimate of $0.11 by ($0.46). The business had revenue of $302.05 million for the quarter, compared to analyst estimates 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 anticipate that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Transactions at Procore Technologies

In related news, CFO Howard Fu sold 1,216 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $61.34, for a total value of $74,589.44. Following the completion of the sale, the chief financial officer now directly owns 208,184 shares in the company, valued at approximately $12,770,006.56. This represents a 0.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total value of $93,867.60. Following the transaction, the insider now owns 200 shares in the company, valued at approximately $17,480. This represents a 84.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,482 shares of company stock worth $4,952,759 in the last three months. 29.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds have recently modified their holdings of the stock. Diversified Trust Co raised its stake in shares of Procore Technologies by 157.1% during the fourth quarter. Diversified Trust Co now owns 50,649 shares of the company’s stock valued at $3,795,000 after purchasing an additional 30,948 shares during the period. US Bancorp DE increased its stake in Procore Technologies by 18.8% during the 4th quarter. US Bancorp DE now owns 21,416 shares of the company’s stock worth $1,605,000 after buying an additional 3,390 shares during the period. Raymond James Financial Inc. acquired a new position in Procore Technologies in the 4th quarter worth $20,729,000. Barclays PLC boosted its position in Procore Technologies by 49.1% in the 3rd quarter. Barclays PLC now owns 69,012 shares of the company’s stock valued at $4,259,000 after buying an additional 22,734 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Procore Technologies during the fourth quarter valued at about $56,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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.