Robert W. Baird Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Key Points

• Robert W. Baird raised its price target for Procore Technologies (NYSE:PCOR) from $83.00 to $88.00, suggesting a potential upside of 15.16% from the current price.
• Procore Technologies reported a 15.3% year-over-year increase in revenue, totaling $310.63 million, along with earnings per share of $0.23, which exceeded expectations.
• Major shareholders have sold a significant amount of their ownership recently, with insiders reducing their holdings by 29%, indicating potential changes in investor confidence.

Procore Technologies (NYSE:PCOR - Get Free Report) had its price objective hoisted by analysts at Robert W. Baird from $83.00 to $88.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Robert W. Baird's target price indicates a potential upside of 15.16% from the company's current price.

PCOR has been the subject of a number of other research reports. Arete started coverage on Procore Technologies in a report on Monday, June 16th. They set a "buy" rating and a $91.00 price target for the company. JPMorgan Chase & Co. lowered their target price on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Mizuho lowered their target price on Procore Technologies from $75.00 to $65.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Jefferies Financial Group lowered their target price on Procore Technologies from $100.00 to $90.00 and set a "buy" rating for the company in a report on Monday, March 31st. Finally, Piper Sandler lowered their target price on Procore Technologies from $110.00 to $75.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Procore Technologies has a consensus rating of "Moderate Buy" and an average price target of $80.94.

Procore Technologies Stock Up 1.1%

Shares of NYSE:PCOR traded up $0.81 during trading on Monday, hitting $76.42. 198,820 shares of the company were exchanged, compared to its average volume of 1,318,415. The stock has a market cap of $11.40 billion, a price-to-earnings ratio of -88.81 and a beta of 0.89. Procore Technologies has a fifty-two week low of $49.46 and a fifty-two week high of $88.92. The firm has a fifty day moving average price of $69.26 and a two-hundred day moving average price of $70.29. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.06. The business had revenue of $310.63 million during the quarter, compared to the consensus estimate of $302.66 million. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The firm's quarterly revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.30 EPS. As a group, research analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $12,485,922.28. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director William J.G. Griffith sold 309,168 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $20,021,719.68. Following the completion of the sale, the director directly owned 1,893,458 shares of the company's stock, valued at $122,620,340.08. This represents a 14.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 672,447 shares of company stock valued at $43,878,843. 29.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

A number of large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its holdings in shares of Procore Technologies by 84.5% in the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock worth $215,195,000 after acquiring an additional 1,492,869 shares during the period. Capital World Investors boosted its stake in Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock valued at $233,704,000 after buying an additional 2,555,612 shares during the period. Principal Financial Group Inc. boosted its stake 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 buying an additional 82,311 shares during the period. Janus Henderson Group PLC boosted its stake in Procore Technologies by 14.0% during the fourth quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock valued at $196,873,000 after buying an additional 322,367 shares during the period. Finally, Wellington Management Group LLP boosted its stake in Procore Technologies by 25.6% during the first quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock valued at $145,954,000 after buying an additional 451,238 shares during the period. 81.10% of the stock is owned by 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.

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