Procore Technologies logoProcore Technologies (NASDAQ:PCOR – Get Rating) had its target price lowered by equities researchers at Piper Sandler from $72.00 to $67.00 in a research note issued to investors on Thursday, The Fly reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 25.35% from the stock’s current price.

Several other research analysts also recently commented on PCOR. JMP Securities initiated coverage on Procore Technologies in a research note on Tuesday, September 6th. They set an “outperform” rating and a $70.00 target price for the company. Wolfe Research started coverage on Procore Technologies in a research note on Tuesday, August 16th. They issued a “peer perform” rating for the company. Oppenheimer upped their price objective on Procore Technologies from $60.00 to $70.00 in a research note on Thursday, August 4th. Barclays lowered their price objective on Procore Technologies from $66.00 to $61.00 in a research note on Tuesday, October 11th. Finally, KeyCorp upped their price objective on Procore Technologies from $87.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, August 4th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $75.25.

Procore Technologies Stock Down 0.3%

Shares of NASDAQ PCOR opened at $53.45 on Thursday. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.04. The company has a market cap of $7.25 billion, a price-to-earnings ratio of -26.33 and a beta of 0.54. Procore Technologies has a 12 month low of $40.00 and a 12 month high of $104.78. The stock has a 50-day moving average price of $54.20 and a two-hundred day moving average price of $51.34.

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Procore Technologies (NASDAQ:PCOR – Get Rating) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.44) EPS for the quarter, topping the consensus estimate of ($0.47) by $0.03. The firm had revenue of $172.21 million during the quarter, compared to the consensus estimate of $162.00 million. Procore Technologies had a negative return on equity of 15.51% and a negative net margin of 36.48%. As a group, analysts forecast that Procore Technologies will post -1.66 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 24,200 shares of the stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $49.50, for a total transaction of $1,197,900.00. Following the transaction, the chief executive officer now directly owns 3,683,087 shares in the company, valued at approximately $182,312,806.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, SVP William Fred Fleming, Jr. sold 4,000 shares of the stock in a transaction on Monday, August 8th. The stock was sold at an average price of $63.96, for a total value of $255.840.00. Following the completion of the sale, the senior vice president now directly owns 64,096 shares of the company’s stock, valued at approximately $4,099,580.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Craig F. Jr. Courtemanche sold 24,200 shares of the firm’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $49.50, for a total value of $1,197,900.00. Following the sale, the chief executive officer now directly owns 3,683,087 shares of the company’s stock, valued at $182,312,806.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 117,755 shares of company stock worth $6,715,839. Corporate insiders own 40.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently made changes to their positions in the business. Oppenheimer Asset Management Inc. increased its position in shares of Procore Technologies by 2.9% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 6,297 shares of the company’s stock valued at $286,000 after purchasing an additional 175 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in Procore Technologies by 29.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 830 shares of the company’s stock worth $37,000 after acquiring an additional 191 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Procore Technologies by 2.0% in the 2nd quarter. Victory Capital Management Inc. now owns 11,237 shares of the company’s stock worth $510,000 after acquiring an additional 220 shares during the last quarter. Ieq Capital LLC increased its holdings in Procore Technologies by 2.0% in the 1st quarter. Ieq Capital LLC now owns 15,376 shares of the company’s stock worth $891,000 after acquiring an additional 300 shares during the last quarter. Finally, Captrust Financial Advisors increased its holdings in Procore Technologies by 55.8% in the 2nd quarter. Captrust Financial Advisors now owns 916 shares of the company’s stock worth $42,000 after acquiring an additional 328 shares during the last quarter. 81.52% of the stock is owned by hedge funds and other institutional investors.

About Procore Technologies

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Procore Technologies, Inc provides 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 Management, 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.

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