Procore Technologies (NYSE:PCOR) Stock Price Target Raised at The Goldman Sachs Group

Procore Technologies (NYSE:PCOR) had its target price upped by The Goldman Sachs Group from $70.00 to $90.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts also recently issued reports on the stock. Truist Financial set a $91.00 price target on shares of Procore Technologies in a report on Thursday. Piper Sandler lifted their target price on shares of Procore Technologies from $68.00 to $90.00 and gave the stock an “overweight” rating in a research note on Thursday. Guggenheim raised their price objective on Procore Technologies from $68.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. increased their target price on Procore Technologies from $69.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, UBS Group upped their price target on Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Eighteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $80.35.

Procore Technologies Price Performance

NYSE:PCOR opened at $75.69 on Thursday. The business has a fifty day moving average price of $57.29 and a 200-day moving average price of $53.44. The firm has a market capitalization of $11.50 billion, a price-to-earnings ratio of -329.09 and a beta of 0.75. Procore Technologies has a one year low of $38.03 and a one year high of $82.32.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.05. The business had revenue of $402.31 million for the quarter, compared to the consensus estimate of $384.38 million. Procore Technologies had a positive return on equity of 2.59% and a negative net margin of 2.31%. The company’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.42 earnings per share. On average, equities research analysts expect that Procore Technologies will post 0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP William Fleming, Jr. sold 10,000 shares of Procore Technologies stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total value 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 approximately $6,188,629.95. The trade was a 8.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Connor Kevin J. O sold 7,692 shares of the business’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $54.53, for a total value of $419,444.76. Following the completion of the sale, the director directly owned 900,594 shares of the company’s stock, valued at $49,109,390.82. This represents a 0.85% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 206,885 shares of company stock worth $11,601,918. Corporate insiders own 16.80% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

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

Trending Headlines about Procore Technologies

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

• Positive Sentiment: Procore’s Q3 results beat expectations: adjusted earnings were $0.51 per share versus estimates of about $0.45–$0.46, and revenue reached $402.3 million, up 18.7% year over year and above consensus. The earnings and revenue beat likely helped underpin the stock’s recent strength. Procore Q3 results
• Positive Sentiment: Analysts raised targets and reinforced buy-oriented ratings following the results. Goldman Sachs and Piper Sandler set $90 targets; Citizens JMP raised its target to $91, while Loop Capital upgraded the stock from Hold to Buy with a $93 target. Barclays, Guggenheim, BTIG and Cantor Fitzgerald also lifted targets. These revisions signal improved analyst expectations, though targets are not guarantees of future performance. Goldman Sachs target update Citizens JMP target update Loop Capital upgrade
• Neutral Sentiment: A Procore director sold 7,692 shares for about $419,000, but the sale was made under a pre-arranged Rule 10b5-1 plan and reduced his holdings by less than 1%, limiting its significance as a bearish signal. 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.