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

Procore Technologies (NYSE:PCOR) had its price target hoisted by Barclays from $62.00 to $85.00 in a research note published on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts also recently issued reports on PCOR. Zacks Research downgraded shares of Procore Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. Citizens Jmp increased their price target on shares of Procore Technologies from $77.00 to $91.00 and gave the stock a “market outperform” rating in a report on Thursday. Cantor Fitzgerald boosted their price objective on Procore Technologies from $70.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday. JPMorgan Chase & Co. increased their price target on shares of Procore Technologies from $69.00 to $74.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Jefferies Financial Group decreased their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, July 21st. Eighteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and an average price target of $80.35.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $75.69 on Thursday. Procore Technologies has a 52-week low of $38.03 and a 52-week high of $82.32. The stock has a 50 day moving average price of $57.29 and a 200 day moving average price of $53.44. The firm has a market capitalization of $11.50 billion, a price-to-earnings ratio of -329.09 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.05. Procore Technologies had a positive return on equity of 2.59% and a negative net margin of 2.31%. The firm had revenue of $402.31 million during the quarter, compared to the consensus estimate of $384.38 million. During the same period in the previous year, the company posted $0.42 earnings per share. The firm’s quarterly revenue was up 18.7% on a year-over-year basis. Analysts forecast that Procore Technologies will post 0.41 earnings per share for the current year.

Insider Activity

In other news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $56.19, for a total value of $3,153,495.18. Following the sale, the chairman directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP William Fleming, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the transaction, the senior vice president owned 104,981 shares in the company, valued at $6,188,629.95. This trade represents a 8.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 206,885 shares of company stock worth $11,601,918. 16.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCOR. Maryland State Retirement & Pension System boosted its holdings in Procore Technologies by 25.2% in the third quarter. Maryland State Retirement & Pension System now owns 6,998 shares of the company’s stock valued at $362,000 after purchasing an additional 1,407 shares during the period. Jefferies Financial Group Inc. boosted its holdings in shares of Procore Technologies by 304.8% in the 3rd quarter. Jefferies Financial Group Inc. now owns 218,440 shares of the company’s stock valued at $11,298,000 after buying an additional 164,477 shares in the last quarter. Illinois Municipal Retirement Fund purchased a new position in shares of Procore Technologies during the third quarter worth about $1,387,000. Keybank National Association OH increased its position in Procore Technologies by 39.0% during the third quarter. Keybank National Association OH now owns 12,334 shares of the company’s stock worth $638,000 after buying an additional 3,459 shares during the period. Finally, New York Life Investment Management LLC raised its position in Procore Technologies by 26.7% in the 3rd quarter. New York Life Investment Management LLC now owns 17,293 shares of the company’s stock valued at $894,000 after purchasing an additional 3,640 shares during the last quarter. 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’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

Procore Technologies Company Profile

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.