Procore Technologies (NYSE:PCOR) Price Target Cut to $68.00 by Analysts at Piper Sandler

by · The Markets Daily

Procore Technologies (NYSE:PCOR – Free Report) had its price objective reduced by Piper Sandler from $71.00 to $68.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts have also weighed in on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a research note on Monday, July 6th. Jefferies Financial Group reduced their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. UBS Group decreased their price objective on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. TD Cowen dropped their target price on Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Procore Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $69.81.

Get Our Latest Stock Analysis on PCOR

Procore Technologies Stock Up 2.2%

Procore Technologies stock opened at $55.00 on Friday. The stock has a market cap of $8.30 billion, a P/E ratio of -211.52 and a beta of 0.75. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies has a twelve month low of $38.03 and a twelve month high of $82.32. The company’s 50-day moving average price is $44.86 and its two-hundred day moving average price is $51.91.

Procore Technologies (NYSE:PCOR – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.72%. The firm had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. During the same period last year, the business posted $0.35 earnings per share. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. As a group, analysts expect that Procore Technologies will post 0.06 EPS for the current year.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,769 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $41.93, for a total value of $241,894.17. Following the completion of the sale, the director directly owned 967,901 shares in the company, valued at approximately $40,584,088.93. The trade was a 0.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the sale, the insider directly owned 96,723 shares in the company, valued at $4,836,150. This represents a 3.92% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 189,621 shares of company stock worth $8,791,847. Company insiders own 16.80% of the company’s stock.

Institutional Trading of Procore Technologies

A number of institutional investors have recently modified their holdings of PCOR. Argos Wealth Advisors LLC grew its holdings in shares of Procore Technologies by 3.9% during the 1st quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock worth $294,000 after purchasing an additional 195 shares in the last quarter. Intellectus Partners LLC increased its position in shares of Procore Technologies by 1.6% in the fourth quarter. Intellectus Partners LLC now owns 12,705 shares of the company’s stock worth $924,000 after purchasing an additional 200 shares during the period. Chicago Partners Investment Group LLC raised its stake in Procore Technologies by 1.4% in the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock valued at $1,068,000 after purchasing an additional 202 shares in the last quarter. Allworth Financial LP raised its stake in Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares in the last quarter. Finally, Vident Advisory LLC lifted its position in Procore Technologies by 6.0% during the fourth quarter. Vident Advisory LLC now owns 3,860 shares of the company’s stock worth $281,000 after purchasing an additional 219 shares during the period. 81.10% of the stock is currently owned by institutional investors.

Key Stories Impacting Procore Technologies

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

  • Positive Sentiment: UBS raised its price target to $75 from $68 and upgraded PCOR to “Buy.” The new target implies substantial upside from the stock’s recent trading level and reflects increased confidence in Procore’s growth prospects. Benzinga
  • Positive Sentiment: BMO Capital Markets raised its price target to $67 from $56 and assigned an “Outperform” rating. The revision adds to the positive analyst sentiment surrounding the company following its quarterly report.
  • Positive Sentiment: Procore exceeded second-quarter earnings and revenue expectations. Adjusted earnings were $0.47 per share versus a consensus estimate of approximately $0.41-$0.42, while revenue reached $375.2 million compared with expectations of $365.8 million. Revenue increased 15.8% year over year, and earnings improved from $0.35 per share in the prior-year quarter. Procore Q2 Earnings Report
  • Positive Sentiment: Piper Sandler maintained an “Overweight” rating despite trimming its price target to $68 from $71. The target still indicates meaningful potential upside, while the reduction may reflect more cautious valuation assumptions. Benzinga
  • Neutral Sentiment: Investor commentary highlighted Procore’s SaaS model, operating leverage and merger-and-acquisition activity. The discussion reinforces the long-term growth thesis but also underscores the need for the company to execute in a volatile market. Procore Operating Leverage and M&A
  • Negative Sentiment: Procore plans to acquire DroneDeploy for approximately $845 million in cash. The deal could expand Procore’s construction technology platform, but the sizable cash outlay introduces integration, execution and capital-allocation risks for investors. Procore to Acquire DroneDeploy

About Procore Technologies

(Get Free Report)

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. 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 Execution, 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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