Procore Technologies, Inc. (PCOR) - What Are Investment Firms Saying About This Stock?

Key Points

• Analyst sentiment is broadly positive: Procore has a “Moderate Buy” consensus from 21 analysts—18 buy, two hold, and one sell—with an average 12-month price target of $80.35.
• Recent target changes were mixed: BTIG Research and Goldman Sachs raised their targets to $90, while Jefferies cut its target from $95 to $75 but maintained a buy rating.
• Procore beat quarterly expectations: It reported EPS of $0.51 versus $0.46 expected and revenue of $402.31 million versus $384.38 million expected; revenue increased 18.7% year over year.

Shares of Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) have been assigned an average rating of "Moderate Buy" from the twenty-one ratings firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eighteen have issued a buy rating on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $80.35.

PCOR has been the topic of several recent analyst reports. BTIG Research increased their price target on shares of Procore Technologies from $66.00 to $90.00 and gave the company a "buy" rating in a research note on Thursday, November 5th. The Goldman Sachs Group upped their target price on shares of Procore Technologies from $70.00 to $90.00 and gave the company a "buy" rating in a report on Thursday, November 5th. Jefferies Financial Group cut 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 note on Tuesday, July 21st. Citigroup reissued a "market outperform" rating on shares of Procore Technologies in a research report on Monday, October 26th. Finally, Truist Financial set a $91.00 price objective on shares of Procore Technologies in a research note on Thursday.

Procore Technologies Trading Up 1.3%

Shares of PCOR stock opened at $76.31 on Tuesday. The firm has a fifty day moving average price of $57.78 and a 200 day moving average price of $53.56. The company has a market cap of $11.60 billion, a P/E ratio of -331.79 and a beta of 0.75. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $80.40.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $0.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.46 by $0.05. The company had revenue of $402.31 million for the quarter, compared to analysts' expectations of $384.38 million. Procore Technologies had a positive return on equity of 2.59% and a negative net margin of 2.31%. Procore Technologies's quarterly revenue was up 18.7% on a year-over-year basis. During the same period last year, the firm earned $0.42 earnings per share. On average, equities analysts forecast that Procore Technologies will post 0.43 EPS for the current year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Director Elisa Steele sold 3,337 shares of Procore Technologies stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $69.10, for a total transaction of $230,586.70. Following the transaction, the director owned 55,034 shares of the company's stock, valued at $3,802,849.40. The trade was a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 2,586 shares of the business's stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $75.00, for a total value of $193,950.00. Following the completion of the sale, the insider owned 84,345 shares of the company's stock, valued at approximately $6,325,875. This represents a 2.97% 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. Insiders sold a total of 146,686 shares of company stock valued at $8,231,827 over the last quarter. Company insiders own 16.80% of the company's stock.

Hedge Funds Weigh In On Procore Technologies

Hedge funds have recently modified their holdings of the business. Intech Investment Management LLC acquired a new position in shares of Procore Technologies in the 3rd quarter valued at $1,266,000. Geneva Capital Management LLC purchased a new stake in Procore Technologies in the 3rd quarter valued at $7,702,000. Diversified Trust Co acquired a new stake in Procore Technologies during the 3rd quarter worth $339,000. Aberdeen Group plc acquired a new stake in Procore Technologies during the 3rd quarter worth $17,688,000. Finally, William Blair Investment Management LLC purchased a new position in Procore Technologies during the 3rd quarter worth $86,864,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

About Procore Technologies

Procore Technologies provides cloud-based construction management software designed to help construction companies plan, manage and execute projects. Its platform connects project teams and stakeholders, including owners, general contractors, specialty contractors and design professionals.

Procore's products support project management, construction financials, workforce coordination, quality and safety processes, and project data and analytics. The platform also offers integrations with third-party applications to help customers connect construction workflows and business systems.

Founded in 2002, Procore serves customers in multiple regions, including North America, Europe and Asia-Pacific.

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