Procore Technologies (NYSE:PCOR) Price Target Raised to $60.00

Key Points

• Barclays raised Procore Technologies’ price target from $50 to $60 while maintaining an “overweight” rating, implying approximately 9.1% upside.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $70.44; UBS, Guggenheim, and Citizens JMP also issued buy-oriented views.
• Procore exceeded quarterly expectations, reporting EPS of $0.47 versus $0.42 expected and revenue of $375.21 million, up 15.8% year over year.

Procore Technologies (NYSE:PCOR - Get Free Report) had its price target upped by investment analysts at Barclays from $50.00 to $60.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Barclays's price objective points to a potential upside of 9.10% from the stock's current price.

Several other equities analysts also recently commented on PCOR. Guggenheim started coverage on shares of Procore Technologies in a research note on Thursday, July 23rd. They issued a "buy" rating and a $68.00 price target for the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of Procore Technologies in a report on Monday, July 6th. UBS Group boosted their target price on Procore Technologies from $68.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday. Citizens Jmp upgraded Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price target on the stock in a report on Wednesday, April 29th. Finally, The Goldman Sachs Group decreased their price objective on Procore Technologies from $80.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $70.44.

Procore Technologies Trading Up 0.4%

Shares of Procore Technologies stock opened at $55.00 on Monday. 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. The firm has a market capitalization of $8.30 billion, a price-to-earnings ratio of -211.52 and a beta of 0.75. The stock has a 50 day moving average of $44.86 and a 200 day moving average of $51.75.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.42 by $0.05. Procore Technologies had a positive return on equity of 0.72% and a negative net margin of 2.73%.The business had revenue of $375.21 million for the quarter, compared to analyst estimates of $365.82 million. During the same quarter in the prior year, the company posted $0.35 EPS. The company's quarterly revenue was up 15.8% on a year-over-year basis. As a group, research analysts predict that Procore Technologies will post 0.06 earnings per share for the current year.

Insider Activity

In related news, insider Benjamin C. Singer sold 3,942 shares of the company's stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the transaction, the insider owned 96,723 shares of the company's stock, valued at approximately $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of Procore Technologies stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $41.93, for a total transaction of $241,894.17. Following the completion of the transaction, the director owned 967,901 shares in the company, valued at approximately $40,584,088.93. This trade represents a 0.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 189,621 shares of company stock valued at $8,791,847 in the last three months. 16.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PCOR. SJS Investment Consulting Inc. grew its stake in Procore Technologies by 7,100.0% during the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company's stock worth $25,000 after buying an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Procore Technologies in the third quarter worth $34,000. V Square Quantitative Management LLC acquired a new position in shares of Procore Technologies during the fourth quarter valued at $41,000. Allworth Financial LP raised its stake in shares of Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company's stock valued at $46,000 after purchasing an additional 204 shares in the last quarter. Finally, Employees Retirement System of Texas bought a new stake in shares of Procore Technologies during the fourth quarter valued at about $54,000. Institutional investors and hedge funds own 81.10% of the company's stock.

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.

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