Procore Technologies (NYSE:PCOR) Stock Gets Price Target Boost from UBS Group

Key Points

• UBS raised its price target on Procore to $95 from $80 and maintained a Buy rating, implying about 25.5% upside from the stock’s then-current price.
• Procore’s latest quarter beat analyst expectations: earnings were $0.51 per share versus estimates of $0.46, and revenue rose 18.7% year over year to $402.3 million.
• Analyst sentiment is broadly positive: 19 analysts rate the stock Buy, two Hold, and one Sell; the consensus rating is Moderate Buy, with an average target of $80.95.

Procore Technologies (NYSE:PCOR - Get Free Report) had its price objective raised by investment analysts at UBS Group from $80.00 to $95.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. UBS Group's price target would suggest a potential upside of 25.51% from the company's current price.

Several other research firms have also recently issued reports on PCOR. Griffin Securities initiated coverage on Procore Technologies in a report on Wednesday, October 28th. They issued a "buy" rating and a $82.00 price objective on the stock. BMO Capital Markets increased their target price on Procore Technologies from $56.00 to $67.00 and gave the company an "outperform" rating in a report on Friday, July 31st. BTIG Research lifted their price target on Procore Technologies from $66.00 to $90.00 and gave the stock a "buy" rating in a research note on Thursday. Barclays boosted their price target on Procore Technologies from $62.00 to $85.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, Zacks Research downgraded Procore Technologies from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 2nd. Nineteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Procore Technologies presently has an average rating of "Moderate Buy" and an average target price of $80.95.

Procore Technologies Trading Up 0.1%

PCOR traded up $0.09 during midday trading on Thursday, hitting $75.69. 9,407,261 shares of the company traded hands, compared to its average volume of 2,895,988. The company has a market capitalization of $11.50 billion, a price-to-earnings ratio of -329.09 and a beta of 0.75. Procore Technologies has a 52-week low of $38.03 and a 52-week high of $82.32. The business has a 50 day simple moving average of $56.99 and a two-hundred day simple moving average of $53.40.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Tuesday, November 3rd. The company reported $0.51 EPS for the quarter, topping analysts' consensus estimates of $0.46 by $0.05. Procore Technologies had a negative net margin of 2.31% and a positive return on equity of 2.59%. The business had revenue of $402.31 million during the quarter, compared to analysts' expectations of $384.38 million. During the same quarter in the previous year, the company earned $0.42 earnings per share. The company's quarterly revenue was up 18.7% on a year-over-year basis. Equities research analysts anticipate that Procore Technologies will post 0.41 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Elisa Steele sold 1,500 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $3,677,373. This represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fleming, Jr. sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total value of $589,500.00. Following the completion of the sale, the senior vice president directly owned 104,981 shares of the company's stock, valued at approximately $6,188,629.95. This represents a 8.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 206,885 shares of company stock worth $11,601,918 in the last 90 days. Corporate insiders own 16.80% of the company's stock.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. BlackRock Inc. purchased a new position in shares of Procore Technologies during the 2nd quarter worth $300,345,000. Assenagon Asset Management S.A. grew its holdings in shares of Procore Technologies by 0.7% in 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 purchasing an additional 32,494 shares during the period. Wellington Management Group LLP increased its position in Procore Technologies by 8.2% during the second quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company's stock worth $140,166,000 after purchasing an additional 260,314 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Procore Technologies by 158.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company's stock worth $115,170,000 after purchasing an additional 1,240,247 shares during the last quarter. Finally, Deutsche Bank AG purchased a new position in Procore Technologies during the second quarter worth about $114,444,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies News Summary

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

• Positive Sentiment: Procore’s Q3 results beat expectations: adjusted earnings were $0.51 per share versus estimates of about $0.45–$0.46, and revenue reached $402.3 million, up 18.7% year over year and above consensus. The earnings and revenue beat likely helped underpin the stock’s recent strength. Procore Q3 results
• Positive Sentiment: Analysts raised targets and reinforced buy-oriented ratings following the results. Goldman Sachs and Piper Sandler set $90 targets; Citizens JMP raised its target to $91, while Loop Capital upgraded the stock from Hold to Buy with a $93 target. Barclays, Guggenheim, BTIG and Cantor Fitzgerald also lifted targets. These revisions signal improved analyst expectations, though targets are not guarantees of future performance. Goldman Sachs target update Citizens JMP target update Loop Capital upgrade
• Neutral Sentiment: A Procore director sold 7,692 shares for about $419,000, but the sale was made under a pre-arranged Rule 10b5-1 plan and reduced his holdings by less than 1%, limiting its significance as a bearish signal. Director share sale

Procore Technologies Company Profile

Procore Technologies, Inc provides cloud-based construction management software through its Procore platform. The company's technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore's products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.

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