Procore Technologies (NYSE:PCOR) Price Target Raised to $70.00

Procore Technologies (NYSE:PCOR) had its price target upped by Cantor Fitzgerald from $65.00 to $70.00 in a research note released on Friday, Marketbeat Ratings reports. Cantor Fitzgerald currently has an overweight rating on the stock.

Other equities analysts have also issued reports about the company. BMO Capital Markets lifted their price objective on Procore Technologies from $56.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Guggenheim began coverage on shares of Procore Technologies in a research report on Thursday, July 23rd. They set a “buy” rating and a $68.00 target price for the company. Barclays increased their target price on shares of Procore Technologies from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, October 12th. Citigroup restated a “market outperform” rating on shares of Procore Technologies in a report on Tuesday, July 21st. Finally, Jefferies Financial Group reduced their price target on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $69.75.

Procore Technologies Stock Down 0.0%

Shares of NYSE PCOR opened at $56.97 on Friday. Procore Technologies has a 52-week low of $38.03 and a 52-week high of $82.32. The firm has a fifty day moving average of $56.39 and a 200-day moving average of $51.32. The stock has a market capitalization of $8.66 billion, a PE ratio of -219.11 and a beta of 0.78.

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 the consensus estimate of $0.42 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 $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same period last year, the company posted $0.35 EPS. The business’s quarterly revenue was up 15.8% on a year-over-year basis. Equities research analysts expect that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total transaction of $589,500.00. Following the transaction, the senior vice president owned 104,981 shares in the company, valued at $6,188,629.95. The trade was a 8.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Elisa Steele sold 1,500 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $63.00, for a total value of $94,500.00. Following the completion of the sale, the director directly owned 58,371 shares of the company’s stock, valued at $3,677,373. The trade was a 2.51% 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 222,271 shares of company stock valued at $12,450,532 over the last 90 days. Corporate insiders own 16.80% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of PCOR. BlackRock Inc. purchased a new stake in shares of Procore Technologies during the second quarter valued at approximately $300,345,000. Assenagon Asset Management S.A. increased its stake in Procore Technologies by 0.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,430,657 shares of the company’s stock worth $229,154,000 after buying an additional 32,494 shares during the period. Wellington Management Group LLP lifted its holdings in Procore Technologies by 8.2% in the 2nd quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company’s stock worth $140,166,000 after buying an additional 260,314 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Procore Technologies by 158.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock worth $115,170,000 after buying an additional 1,240,247 shares in the last quarter. Finally, Deutsche Bank AG purchased a new position in Procore Technologies in the 2nd quarter valued at about $114,444,000. 81.10% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Procore Technologies

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

• Positive Sentiment: Higher price target from Cantor Fitzgerald: Cantor raised its target for Procore from $65 to $70 and maintained an “overweight” rating, implying substantial potential upside. Cantor Fitzgerald raises Procore price target
• Positive Sentiment: Analysts remain broadly bullish: Brokerages have an average target of $69.44, with most analysts rating PCOR Buy or Strong Buy. Barclays recently raised its target to $62, reinforcing the constructive outlook. Procore consensus price target
• Positive Sentiment: New software partnership: Procore named Bespoke Metrics’ COMPASS its preferred subcontractor prequalification solution. The “Prequal for All” offering is available to customers and is intended to improve subcontractor risk management, potentially strengthening Procore’s platform value. Procore names COMPASS preferred solution
• Positive Sentiment: Valuation and recovery case: One analysis argues PCOR may be modestly undervalued on cash flow and that its 15% revenue growth, market-share gains and possible stabilization in nonresidential construction could support a recovery. Procore recovery analysis
• Neutral Sentiment: Recent operating performance: Procore’s latest reported quarter exceeded estimates, with $375.2 million in revenue, up 15.8% year over year, and EPS of $0.47 versus expectations of $0.42. However, the company still reported a negative net margin.
• Negative Sentiment: Chairman sold shares: Chairman Craig Courtemanche sold 56,122 shares for approximately $3.15 million, reducing his direct ownership by 5.82%. Although the transaction was made under a pre-arranged Rule 10b5-1 plan and he retains more than 908,000 shares, the sizable insider sale may weigh on sentiment. Procore chairman share sale

Procore Technologies Company Profile

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.