Stock of the Day

November 20, 2023

Procore Technologies (PCOR)

$56.10
-$2.50 (-4.3%)
Market Cap: $8.55B

About Procore Technologies

Procore Technologies, Inc. engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office. The company also provides Workforce Management, that helps contractors to schedule, track, and forecast labor productivity, enhance time management, communication with workforces, and manage profitability on construction projects; Financial Management, which provides customers with visibility into the financial health of their individual construction projects and portfolios, as well as facilitates untethered access to financial data, linking the field, and the office in real-time; and Construction Intelligence, that allows customers to capture, manage, and learn from data for project and portfolio reporting, analytics, and artificial intelligence-guided workflows, as well as to monitor projects and drive informed decision-making for business needs. It serves owners, general contractors, and specialty contractors operating in the commercial, residential, industrial, and infrastructure segments of the construction industry. The company allow users to access its products on computers, smartphones, and tablets through any web browser or from its mobile application available for iOS and Android platforms through its direct sales team. Procore Technologies, Inc. was incorporated in 2002 and is headquartered in Carpinteria, California.

Today's Trend

Procore Technologies, Inc. (NYSE: PCOR) shares have decreased as investors digest a sizable insider sale, although recent analyst commentary and partnership news remain supportive. The stock is trading near its 50-day moving average and below recent analyst targets.

  • Cantor Fitzgerald raised its price target on Procore from $65 to $70 and maintained an “overweight” rating, implying roughly 24% upside from the referenced price. Cantor Fitzgerald price-target report
  • Procore selected COMPASS as its preferred subcontractor prequalification solution. The expanded partnership makes “Prequal for All” available to customers and could strengthen Procore’s platform offering for construction risk and project teams. Procore COMPASS partnership announcement
  • A recent investment view described Procore as modestly undervalued on cash flow, while arguing that 15% revenue growth during a construction downturn demonstrates market-share gains and could position the company to benefit from a recovery in nonresidential construction. Procore valuation analysis
  • Analysts maintain a broadly favorable view, with a consensus target of $69.44 and a “Moderate Buy” rating. However, targets vary considerably, including a recent $56 target from DA Davidson and a lowered $75 target from Jefferies. Procore analyst consensus report
  • Chairman Craig Courtemanche sold 56,122 shares for approximately $3.15 million, reducing his holdings by 5.82%. The transaction occurred under a pre-arranged Rule 10b5-1 plan, which lessens its signaling value, but the large sale may still weigh on sentiment. Procore insider sale report
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