Guggenheim Forecasts Strong Price Appreciation for Procore Technologies (NYSE:PCOR) Stock

Procore Technologies (NYSE:PCOR) had its price objective upped by equities researchers at Guggenheim from $68.00 to $85.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim‘s price objective would indicate a potential upside of 12.84% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. Barclays lifted their price objective on shares of Procore Technologies from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, October 12th. BTIG Research raised their price target on shares of Procore Technologies from $66.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday. BMO Capital Markets lifted their price target on shares of Procore Technologies from $56.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, July 31st. TD Cowen boosted their price objective on shares of Procore Technologies from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Monday. Finally, DA Davidson set a $56.00 price objective on shares of Procore Technologies in a research note on Monday, September 28th. Eighteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.35.

Procore Technologies Stock Down 0.4%

Shares of PCOR traded down $0.28 during mid-day trading on Thursday, hitting $75.33. The stock had a trading volume of 4,049,430 shares, compared to its average volume of 3,008,882. The company has a market cap of $11.45 billion, a PE ratio of -327.49 and a beta of 0.75. The company’s fifty day simple moving average is $57.53 and its two-hundred day simple moving average is $53.50. Procore Technologies has a fifty-two week low of $38.03 and a fifty-two week high of $80.40.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported $0.51 earnings per share 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 positive return on equity of 0.71% and a negative net margin of 2.73%. The business’s quarterly revenue was up 18.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.42 EPS. Equities analysts expect that Procore Technologies will post 0.44 earnings per share for the current year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, insider Benjamin Singer sold 2,586 shares of the firm’s stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $75.00, for a total value of $193,950.00. Following the sale, the insider directly owned 84,345 shares in the company, valued at approximately $6,325,875. This trade represents a 2.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $58.95, for a total transaction of $589,500.00. Following the transaction, the senior vice president directly owned 104,981 shares of the company’s stock, valued at approximately $6,188,629.95. This trade represents a 8.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 212,808 shares of company stock valued at $12,026,454 over the last three months. 16.80% of the stock is currently owned by company insiders.

Institutional Trading of Procore Technologies

Several hedge funds have recently bought and sold shares of the company. Strs Ohio boosted its stake in Procore Technologies by 9.1% during the 1st quarter. Strs Ohio now owns 2,996 shares of the company’s stock valued at $171,000 after purchasing an additional 251 shares during the period. Allworth Financial LP grew its position in Procore Technologies by 128.3% in the 3rd quarter. Allworth Financial LP now owns 799 shares of the company’s stock worth $41,000 after purchasing an additional 449 shares during the last quarter. Parallel Advisors LLC grew its position in Procore Technologies by 10.3% in the 3rd quarter. Parallel Advisors LLC now owns 5,264 shares of the company’s stock worth $272,000 after purchasing an additional 492 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of Procore Technologies by 50.3% in the second quarter. Versant Capital Management Inc now owns 1,581 shares of the company’s stock valued at $64,000 after purchasing an additional 529 shares during the period. Finally, Meeder Advisory Services Inc. increased its stake in shares of Procore Technologies by 23.2% in the first quarter. Meeder Advisory Services Inc. now owns 3,756 shares of the company’s stock valued at $214,000 after purchasing an additional 708 shares during the period. 81.10% of the stock is currently owned by institutional investors.

Key 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

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.