Procore Technologies (NYSE:PCOR) Stock Gets Price Target Boost from Cantor Fitzgerald

Procore Technologies (NYSE:PCOR) had its price target boosted by analysts at Cantor Fitzgerald from $70.00 to $90.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald‘s target price points to a potential upside of 19.48% from the company’s current price.

A number of other research analysts have also recently issued reports on PCOR. Truist Financial set a $91.00 price objective on shares of Procore Technologies in a report on Thursday. BMO Capital Markets upped their target price on shares of Procore Technologies from $56.00 to $67.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Piper Sandler assumed coverage on shares of Procore Technologies in a research report on Monday, September 28th. They issued an “overweight” rating and a $68.00 price target on the stock. Weiss Ratings upgraded Procore Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 23rd. Finally, Zacks Research downgraded Procore Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. Eighteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and an average price target of $80.35.

Procore Technologies Price Performance

Shares of NYSE:PCOR traded down $0.28 during 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 1-year low of $38.03 and a 1-year high of $80.40. The stock has a fifty day moving average of $57.53 and a two-hundred day moving average of $53.50. The firm 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 posted 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 the consensus estimate of $384.38 million. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.71%. Procore Technologies’s revenue was up 18.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.42 EPS. Sell-side analysts forecast that Procore Technologies will post 0.44 EPS for the current year.

Insider Buying and Selling

In related news, Director Kevin O’Connor sold 7,692 shares of the firm’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $54.53, for a total transaction of $419,444.76. Following the transaction, the director directly owned 900,594 shares of the company’s stock, valued at $49,109,390.82. This trade represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Elisa Steele sold 3,337 shares of the business’s stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $69.10, for a total transaction of $230,586.70. Following the transaction, the director owned 55,034 shares in the company, valued at approximately $3,802,849.40. This trade represents a 5.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 212,808 shares of company stock valued at $12,026,454 over the last 90 days. 16.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of Procore Technologies in the second quarter valued at approximately $300,345,000. Deutsche Bank AG bought a new stake in Procore Technologies during the second quarter worth $114,444,000. Assenagon Asset Management S.A. boosted its position in Procore Technologies by 95.3% in the second quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock worth $178,653,000 after purchasing an additional 2,146,182 shares during the last quarter. William Blair Investment Management LLC purchased a new position in Procore Technologies in the third quarter worth $86,864,000. Finally, Bamco Inc. NY purchased a new position in Procore Technologies in the second quarter worth $62,116,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies News Summary

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

About Procore Technologies

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.