BMO Capital Markets Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its price target lifted by BMO Capital Markets from $56.00 to $67.00 in a research note issued to investors on Friday. The firm presently has an “outperform” rating on the stock. BMO Capital Markets’ target price would indicate a potential upside of 24.55% from the stock’s current price.

A number of other analysts have also recently commented on the company. The Goldman Sachs Group lowered their price target on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. Barclays decreased their price objective on shares of Procore Technologies from $65.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, July 13th. Piper Sandler cut their price objective on shares of Procore Technologies from $71.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, UBS Group reduced their target price on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.41.

Procore Technologies Price Performance

Shares of PCOR stock opened at $53.79 on Friday. Procore Technologies has a fifty-two week low of $38.03 and a fifty-two week high of $82.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a market capitalization of $8.12 billion, a price-to-earnings ratio of -206.90 and a beta of 0.75. The stock’s 50-day simple moving average is $44.69 and its 200-day simple moving average is $51.89.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.42 by $0.05. The business 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 0.72%. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.35 earnings per share. As a group, equities analysts forecast that Procore Technologies will post 0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Connor Kevin J. O sold 5,775 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $42.92, for a total transaction of $247,863.00. Following the transaction, the director owned 979,439 shares in the company, valued at $42,037,521.88. This trade represents a 0.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction on Friday, July 10th. The shares were sold at an average price of $43.90, for a total transaction of $2,463,755.80. Following the completion of the sale, the chairman directly owned 919,704 shares in the company, valued at $40,375,005.60. This represents a 5.75% 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. In the last 90 days, insiders sold 189,621 shares of company stock valued at $8,791,847. 16.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Large investors have recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB grew its position in shares of Procore Technologies by 145.0% in the second quarter. Handelsbanken Fonder AB now owns 53,400 shares of the company’s stock valued at $2,169,000 after purchasing an additional 31,600 shares during the period. First Bank & Trust raised its position in shares of Procore Technologies by 62.1% during the 2nd quarter. First Bank & Trust now owns 10,157 shares of the company’s stock worth $413,000 after purchasing an additional 3,893 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Procore Technologies by 95.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after buying an additional 2,146,182 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Procore Technologies by 50.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock worth $64,000 after buying an additional 529 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in Procore Technologies during the 1st quarter worth approximately $563,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

About Procore Technologies

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.