Cantor Fitzgerald Issues Positive Forecast for Procore Technologies (NYSE:PCOR) Stock Price

Key Points

• Cantor Fitzgerald raised Procore Technologies’ price target from $65 to $70 and maintained an “overweight” rating, implying approximately 19% upside from the previous close.
• Analyst sentiment remains broadly positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $69.75.
• Procore exceeded quarterly expectations, reporting $0.47 in earnings per share versus a $0.42 consensus estimate and revenue of $375.21 million, up 15.8% year over year.

Procore Technologies (NYSE:PCOR - Get Free Report) had its price target boosted by analysts at Cantor Fitzgerald from $65.00 to $70.00 in a report issued on Friday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Cantor Fitzgerald's price target suggests a potential upside of 18.97% from the company's previous close.

A number of other research analysts have also recently weighed in on PCOR. Piper Sandler assumed coverage on shares of Procore Technologies in a research report on Monday, September 28th. They set an "overweight" rating and a $68.00 price objective on the stock. Barclays raised their target price on shares of Procore Technologies from $60.00 to $62.00 and gave the stock an "overweight" rating in a report on Monday. Citigroup reaffirmed a "market outperform" rating on shares of Procore Technologies in a research note on Tuesday, July 21st. TD Cowen dropped their price target on shares of Procore Technologies from $70.00 to $60.00 and set a "buy" rating for the company in a research note on Tuesday, July 28th. Finally, DA Davidson set a $56.00 price target on shares of Procore Technologies in a report on Monday, September 28th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $69.75.

Procore Technologies Price Performance

NYSE:PCOR opened at $58.84 on Friday. The firm has a market capitalization of $8.94 billion, a price-to-earnings ratio of -226.30 and a beta of 0.78. The business has a 50 day simple moving average of $56.39 and a 200-day simple moving average of $51.31. Procore Technologies has a 1 year low of $38.03 and a 1 year high of $82.32.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating 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 firm had revenue of $375.21 million for the quarter, compared to the consensus estimate of $365.82 million. During the same quarter in the previous year, the company posted $0.35 EPS. The company'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 0.41 earnings per share 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 company's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the transaction, the senior vice president owned 104,981 shares of the company's stock, valued at $6,188,629.95. This represents a 8.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Craig Courtemanche, Jr. sold 56,122 shares of the company's stock in a transaction on Monday, October 12th. The shares were sold at an average price of $56.19, for a total value of $3,153,495.18. Following the completion of the transaction, the chairman directly owned 908,316 shares in the company, valued at $51,038,276.04. This trade represents a 5.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 222,271 shares of company stock worth $12,450,532 over the last quarter. 16.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PCOR. BlackRock Inc. bought a new stake in Procore Technologies during the 2nd quarter valued at about $300,345,000. Assenagon Asset Management S.A. raised its stake in shares of Procore Technologies by 0.7% during the third quarter. Assenagon Asset Management S.A. now owns 4,430,657 shares of the company's stock valued at $229,154,000 after acquiring an additional 32,494 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Procore Technologies by 8.2% during the second quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company's stock valued at $140,166,000 after acquiring an additional 260,314 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Procore Technologies by 158.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company's stock valued at $115,170,000 after acquiring an additional 1,240,247 shares in the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Procore Technologies in the second quarter valued at approximately $114,444,000. Hedge funds and other 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.

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