Procore Technologies, Inc. (NYSE:PCOR) Receives Average Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Procore Technologies, with 16 buy ratings, two holds, one sell and one strong buy among 20 analysts. The average 12-month price target is $69.81, although recent targets have been mixed.
• Procore exceeded second-quarter expectations, reporting adjusted EPS of $0.47 versus $0.42 expected and revenue of $375.2 million versus $365.8 million. Revenue rose 15.8% year over year, while the company’s net margin remained negative at 2.73%.
• The planned $845 million cash acquisition of DroneDeploy could broaden Procore’s construction technology platform but introduces integration and capital-allocation risks; insiders have also sold roughly $8.8 million of stock over the past three months.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) has received a consensus rating of "Moderate Buy" from the twenty research firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, two have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $69.8125.

Several brokerages have recently issued reports on PCOR. The Goldman Sachs Group dropped their target price on shares of Procore Technologies from $80.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, May 7th. Piper Sandler dropped their target price on Procore Technologies from $71.00 to $68.00 and set an "overweight" rating for the company in a report on Friday. UBS Group raised their price target on shares of Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a report on Friday. Citigroup reissued a "market outperform" rating on shares of Procore Technologies in a research report on Tuesday, July 21st. Finally, BTIG Research reissued a "buy" rating and issued a $66.00 target price on shares of Procore Technologies in a research report on Friday, July 24th.

Key Stories Impacting Procore Technologies

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

• Positive Sentiment: UBS raised its price target to $75 from $68 and upgraded PCOR to “Buy.” The new target implies substantial upside from the stock’s recent trading level and reflects increased confidence in Procore’s growth prospects. Benzinga
• Positive Sentiment: BMO Capital Markets raised its price target to $67 from $56 and assigned an “Outperform” rating. The revision adds to the positive analyst sentiment surrounding the company following its quarterly report.
• Positive Sentiment: Procore exceeded second-quarter earnings and revenue expectations. Adjusted earnings were $0.47 per share versus a consensus estimate of approximately $0.41-$0.42, while revenue reached $375.2 million compared with expectations of $365.8 million. Revenue increased 15.8% year over year, and earnings improved from $0.35 per share in the prior-year quarter. Procore Q2 Earnings Report
• Positive Sentiment: Piper Sandler maintained an “Overweight” rating despite trimming its price target to $68 from $71. The target still indicates meaningful potential upside, while the reduction may reflect more cautious valuation assumptions. Benzinga
• Neutral Sentiment: Investor commentary highlighted Procore’s SaaS model, operating leverage and merger-and-acquisition activity. The discussion reinforces the long-term growth thesis but also underscores the need for the company to execute in a volatile market. Procore Operating Leverage and M&A
• Negative Sentiment: Procore plans to acquire DroneDeploy for approximately $845 million in cash. The deal could expand Procore’s construction technology platform, but the sizable cash outlay introduces integration, execution and capital-allocation risks for investors. Procore to Acquire DroneDeploy

Procore Technologies Stock Performance

NYSE PCOR opened at $55.00 on Friday. The stock has a 50-day simple moving average of $44.86 and a two-hundred day simple moving average of $51.91. The firm has a market capitalization of $8.30 billion, a P/E ratio of -211.52 and a beta of 0.75. Procore Technologies has a fifty-two week low of $38.03 and a fifty-two week high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $375.21 million for the quarter, compared to analysts' expectations of $365.82 million. During the same quarter last year, the company earned $0.35 EPS. The business's revenue was up 15.8% on a year-over-year basis. On average, equities analysts forecast that Procore Technologies will post 0.06 earnings per share for the current year.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 3,942 shares of the business's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the transaction, the insider directly owned 96,723 shares of the company's stock, valued at $4,836,150. The trade was a 3.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business's stock in a transaction on Friday, July 10th. The stock was 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. The trade was a 5.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 189,621 shares of company stock worth $8,791,847. Company insiders own 16.80% of the company's stock.

Institutional Investors Weigh In On Procore Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of PCOR. Assenagon Asset Management S.A. raised its stake in Procore Technologies by 95.3% during the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company's stock worth $178,653,000 after purchasing an additional 2,146,182 shares during the period. Wasatch Advisors LP boosted its holdings in shares of Procore Technologies by 58.4% in the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company's stock valued at $318,592,000 after purchasing an additional 1,717,492 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Procore Technologies by 77.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company's stock valued at $248,066,000 after buying an additional 1,486,153 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Procore Technologies by 158.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company's stock valued at $115,170,000 after buying an additional 1,240,247 shares during the period. Finally, Norges Bank acquired a new stake in shares of Procore Technologies during the 4th quarter worth $82,739,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.