Procore Technologies (NYSE:PCOR) Given New $90.00 Price Target at Cantor Fitzgerald

Procore Technologies (NYSE:PCOR) had its target price raised by Cantor Fitzgerald from $70.00 to $90.00 in a research note issued to investors on Thursday,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.

Other analysts have also recently issued research reports about the company. Truist Financial set a $91.00 target price on Procore Technologies in a report on Thursday. Zacks Research downgraded shares of Procore Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. Mizuho set a $68.00 price target on shares of Procore Technologies in a report on Wednesday. DA Davidson set a $56.00 price target on shares of Procore Technologies in a research report on Monday, September 28th. Finally, TD Cowen lifted their price target on shares of Procore Technologies from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Monday. 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, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $80.35.

Procore Technologies Trading Up 0.1%

PCOR stock opened at $75.69 on Thursday. The stock has a 50-day moving average price of $57.29 and a two-hundred day moving average price of $53.44. Procore Technologies has a 12-month low of $38.03 and a 12-month high of $82.32. The company has a market cap of $11.50 billion, a PE 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 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.05. The company had revenue of $402.31 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business posted $0.42 EPS. Equities analysts forecast that Procore Technologies will post 0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP William Fleming, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $58.95, for a total value of $589,500.00. Following the completion of the sale, the senior vice president owned 104,981 shares in the company, valued at approximately $6,188,629.95. This trade represents a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Connor Kevin J. O sold 7,692 shares of the 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 completion of the sale, the director owned 900,594 shares of the company’s stock, valued at approximately $49,109,390.82. This trade represents a 0.85% 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. Insiders sold a total of 206,885 shares of company stock valued at $11,601,918 over the last ninety days. Insiders own 16.80% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Maryland State Retirement & Pension System grew its position 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 acquiring an additional 1,407 shares in the last quarter. Jefferies Financial Group Inc. raised its stake in shares of Procore Technologies by 304.8% during the third quarter. Jefferies Financial Group Inc. now owns 218,440 shares of the company’s stock valued at $11,298,000 after purchasing an additional 164,477 shares during the period. Illinois Municipal Retirement Fund acquired a new position in shares of Procore Technologies during the third quarter worth $1,387,000. Keybank National Association OH lifted its position in shares of 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 purchasing an additional 3,459 shares in the last quarter. Finally, New York Life Investment Management LLC lifted its position in shares of Procore Technologies by 26.7% during the third quarter. New York Life Investment Management LLC now owns 17,293 shares of the company’s stock worth $894,000 after purchasing an additional 3,640 shares in the last quarter. Hedge funds and other 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’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.