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

Procore Technologies (NYSE:PCOR) had its price objective hoisted by research analysts at Piper Sandler from $68.00 to $90.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler‘s target price points to a potential upside of 19.48% from the stock’s current price.

A number of other analysts also recently issued reports on the company. Jefferies Financial Group dropped their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a research report on Monday, October 26th. Zacks Research lowered Procore Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. Mizuho set a $68.00 price target on Procore Technologies in a research note on Wednesday. Finally, BMO Capital Markets boosted their price objective on Procore Technologies from $56.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Eighteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Procore Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.35.

Procore Technologies Stock Down 0.4%

Shares of NYSE:PCOR traded down $0.28 during midday trading on Thursday, reaching $75.33. 4,049,430 shares of the company traded hands, compared to its average volume of 3,008,882. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $80.40. The firm has a market capitalization of $11.45 billion, a price-to-earnings ratio of -327.49 and a beta of 0.75. The firm’s fifty day moving average price is $57.53 and its two-hundred day moving average price is $53.50.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.05. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%. The business had revenue of $402.31 million for the quarter, compared to analysts’ expectations of $384.38 million. During the same quarter in the prior year, the firm posted $0.42 EPS. The firm’s quarterly revenue was up 18.7% on a year-over-year basis. Analysts forecast that Procore Technologies will post 0.44 earnings per share for the current year.

Insider Activity at Procore Technologies

In related news, insider Benjamin Singer sold 3,943 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $63.35, for a total transaction of $249,789.05. Following the completion of the transaction, the insider owned 86,931 shares in the company, valued at $5,507,078.85. This represents a 4.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elisa Steele sold 3,337 shares of the firm’s stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $69.10, for a total value of $230,586.70. Following the completion of the sale, the director directly owned 55,034 shares of the company’s stock, valued at $3,802,849.40. The trade was a 5.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 212,808 shares of company stock valued at $12,026,454 over the last 90 days. Company insiders own 16.80% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Large investors have recently modified their holdings of the stock. Diversified Trust Co purchased a new position in Procore Technologies during the third quarter valued at $339,000. Aberdeen Group plc bought a new position in shares of Procore Technologies during the third quarter valued at approximately $17,688,000. William Blair Investment Management LLC bought a new position in shares of Procore Technologies during the third quarter valued at approximately $86,864,000. Marble Harbor Investment Counsel LLC lifted its holdings in shares of Procore Technologies by 7.1% during the third quarter. Marble Harbor Investment Counsel LLC now owns 136,848 shares of the company’s stock valued at $7,078,000 after purchasing an additional 9,087 shares during the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Procore Technologies by 128.3% during the third quarter. Allworth Financial LP now owns 799 shares of the company’s stock valued at $41,000 after purchasing an additional 449 shares during the last quarter. Institutional investors own 81.10% of the company’s stock.

Key Procore Technologies News

Here are the key news stories impacting Procore Technologies this week:

• Positive Sentiment: Procore reported Q3 earnings of $0.51 per share, topping estimates of about $0.45–$0.46. Revenue rose 18.7% year over year to $402.3 million, also exceeding expectations. Shares climbed 12.4% following the earnings beat. Procore shares climb following earnings beat
• Positive Sentiment: Several firms raised their price targets and maintained or issued bullish ratings. Citizens JMP lifted its target to $91, while UBS raised its target to $95 and reiterated Buy; Loop Capital also upgraded the stock from Hold to Buy with a $93 target. These actions signal stronger analyst confidence after the results. Citizens JMP raises Procore price target
• Neutral Sentiment: A Procore director sold 7,692 shares under a pre-arranged Rule 10b5-1 trading plan. The sale was a small reduction in his holdings, which remained substantial after the transaction. Director share sale

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software through its Procore platform. The company’s technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore’s products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.