Procore Technologies (NYSE:PCOR) Stock Gets Price Target Boost from UBS Group

Procore Technologies (NYSE:PCOR) had its price objective raised by investment analysts at UBS Group from $80.00 to $95.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group‘s price objective suggests a potential upside of 25.51% from the company’s current price.

Several other brokerages have also issued reports on PCOR. Zacks Research lowered shares of Procore Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. Guggenheim increased their target price on shares of Procore Technologies from $68.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday. Weiss Ratings raised shares of Procore Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 23rd. JPMorgan Chase & Co. lifted their price target on shares of Procore Technologies from $69.00 to $74.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Piper Sandler boosted their price target on shares of Procore Technologies from $68.00 to $90.00 and gave the company an “overweight” 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 given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $80.95.

Procore Technologies Trading Up 0.1%

PCOR stock traded up $0.09 during midday trading on Thursday, hitting $75.69. 9,407,261 shares of the company’s stock were exchanged, compared to its average volume of 2,895,988. Procore Technologies has a 1-year low of $38.03 and a 1-year high of $82.32. The stock has a market capitalization of $11.50 billion, a PE ratio of -329.09 and a beta of 0.75. The business has a 50-day simple moving average of $56.99 and a two-hundred day simple moving average of $53.40.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.46 by $0.05. The business had revenue of $402.31 million for the quarter, compared to analyst estimates of $384.38 million. Procore Technologies had a positive return on equity of 2.59% and a negative net margin of 2.31%. The company’s quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.42 EPS. As a group, research analysts expect that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In other news, Chairman Craig Courtemanche, Jr. sold 56,122 shares of the stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $56.19, for a total transaction of $3,153,495.18. Following the sale, the chairman owned 908,316 shares of the company’s stock, valued at approximately $51,038,276.04. This represents a 5.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin Singer sold 3,943 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $63.35, for a total transaction of $249,789.05. Following the sale, the insider directly owned 86,931 shares in the company, valued at $5,507,078.85. This represents a 4.34% 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. Over the last three months, insiders sold 206,885 shares of company stock valued at $11,601,918. 16.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Procore Technologies in the 2nd quarter valued at approximately $300,345,000. Assenagon Asset Management S.A. grew its stake in shares of Procore Technologies by 0.7% in the third quarter. Assenagon Asset Management S.A. now owns 4,430,657 shares of the company’s stock worth $229,154,000 after acquiring an additional 32,494 shares in the last quarter. Wellington Management Group LLP grew its stake 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 worth $140,166,000 after acquiring an additional 260,314 shares in the last quarter. Arrowstreet Capital Limited Partnership grew 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 acquiring an additional 1,240,247 shares in the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Procore Technologies during the second quarter worth $114,444,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about 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.