Procore Technologies (NYSE:PCOR) Price Target Raised to $90.00

Procore Technologies (NYSE:PCOR) had its target price boosted by equities research analysts at The Goldman Sachs Group from $70.00 to $90.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group‘s price objective indicates a potential upside of 18.09% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. DA Davidson set a $56.00 target price on shares of Procore Technologies in a research note on Monday, September 28th. Barclays raised their price target on shares of Procore Technologies from $60.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, October 12th. Piper Sandler lifted their price target on shares of Procore Technologies from $68.00 to $90.00 and gave the stock an “overweight” rating in a report on Thursday. Truist Financial set a $91.00 price objective on shares of Procore Technologies in a research report on Thursday. Finally, Citizens Jmp upped their price objective on shares of Procore Technologies from $77.00 to $91.00 and gave the company a “market outperform” rating in a research note on Thursday. Nineteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Procore Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $78.90.

Procore Technologies Price Performance

Shares of NYSE PCOR traded up $0.61 during trading on Thursday, hitting $76.21. 5,045,923 shares of the company were exchanged, compared to its average volume of 2,874,722. The company has a market cap of $11.58 billion, a price-to-earnings ratio of -329.29 and a beta of 0.75. Procore Technologies has a 1 year low of $38.03 and a 1 year high of $82.32. The firm’s fifty day moving average price is $56.99 and its 200 day moving average price is $53.40.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $384.38 million. Procore Technologies had a negative net margin of 2.31% and a positive return on equity of 2.59%. The business’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. On average, research analysts forecast that Procore Technologies will post 0.41 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Chairman Craig Courtemanche, Jr. sold 56,122 shares of the business’s stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $56.19, for a total transaction of $3,153,495.18. Following the completion of the sale, the chairman owned 908,316 shares of the company’s stock, valued at approximately $51,038,276.04. The trade was a 5.82% decrease in their ownership of the stock. The transaction 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, insider Benjamin Singer sold 3,943 shares of the company’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $63.35, for a total value of $249,789.05. Following the sale, the insider owned 86,931 shares of the company’s stock, valued at $5,507,078.85. This represents a 4.34% 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. Over the last quarter, insiders sold 206,885 shares of company stock worth $11,601,918. 16.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors have recently bought and sold shares of the business. Twin Tree Management LP purchased a new stake in Procore Technologies during the second quarter valued at about $40,000. Global Retirement Partners LLC purchased a new position in shares of Procore Technologies in the second quarter worth approximately $52,000. Versant Capital Management Inc raised its holdings in shares of Procore Technologies by 50.3% during the second quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock valued at $64,000 after acquiring an additional 529 shares during the period. Canton Hathaway LLC acquired a new stake in shares of Procore Technologies during the third quarter valued at approximately $69,000. Finally, Pinnacle Wealth Planning Services Inc. lifted its position in shares of Procore Technologies by 586.7% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 2,218 shares of the company’s stock valued at $115,000 after acquiring an additional 1,895 shares in the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies News Summary

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

• Positive Sentiment: Several firms raised their price targets: Loop Capital upgraded PCOR from Hold to Buy and set a $93 target; Citizens JMP raised its target to $91; and Piper Sandler, BTIG Research and Cantor Fitzgerald each lifted targets to $90. The cluster of higher targets and the Loop upgrade reinforce optimism about the stock. Loop Capital rating
• Positive Sentiment: Procore beat Q3 estimates, reporting adjusted earnings of $0.51 per share versus roughly $0.45–$0.46 expected, and revenue of $402.3 million versus about $384 million expected. Revenue rose 18.7% year over year, and management said revenue and margins exceeded the high end of its guidance. Procore Q3 results
• Positive Sentiment: The company also made Procore AI’s “digital coworkers” generally available, adding a product and adoption catalyst to the earnings news. Procore Q3 results
• Neutral Sentiment: Director Kevin O’Connor sold 7,692 shares for about $419,000 under a pre-arranged 10b5-1 plan. The sale reduced his holdings by 0.85%, and he retained more than 900,000 shares, limiting the significance of the transaction. Director share sale
• Neutral Sentiment: JPMorgan raised its price target to $74 while maintaining an Overweight rating; that target was below the share price cited in the report, contrasting with the more bullish revisions. JPMorgan rating

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.