Procore Technologies (NYSE:PCOR) Stock Price Expected to Rise, Piper Sandler Analyst Says

Procore Technologies (NYSE:PCOR - Free Report) had its target price boosted by Piper Sandler from $90.00 to $110.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts have also commented on PCOR. JMP Securities restated a "market outperform" rating and set a $90.00 price target on shares of Procore Technologies in a research note on Friday, February 7th. UBS Group assumed coverage on Procore Technologies in a research note on Monday, December 2nd. They set a "buy" rating and a $105.00 price target for the company. Mizuho upped their price target on Procore Technologies from $65.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday, December 13th. The Goldman Sachs Group upped their price target on Procore Technologies from $73.00 to $83.00 and gave the stock a "buy" rating in a research note on Friday, November 22nd. Finally, Stifel Nicolaus upped their price target on Procore Technologies from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Wednesday, December 18th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $89.94.

Procore Technologies Trading Up 1.1 %

NYSE PCOR traded up $0.92 during trading hours on Friday, hitting $88.42. 3,288,617 shares of the company's stock were exchanged, compared to its average volume of 1,302,346. The business's 50 day moving average is $77.89 and its 200-day moving average is $68.95. Procore Technologies has a 12-month low of $49.46 and a 12-month high of $88.92. The firm has a market capitalization of $13.14 billion, a P/E ratio of -176.84 and a beta of 0.84. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. The business had revenue of $302.05 million for the quarter, compared to analysts' expectations of $297.72 million. As a group, analysts anticipate that Procore Technologies will post -0.22 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In related news, SVP William Fred Fleming, Jr. sold 2,668 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $71.36, for a total value of $190,388.48. Following the completion of the transaction, the senior vice president now owns 72,605 shares of the company's stock, valued at approximately $5,181,092.80. This represents a 3.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Connor Kevin J. O sold 33,332 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $81.93, for a total value of $2,730,890.76. Following the completion of the transaction, the director now directly owns 1,282,648 shares of the company's stock, valued at $105,087,350.64. This represents a 2.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 114,656 shares of company stock valued at $8,776,297. Insiders own 29.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Procore Technologies by 7.6% in the fourth quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company's stock valued at $891,692,000 after purchasing an additional 838,925 shares during the last quarter. Capital World Investors lifted its holdings in 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 buying an additional 2,555,612 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Procore Technologies by 99.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company's stock worth $214,377,000 after buying an additional 1,425,967 shares during the last quarter. Meritage Group LP lifted its holdings in Procore Technologies by 66.6% during the 3rd quarter. Meritage Group LP now owns 2,745,504 shares of the company's stock worth $169,453,000 after buying an additional 1,098,019 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Procore Technologies by 29,376.1% during the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company's stock worth $200,810,000 after buying an additional 2,670,872 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

About Procore Technologies

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.