Procore Technologies, Inc. (NYSE:PCOR), a leading provider of cloud-based construction management software, has garnered the attention of several prominent ratings firms. According to Bloomberg.com, fourteen firms have jointly bestowed upon Procore a consensus recommendation of “Moderate Buy.” Among these firms, twelve have given a buy rating, while two have settled for a hold rating.
The average 1-year price objective issued by brokerages in the past year stands at $72.21. This indicates an optimistic outlook on the company’s future performance and suggests potential growth opportunities for investors.
With its cloud-based construction management platform and related software products, Procore Technologies facilitates collaboration among various stakeholders involved in construction projects worldwide. Owners, general and specialty contractors, architects, and engineers benefit from the platform’s capabilities to enhance project planning, budgeting, estimating, bidding, and partner selection processes. Furthermore, Procore’s Project Management feature fosters real-time collaboration between teams on-site and in the back office by offering information storage solutions, design tools, BIM model clash-detection functionality, and regulatory compliance features.
Institutional investors have been actively engaging with Procore Technologies’ stock recently as well. Notably, Bank of New York Mellon Corp witnessed a staggering 311.8% increase in its position during the first quarter due to its acquisition of an additional 369,427 shares. This translated into a total of 487,908 shares held by Bank of New York Mellon Corp—an investment valued at approximately $28.28 million.
HighTower Advisors LLC also seized an opportunity to strengthen its holdings by acquiring an additional 3,959 shares during the first quarter—a move that raised their stake in Procore Technologies by 33.1% to reach a total of 15,927 shares worth around $924k.
Citigroup Inc.’s holdings in Procore Technologies experienced a significant expansion as well during the first quarter—an increase of 41.9%. This resulted from their acquisition of an additional 2,367 shares, bringing their total to 8,019 shares valued at approximately $465k.
PNC Financial Services Group Inc. demonstrated its trust in Procore’s potential by initiating a new stake estimated at $31k during the same period. Meanwhile, Bank of Montreal Can also joined the ranks of institutional investors by acquiring a new stake valued at roughly $2.46 million.
These investments by esteemed institutions highlight the confidence they hold in Procore Technologies and its cloud-based construction management platform. It is worth noting that approximately 82.32% of the company’s stock is currently owned by hedge funds and other institutional investors—an impressive testament to its perceived value and growth prospects.
As Procore Technologies continues to expand its product offerings, enhance collaboration capabilities, and optimize construction project management processes through its cloud-based platform, it is likely to attract further attention from investors and analysts alike. Its consensus recommendation of “Moderate Buy” only serves as a testament to the bright future that lies ahead for this innovative technology provider in the construction industry.
Bloomberg.com (insert date): article link
Procore Technologies, Inc.
Updated on: 05/07/2023
6:00 PM (UTC)
Date:03 July, 2023
|Analyst / firm||Rating|
|Loop Capital Markets||Buy|
Analysts Bullish on Procore Technologies as Research Firms Adjust Price Targets and Upgrade Ratings
Procore Technologies, a cloud-based construction management platform, has recently caught the attention of several research firms. Analysts from Stifel Nicolaus have decreased their price target for Procore Technologies shares from $79.00 to $67.00 in a recently published research report on May 4th. Similarly, JMP Securities reaffirmed their “market outperform” rating and set a $75.00 price target on the company’s shares in an April 17th research report.
DA Davidson, another research firm, also weighed in on Procore Technologies and raised their price target from $72.00 to $75.00 on June 23rd. KeyCorp researchers took a slightly different stance and lowered their target price for the stock from $86.00 to $76.00 while maintaining an “overweight” rating on April 19th.
The Goldman Sachs Group added to the positive outlook for Procore Technologies by upgrading their rating from “neutral” to “buy”. They also increased their target price for the company from $63.00 to $75.00 in a research note issued on May 4th.
In other news related to Procore Technologies, CEO Craig F. Jr. Courtemanche sold 24,200 shares of the company’s stock on May 1st at an average price of $53.81 per share, amounting to a total transaction value of $1,302,202. Following this sale, Courtemanche now holds approximately 3,536,085 shares in the company with an estimated value of $190,276,733.
Another interesting insider transaction was made by SVP William Fred Fleming Jr., who sold 2,496 shares of Procore Technologies stock on May 24th at an average price of $57.95 per share, totaling approximately $144,643.
Overall, insiders have sold approximately 133,049 shares of Procore Technologies stock worth $7,768,104 in the last ninety days. It is important to note that 39.20% of the company’s stock is owned by insiders.
Procore Technologies, Inc. provides a cloud-based construction management platform that enables collaboration between stakeholders such as owners, contractors, architects, and engineers involved in construction projects. Their platform offers various features including Preconstruction which aids in planning, budgeting, estimating, bidding, and partner selection phases of a project. Additionally, their Project Management feature allows for real-time collaboration and information storage for teams both on-site and in the office.
On Tuesday morning, shares of Procore Technologies (NYSE:PCOR) opened at $64.94. The company has a debt-to-equity ratio of 0.04 and a current ratio of 1.51. With a market capitalization of $9.11 billion and a P/E ratio of -32.15, Procore Technologies holds promise for investors. The stock has seen a fifty-two week low of $41.80 and a high of $68.68.
In regards to its recent financial performance disclosure on May 3rd, Procore Technologies reported earnings per share (EPS) of ($0.32) for the quarter—beating the consensus estimate by $0.13 and showing promise despite its negative net margin (-36.03%) and negative return on equity (-19:75%). The company generated revenue amounting to $213:53 million during the quarter compared to analysts’ expectations set at $203:24 million.
As we move forward into this fiscal year, equities research analysts are predicting that Procore Technologies will post EPS of -1:57—an outlook that suggests continued growth potential for this cloud-based construction management platform provider.