Procore Technologies (NYSE:PCOR) Given New $82.00 Price Target at BMO Capital Markets

Key Points

• BMO Capital Markets has raised its price target for Procore Technologies (NYSE:PCOR) from $75.00 to $82.00, suggesting a potential upside of 14.25%.
• The company reported higher-than-expected quarterly earnings of $0.35 EPS, beating estimates of $0.24, and had a year-over-year revenue increase of 13.9%.
• Insider trading has seen significant activity, with a director selling over 309,000 shares and institutional investors now owning 81.10% of the stock.

Procore Technologies (NYSE:PCOR - Get Free Report) had its target price hoisted by equities research analysts at BMO Capital Markets from $75.00 to $82.00 in a report issued on Friday, Marketbeat Ratings reports. The firm presently has an "outperform" rating on the stock. BMO Capital Markets' target price would indicate a potential upside of 32.13% from the stock's previous close.

A number of other research analysts have also issued reports on the company. Stifel Nicolaus decreased their target price on Procore Technologies from $93.00 to $75.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Scotiabank decreased their price objective on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating for the company in a research note on Thursday, April 24th. JPMorgan Chase & Co. lowered their price objective on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. DA Davidson raised Procore Technologies to a "hold" rating in a report on Tuesday, July 22nd. Finally, Robert W. Baird raised their price target on Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $82.50.

Procore Technologies Stock Down 13.4%

Shares of PCOR stock traded down $9.57 during trading hours on Friday, reaching $62.06. 7,116,339 shares of the company's stock were exchanged, compared to its average volume of 1,344,716. The stock has a market cap of $9.26 billion, a PE ratio of -64.65 and a beta of 0.90. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $88.92. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02. The stock's fifty day moving average price is $69.66 and its two-hundred day moving average price is $70.22.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted 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 net margin of 11.58% and a negative return on equity of 7.61%. The firm had revenue of $323.92 million during the quarter, compared to analysts' expectations of $311.91 million. During the same period in the previous year, the business posted $0.39 EPS. The business's revenue was up 13.9% compared to the same quarter last year. Research analysts predict that Procore Technologies will post -0.15 EPS for the current year.

Insider Transactions at Procore Technologies

In related news, insider Benjamin C. Singer sold 1,390 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $75.00, for a total transaction of $104,250.00. Following the completion of the sale, the insider directly owned 96,167 shares in the company, valued at approximately $7,212,525. This trade represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $12,485,922.28. Following the completion of the transaction, the insider directly owned 3,137,255 shares in the company, valued at $203,168,633.80. This represents a 5.79% 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 quarter. 29.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds have recently modified their holdings of the stock. Jennison Associates LLC boosted its position in shares of Procore Technologies by 105.4% in the 2nd quarter. Jennison Associates LLC now owns 712,015 shares of the company's stock valued at $48,716,000 after purchasing an additional 365,421 shares during the period. Teacher Retirement System of Texas boosted its holdings in shares of Procore Technologies by 13.3% in the second quarter. Teacher Retirement System of Texas now owns 22,602 shares of the company's stock worth $1,546,000 after buying an additional 2,645 shares during the period. Cobblestone Capital Advisors LLC NY boosted its holdings in shares of Procore Technologies by 58.2% in the second quarter. Cobblestone Capital Advisors LLC NY now owns 233,421 shares of the company's stock worth $15,971,000 after buying an additional 85,882 shares during the period. Bessemer Group Inc. increased its position in shares of Procore Technologies by 19.0% in the second quarter. Bessemer Group Inc. now owns 2,776 shares of the company's stock worth $190,000 after acquiring an additional 443 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. raised its holdings in shares of Procore Technologies by 14.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 98,355 shares of the company's stock valued at $6,729,000 after acquiring an additional 12,581 shares during the period. 81.10% of the stock is currently owned by institutional investors and hedge funds.

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.