Procore Technologies (NYSE:PCOR) Price Target Raised to $75.00 at UBS Group

Procore Technologies (NYSE:PCOR) had its price target upped by UBS Group from $68.00 to $75.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently commented on PCOR. Jefferies Financial Group decreased their target price on shares of Procore Technologies from $95.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st. Barclays cut their price target on shares of Procore Technologies from $65.00 to $50.00 and set an “overweight” rating on the stock in a report on Monday, July 13th. BTIG Research reaffirmed a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a research report on Friday, July 24th. Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective for the company in a report on Wednesday, April 29th. Finally, Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $69.81.

Procore Technologies Stock Performance

Shares of Procore Technologies stock opened at $55.00 on Friday. The company has a market capitalization of $8.30 billion, a PE ratio of -211.52 and a beta of 0.75. The company has a 50-day simple moving average of $44.86 and a two-hundred day simple moving average of $51.91. Procore Technologies has a one year low of $38.03 and a one year 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.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.05. Procore Technologies had a negative net margin of 2.73% and a positive return on equity of 0.72%. The business had revenue of $375.21 million for the quarter, compared to analysts’ expectations of $365.82 million. During the same period last year, the business earned $0.35 EPS. The company’s revenue was up 15.8% compared to the same quarter last year. Research analysts expect that Procore Technologies will post 0.06 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 5,769 shares of Procore Technologies stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $41.93, for a total transaction of $241,894.17. Following the completion of the sale, the director directly owned 967,901 shares in the company, valued at approximately $40,584,088.93. The trade was a 0.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through 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 the company’s 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 trade represents a 5.75% 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. In the last ninety days, insiders sold 189,621 shares of company stock worth $8,791,847. Company insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCOR. Assenagon Asset Management S.A. grew its position in Procore Technologies by 95.3% during the 2nd 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 period. Wasatch Advisors LP lifted its holdings in shares of Procore Technologies by 58.4% in the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after buying an additional 1,717,492 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Procore Technologies by 77.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after buying an additional 1,486,153 shares during the period. Arrowstreet Capital Limited Partnership boosted 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 worth $115,170,000 after buying an additional 1,240,247 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Procore Technologies in the fourth quarter worth about $82,739,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Key Procore Technologies News

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

• Positive Sentiment: UBS raised its price target to $75 from $68 and upgraded PCOR to “Buy.” The new target implies substantial upside from the stock’s recent trading level and reflects increased confidence in Procore’s growth prospects. Benzinga
• Positive Sentiment: BMO Capital Markets raised its price target to $67 from $56 and assigned an “Outperform” rating. The revision adds to the positive analyst sentiment surrounding the company following its quarterly report.
• Positive Sentiment: Procore exceeded second-quarter earnings and revenue expectations. Adjusted earnings were $0.47 per share versus a consensus estimate of approximately $0.41-$0.42, while revenue reached $375.2 million compared with expectations of $365.8 million. Revenue increased 15.8% year over year, and earnings improved from $0.35 per share in the prior-year quarter. Procore Q2 Earnings Report
• Positive Sentiment: Piper Sandler maintained an “Overweight” rating despite trimming its price target to $68 from $71. The target still indicates meaningful potential upside, while the reduction may reflect more cautious valuation assumptions. Benzinga
• Neutral Sentiment: Investor commentary highlighted Procore’s SaaS model, operating leverage and merger-and-acquisition activity. The discussion reinforces the long-term growth thesis but also underscores the need for the company to execute in a volatile market. Procore Operating Leverage and M&A
• Negative Sentiment: Procore plans to acquire DroneDeploy for approximately $845 million in cash. The deal could expand Procore’s construction technology platform, but the sizable cash outlay introduces integration, execution and capital-allocation risks for investors. Procore to Acquire DroneDeploy

Procore Technologies Company Profile

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.