Procore Technologies, Inc. (NYSE:PCOR) Stock Has Consensus Price Target of $69.44 According to Analysts

Shares of Procore Technologies, Inc. (NYSE:PCOR) have earned an average rating of “Moderate Buy” from the nineteen brokerages that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, fifteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $69.75.

Several brokerages have commented on PCOR. Citigroup restated a “market outperform” rating on shares of Procore Technologies in a research report on Tuesday, July 21st. Piper Sandler initiated coverage on Procore Technologies in a report on Monday, September 28th. They issued an “overweight” rating and a $68.00 target price on the stock. Cantor Fitzgerald lifted their price target on Procore Technologies from $65.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday. Barclays boosted their price target on Procore Technologies from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, October 12th. Finally, DA Davidson set a $56.00 price objective on Procore Technologies in a research report on Monday, September 28th.

More Procore Technologies News

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

• Positive Sentiment: Higher price target from Cantor Fitzgerald: Cantor raised its target for Procore from $65 to $70 and maintained an “overweight” rating, implying substantial potential upside. Cantor Fitzgerald raises Procore price target
• Positive Sentiment: Analysts remain broadly bullish: Brokerages have an average target of $69.44, with most analysts rating PCOR Buy or Strong Buy. Barclays recently raised its target to $62, reinforcing the constructive outlook. Procore consensus price target
• Positive Sentiment: New software partnership: Procore named Bespoke Metrics’ COMPASS its preferred subcontractor prequalification solution. The “Prequal for All” offering is available to customers and is intended to improve subcontractor risk management, potentially strengthening Procore’s platform value. Procore names COMPASS preferred solution
• Positive Sentiment: Valuation and recovery case: One analysis argues PCOR may be modestly undervalued on cash flow and that its 15% revenue growth, market-share gains and possible stabilization in nonresidential construction could support a recovery. Procore recovery analysis
• Neutral Sentiment: Recent operating performance: Procore’s latest reported quarter exceeded estimates, with $375.2 million in revenue, up 15.8% year over year, and EPS of $0.47 versus expectations of $0.42. However, the company still reported a negative net margin.
• Negative Sentiment: Chairman sold shares: Chairman Craig Courtemanche sold 56,122 shares for approximately $3.15 million, reducing his direct ownership by 5.82%. Although the transaction was made under a pre-arranged Rule 10b5-1 plan and he retains more than 908,000 shares, the sizable insider sale may weigh on sentiment. Procore chairman share sale

Procore Technologies Stock Down 0.0%

PCOR stock opened at $56.97 on Friday. The company’s 50-day moving average price is $56.39 and its two-hundred day moving average price is $51.32. The firm has a market cap of $8.66 billion, a P/E ratio of -219.11 and a beta of 0.78. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $82.32.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The company had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. The firm’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.35 EPS. Equities analysts predict that Procore Technologies will post 0.41 EPS for the current year.

Insider Activity at Procore Technologies

In other news, Director Connor Kevin J. O sold 7,692 shares of the stock in a transaction on Monday, October 5th. The stock was sold at an average price of $53.50, for a total value of $411,522.00. Following the completion of the transaction, the director directly owned 915,978 shares in the company, valued at approximately $49,004,823. This represents a 0.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elisa Steele sold 1,500 shares of the firm’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $63.00, for a total value of $94,500.00. Following the sale, the director directly owned 58,371 shares in the company, valued at approximately $3,677,373. This trade represents a 2.51% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 222,271 shares of company stock worth $12,450,532 in the last ninety days. Insiders own 16.80% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Several large investors have recently bought and sold shares of PCOR. BlackRock Inc. bought a new stake in shares of Procore Technologies in the 2nd quarter valued at $300,345,000. Deutsche Bank AG acquired a new position in shares of Procore Technologies during the 2nd quarter valued at $114,444,000. Assenagon Asset Management S.A. boosted its stake in Procore Technologies by 95.3% during the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock worth $178,653,000 after acquiring an additional 2,146,182 shares in the last quarter. Bamco Inc. NY bought a new position in Procore Technologies during the second quarter worth $62,116,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Procore Technologies by 158.9% during the first 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 in the last quarter. 81.10% of the stock is currently owned by institutional investors.

About Procore Technologies

Procore Technologies, Inc provides cloud-based construction management software designed to help construction companies and project stakeholders plan, manage and execute projects. Its platform connects owners, general contractors, specialty contractors, architects, engineers and other participants throughout the construction lifecycle.

The company’s products support project management, financial management, quality and safety programs, workforce coordination, resource planning, collaboration and project analytics.