Procore Technologies (NYSE:PCOR) Research Coverage Started at Piper Sandler

Piper Sandler began coverage on shares of Procore Technologies (NYSE:PCOR) in a research report released on Monday morning, MarketBeat.com reports. The firm issued an overweight rating and a $68.00 price target on the stock.

PCOR has been the subject of a number of other research reports. Cantor Fitzgerald assumed coverage on shares of Procore Technologies in a research report on Tuesday, September 15th. They issued an “overweight” rating and a $65.00 price objective for the company. Barclays upped their target price on shares of Procore Technologies from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday, July 21st. Zacks Research upgraded Procore Technologies from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 3rd. Finally, UBS Group boosted their price target on Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $70.18.

Procore Technologies Trading Up 4.4%

NYSE PCOR opened at $51.70 on Monday. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $82.32. The stock has a 50 day moving average of $55.52 and a 200-day moving average of $51.51. The company has a market cap of $7.86 billion, a PE ratio of -198.85 and a beta of 0.74.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The business had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same period in the previous year, the company earned $0.35 earnings per share. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. As a group, sell-side analysts predict that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other news, insider Benjamin Singer sold 3,943 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $63.35, for a total transaction of $249,789.05. Following the completion of the sale, the insider owned 86,931 shares in the company, valued at approximately $5,507,078.85. This trade represents a 4.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin O’Connor sold 7,692 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $62.03, for a total transaction of $477,134.76. Following the completion of the transaction, the director owned 931,362 shares in the company, valued at approximately $57,772,384.86. This trade represents a 0.82% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 214,579 shares of company stock worth $11,349,271 in the last quarter. 16.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

A number of large investors have recently made changes to their positions in the company. SJS Investment Consulting Inc. boosted its stake in Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares during the period. Global Retirement Partners LLC lifted its holdings in shares of Procore Technologies by 116.2% during the fourth quarter. Global Retirement Partners LLC now owns 843 shares of the company’s stock worth $61,000 after buying an additional 453 shares in the last quarter. Twin Tree Management LP bought a new stake in shares of Procore Technologies in the second quarter valued at about $40,000. Root Financial Partners LLC boosted its position in shares of Procore Technologies by 11,150.0% in the first quarter. Root Financial Partners LLC now owns 1,125 shares of the company’s stock valued at $64,000 after acquiring an additional 1,115 shares during the period. Finally, Versant Capital Management Inc boosted its position in shares of Procore Technologies by 50.3% in the second quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock valued at $64,000 after acquiring an additional 529 shares during the period. Institutional investors own 81.10% of the company’s stock.

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company’s products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.