BMO Capital Markets Increases Procore Technologies (NYSE:PCOR) Price Target to $67.00

Key Points

• BMO Capital Markets raised Procore Technologies’ price target to $67 from $56 while maintaining an “outperform” rating, implying 24.55% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $69.41, despite some recent target cuts and a downgrade to “hold.”
• Procore exceeded quarterly expectations, reporting $0.47 in earnings per share versus a $0.42 estimate and $375.21 million in revenue, up 15.8% year over year.

Procore Technologies (NYSE:PCOR - Get Free Report) had its target price boosted by research analysts at BMO Capital Markets from $56.00 to $67.00 in a report released on Friday. The brokerage currently has an "outperform" rating on the stock. BMO Capital Markets' target price would suggest a potential upside of 24.55% from the stock's previous close.

Several other brokerages have also recently weighed in on PCOR. Wall Street Zen cut Procore Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Citizens Jmp upgraded shares of Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price target on the stock in a report on Wednesday, April 29th. Barclays cut their target price on Procore Technologies from $65.00 to $50.00 and set an "overweight" rating on the stock in a research note on Monday, July 13th. Citigroup reaffirmed a "market outperform" rating on shares of Procore Technologies in a research report on Tuesday, July 21st. Finally, Piper Sandler reduced their target price on Procore Technologies from $71.00 to $68.00 and set an "overweight" rating on the stock in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $69.41.

Procore Technologies Stock Performance

NYSE:PCOR opened at $53.79 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market cap of $8.12 billion, a price-to-earnings ratio of -206.90 and a beta of 0.75. Procore Technologies has a 1 year low of $38.03 and a 1 year high of $82.32. The stock's 50 day simple moving average is $44.69 and its two-hundred day simple moving average is $51.89.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly 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 negative net margin of 2.73% and a positive return on equity of 0.72%. The company had revenue of $375.21 million for the quarter, compared to analysts' expectations of $365.82 million. During the same quarter in the previous year, the business posted $0.35 earnings per share. Procore Technologies's quarterly revenue was up 15.8% on a year-over-year basis. As a group, equities analysts anticipate that Procore Technologies will post 0.06 earnings per share for the current fiscal year.

Insider Activity

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm's stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the transaction, the chairman owned 919,704 shares of the company's stock, valued at approximately $40,375,005.60. This trade represents a 5.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,775 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $42.92, for a total transaction of $247,863.00. Following the completion of the sale, the director directly owned 979,439 shares of the company's stock, valued at $42,037,521.88. The trade was a 0.59% 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. Over the last 90 days, insiders have sold 189,621 shares of company stock worth $8,791,847. Company insiders own 16.80% of the company's stock.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors have recently bought and sold shares of the business. SJS Investment Consulting Inc. boosted its position in Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock valued at $25,000 after acquiring an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Procore Technologies during the 3rd quarter worth $34,000. V Square Quantitative Management LLC bought a new stake in Procore Technologies during the fourth quarter valued at about $41,000. Allworth Financial LP boosted its position in Procore Technologies by 48.2% during 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, Employees Retirement System of Texas purchased a new position in Procore Technologies in the fourth quarter valued at about $54,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Procore Technologies Company Profile

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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