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

Procore Technologies (NYSE:PCOR) had its price objective lifted by equities researchers at Barclays from $62.00 to $85.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective indicates a potential upside of 12.84% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the company. Mizuho set a $68.00 target price on Procore Technologies in a research report on Wednesday. Griffin Securities started coverage on Procore Technologies in a report on Wednesday, October 28th. They issued a “buy” rating and a $82.00 price target on the stock. Piper Sandler lifted their price objective on Procore Technologies from $68.00 to $90.00 and gave the stock an “overweight” rating in a research report on Thursday. JPMorgan Chase & Co. upped their target price 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, The Goldman Sachs Group raised their price target on Procore Technologies from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday. Eighteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $80.35.

Procore Technologies Stock Down 0.4%

PCOR stock traded down $0.28 during trading on Thursday, hitting $75.33. The company had a trading volume of 4,049,430 shares, compared to its average volume of 3,008,882. The firm has a 50-day moving average price of $57.53 and a 200-day moving average price of $53.50. Procore Technologies has a 12 month low of $38.03 and a 12 month high of $80.40. The stock has a market cap of $11.45 billion, a price-to-earnings ratio of -327.49 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates 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 positive return on equity of 0.71% and a negative net margin of 2.73%. The business’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same period last year, the company earned $0.42 EPS. Equities analysts expect that Procore Technologies will post 0.44 EPS for the current year.

Insider Activity

In other Procore Technologies news, insider Benjamin C. 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 value of $249,789.05. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $54.53, for a total value of $419,444.76. Following the transaction, the director owned 900,594 shares in the company, valued at $49,109,390.82. This trade represents a 0.85% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 212,808 shares of company stock valued at $12,026,454. Company insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Diversified Trust Co bought a new stake in shares of Procore Technologies during the third quarter worth $339,000. Aberdeen Group plc bought a new stake in Procore Technologies in the 3rd quarter valued at $17,688,000. William Blair Investment Management LLC bought a new stake in Procore Technologies in the 3rd quarter valued at $86,864,000. Marble Harbor Investment Counsel LLC boosted its stake in Procore Technologies by 7.1% in the 3rd quarter. Marble Harbor Investment Counsel LLC now owns 136,848 shares of the company’s stock worth $7,078,000 after purchasing an additional 9,087 shares during the period. Finally, Allworth Financial LP increased its holdings in Procore Technologies by 128.3% during the 3rd quarter. Allworth Financial LP now owns 799 shares of the company’s stock worth $41,000 after purchasing an additional 449 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

More Procore Technologies News

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

• Positive Sentiment: Procore reported Q3 earnings of $0.51 per share, topping estimates of about $0.45–$0.46. Revenue rose 18.7% year over year to $402.3 million, also exceeding expectations. Shares climbed 12.4% following the earnings beat. Procore shares climb following earnings beat
• Positive Sentiment: Several firms raised their price targets and maintained or issued bullish ratings. Citizens JMP lifted its target to $91, while UBS raised its target to $95 and reiterated Buy; Loop Capital also upgraded the stock from Hold to Buy with a $93 target. These actions signal stronger analyst confidence after the results. Citizens JMP raises Procore price target
• Neutral Sentiment: A Procore director sold 7,692 shares under a pre-arranged Rule 10b5-1 trading plan. The sale was a small reduction in his holdings, which remained substantial after the transaction. 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.