Procore Technologies (NYSE:PCOR) Stock Gets Price Target Increase from The Goldman Sachs Group

Procore Technologies (NYSE:PCOR) had its price target boosted by equities researchers at The Goldman Sachs Group from $70.00 to $90.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group‘s target price would indicate a potential upside of 19.48% from the stock’s current price.

Several other analysts also recently commented on PCOR. Loop Capital raised shares of Procore Technologies from a “hold” rating to a “buy” rating and set a $93.00 target price for the company in a research report on Thursday. BMO Capital Markets raised their price target on shares of Procore Technologies from $56.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Truist Financial set a $91.00 price objective on shares of Procore Technologies in a research note on Thursday. Barclays lifted their price objective on shares of Procore Technologies from $60.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. Finally, Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a report on Monday, October 26th. Eighteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $80.35.

Procore Technologies Stock Down 0.4%

Shares of PCOR traded down $0.28 during midday trading on Thursday, reaching $75.33. 4,049,430 shares of the stock were exchanged, compared to its average volume of 3,008,882. Procore Technologies has a 12-month low of $38.03 and a 12-month high of $80.40. The firm has a 50 day simple moving average of $57.53 and a 200-day simple moving average of $53.50. The company has a market cap of $11.45 billion, a price-to-earnings ratio of -327.49 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.05. The business had revenue of $402.31 million during the quarter, compared to analyst estimates of $384.38 million. Procore Technologies had a positive return on equity of 0.71% and a negative net margin of 2.73%. The firm’s revenue was up 18.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 EPS. Research analysts expect that Procore Technologies will post 0.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Procore Technologies news, SVP William Fleming, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total transaction of $589,500.00. Following the completion of the sale, the senior vice president owned 104,981 shares of the company’s stock, valued at $6,188,629.95. This represents a 8.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Connor Kevin J. O sold 7,692 shares of the stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $54.53, for a total value of $419,444.76. Following the transaction, the director owned 900,594 shares in the company, valued at approximately $49,109,390.82. This trade represents a 0.85% 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 212,808 shares of company stock worth $12,026,454 in the last three months. 16.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Procore Technologies

A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Procore Technologies in the second quarter worth $300,345,000. Assenagon Asset Management S.A. grew its stake in Procore Technologies by 0.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,430,657 shares of the company’s stock valued at $229,154,000 after buying an additional 32,494 shares during the last quarter. Wellington Management Group LLP grew its stake in Procore Technologies by 8.2% in the 2nd quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company’s stock valued at $140,166,000 after buying an additional 260,314 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Procore Technologies by 158.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock worth $115,170,000 after acquiring an additional 1,240,247 shares during the period. Finally, Deutsche Bank AG bought a new position in Procore Technologies in the 2nd quarter worth $114,444,000. Institutional investors own 81.10% of the company’s stock.

Key Stories Impacting Procore Technologies

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

• Positive Sentiment: Procore reported Q3 earnings of $0.51 per share, topping estimates of about $0.45–$0.46. Revenue rose 18.7% year over year to $402.3 million, also exceeding expectations. Shares climbed 12.4% following the earnings beat. Procore shares climb following earnings beat
• Positive Sentiment: Several firms raised their price targets and maintained or issued bullish ratings. Citizens JMP lifted its target to $91, while UBS raised its target to $95 and reiterated Buy; Loop Capital also upgraded the stock from Hold to Buy with a $93 target. These actions signal stronger analyst confidence after the results. Citizens JMP raises Procore price target
• Neutral Sentiment: A Procore director sold 7,692 shares under a pre-arranged Rule 10b5-1 trading plan. The sale was a small reduction in his holdings, which remained substantial after the transaction. Director share sale

Procore Technologies Company Profile

Procore Technologies, Inc provides cloud-based construction management software through its Procore platform. The company’s technology is designed to connect owners, general and specialty contractors, architects, engineers and other construction professionals throughout the project lifecycle.

Procore’s products and services support preconstruction planning, project management, financial management, quality and safety programs, workforce management, construction intelligence and collaboration.