Mizuho Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Key Points

• Mizuho has raised its price target for Procore Technologies (NYSE:PCOR) from $65.00 to $70.00, indicating a potential upside of 10.65% based on the stock's previous close.
• Procore Technologies' stock recently fell by 11.7%, trading at $63.26, despite showing a 13.9% year-over-year revenue increase of $323.92 million.
• Currently, Procore Technologies holds a consensus rating of "Moderate Buy" from analysts, with an average price target of $82.50.

Procore Technologies (NYSE:PCOR - Get Free Report) had its price target lifted by equities researchers at Mizuho from $65.00 to $70.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Mizuho's target price suggests a potential upside of 10.36% from the stock's current price.

PCOR has been the topic of several other research reports. Scotiabank dropped their target price on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Thursday, April 24th. Stifel Nicolaus dropped their price target on Procore Technologies from $93.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. BMO Capital Markets increased their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a report on Friday. KeyCorp lifted their price objective on shares of Procore Technologies from $77.00 to $81.00 and gave the stock an "overweight" rating in a report on Friday. Finally, JMP Securities restated a "market perform" rating and set a $95.00 price target on shares of Procore Technologies in a research report on Friday. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $83.06.

Procore Technologies Stock Up 0.7%

Shares of PCOR stock traded up $0.44 during trading hours on Friday, reaching $63.43. The company had a trading volume of 2,420,331 shares, compared to its average volume of 1,408,680. Procore Technologies has a 12 month low of $51.65 and a 12 month high of $88.92. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19. The business has a fifty day simple moving average of $69.57 and a 200-day simple moving average of $70.07. The company has a market cap of $9.46 billion, a price-to-earnings ratio of -66.07 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative return on equity of 7.61% and a negative net margin of 11.58%. The company had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. During the same period in the prior year, the company posted $0.39 earnings per share. Procore Technologies's quarterly revenue was up 13.9% on a year-over-year basis. On average, research analysts expect that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, CFO Howard Fu sold 814 shares of the company's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $74.35, for a total value of $60,520.90. Following the sale, the chief financial officer directly owned 197,457 shares of the company's stock, valued at approximately $14,680,927.95. This represents a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William J.G. Griffith sold 309,168 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $20,021,719.68. Following the completion of the transaction, the director owned 1,893,458 shares of the company's stock, valued at approximately $122,620,340.08. This trade represents a 14.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold 672,447 shares of company stock valued at $43,878,843 in the last 90 days. 29.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its holdings in Procore Technologies by 277.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock valued at $35,000 after acquiring an additional 385 shares during the last quarter. Huntington National Bank increased its holdings in shares of Procore Technologies by 161.6% during the 4th quarter. Huntington National Bank now owns 654 shares of the company's stock worth $49,000 after buying an additional 404 shares during the last quarter. SVB Wealth LLC acquired a new stake in shares of Procore Technologies during the 1st quarter worth approximately $49,000. Aster Capital Management DIFC Ltd increased its holdings in shares of Procore Technologies by 181.9% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company's stock worth $63,000 after buying an additional 544 shares during the last quarter. Finally, Ancora Advisors LLC increased its holdings in shares of Procore Technologies by 10,625.0% during the 4th quarter. Ancora Advisors LLC now owns 858 shares of the company's stock worth $64,000 after buying an additional 850 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company's stock.

About Procore Technologies

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.