BMO Capital Markets Boosts Procore Technologies (NYSE:PCOR) Price Target to $82.00

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 upped by research analysts at BMO Capital Markets from $75.00 to $82.00 in a report issued on Friday, MarketBeat Ratings reports. The brokerage currently has an "outperform" rating on the stock. BMO Capital Markets' price target would suggest a potential upside of 27.19% from the stock's previous close.

A number of other research firms also recently issued reports on PCOR. DA Davidson raised Procore Technologies to a "hold" rating in a research report on Tuesday, July 22nd. Stifel Nicolaus reduced their target price on shares of Procore Technologies from $93.00 to $75.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Scotiabank reduced their price objective on shares of 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. Barclays lifted their price target on Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Finally, KeyCorp cut their target price on Procore Technologies from $96.00 to $77.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Six 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's stock. Based on data from MarketBeat.com, Procore Technologies has an average rating of "Moderate Buy" and an average price target of $83.06.

Procore Technologies Price Performance

Shares of NYSE:PCOR traded up $1.48 during trading on Friday, hitting $64.47. 4,224,721 shares of the company were exchanged, compared to its average volume of 1,424,875. Procore Technologies has a 1-year low of $51.65 and a 1-year high of $88.92. The company has a market capitalization of $9.62 billion, a P/E ratio of -67.15 and a beta of 0.90. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.02. The business's 50 day moving average is $69.57 and its 200-day moving average is $70.07.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $311.91 million. During the same period in the previous year, the business earned $0.39 EPS. The firm's revenue was up 13.9% compared to the same quarter last year. Equities analysts forecast that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In related news, insider Benjamin C. Singer sold 1,390 shares of the business's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $75.00, for a total transaction of $104,250.00. Following the sale, the insider owned 96,167 shares of the company's stock, valued at $7,212,525. The trade was a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the sale, the insider directly owned 3,137,255 shares of the company's stock, valued at $203,168,633.80. This trade represents a 5.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 672,447 shares of company stock worth $43,878,843 over the last ninety days. 29.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in Procore Technologies by 84.5% during the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock valued at $215,195,000 after buying an additional 1,492,869 shares during the last quarter. Capital World Investors raised its position in shares of Procore Technologies by 453.6% during the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company's stock valued at $233,704,000 after purchasing an additional 2,555,612 shares during the period. Principal Financial Group Inc. raised its holdings in Procore Technologies by 3.1% during the first quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock valued at $182,365,000 after acquiring an additional 82,311 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Procore Technologies by 14.0% in the fourth quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock worth $196,873,000 after acquiring an additional 322,367 shares during the period. Finally, Wellington Management Group LLP boosted its stake in Procore Technologies by 25.6% in the 1st quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock worth $145,954,000 after purchasing an additional 451,238 shares during the period. 81.10% of the stock is currently 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.