Procore Technologies (NYSE:PCOR) Stock Price Target Raised at Guggenheim

Procore Technologies (NYSE:PCOR) had its price objective hoisted by Guggenheim from $68.00 to $85.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued reports about the company. Citizens Jmp raised their price objective on Procore Technologies from $77.00 to $91.00 and gave the stock a “market outperform” rating in a research note on Thursday. UBS Group boosted their target price on Procore Technologies from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Barclays upped their target price on Procore Technologies from $60.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Citigroup reiterated a “market outperform” rating on shares of Procore Technologies in a research report on Monday, October 26th. Finally, TD Cowen lifted their price target on Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday. Eighteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $80.35.

Procore Technologies Stock Performance

Shares of NYSE:PCOR opened at $75.69 on Thursday. The stock 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 1-year low of $38.03 and a 1-year high of $82.32. The company has a 50 day moving average price of $57.29 and a 200 day moving average price of $53.44.

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, topping the consensus estimate of $0.46 by $0.05. The firm had revenue of $402.31 million for the quarter, compared to analyst estimates of $384.38 million. Procore Technologies had a negative net margin of 2.31% and a positive return on equity of 2.59%. The firm’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.42 earnings per share. On average, sell-side analysts expect that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other news, Chairman Craig Courtemanche, Jr. sold 56,122 shares of Procore Technologies stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $53.48, for a total transaction of $3,001,404.56. Following the transaction, the chairman owned 908,316 shares in the company, valued at approximately $48,576,739.68. The trade was a 5.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fred Fleming, Jr. sold 10,000 shares of the company’s 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 transaction, the senior vice president directly owned 104,981 shares in the company, valued at $6,188,629.95. The trade was a 8.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 206,885 shares of company stock valued at $11,601,918 in the last ninety days. Company insiders own 16.80% of the company’s stock.

Institutional Trading of Procore Technologies

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Procore Technologies during the 2nd quarter worth $300,345,000. Assenagon Asset Management S.A. boosted its holdings in Procore Technologies by 0.7% during the third quarter. Assenagon Asset Management S.A. now owns 4,430,657 shares of the company’s stock valued at $229,154,000 after acquiring an additional 32,494 shares during the period. Wellington Management Group LLP grew its position in shares of Procore Technologies by 8.2% in the second quarter. Wellington Management Group LLP now owns 3,450,671 shares of the company’s stock valued at $140,166,000 after purchasing an additional 260,314 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position 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 purchasing an additional 1,240,247 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in shares of Procore Technologies in the second quarter worth about $114,444,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Key Stories Impacting 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

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.