Macquarie Begins Coverage of Procore Technologies (PCOR) with a Neutral Rating

Fintel reports that on June 5, 2024, Macquarie initiated coverage of Procore Technologies (NYSE:PCOR) with a Neutral recommendation.

Analyst Price Forecast Suggests 27.17% Upside

As of June 1, 2024, the average one-year price target for Procore Technologies is 84.24. The forecasts range from a low of 72.72 to a high of $97.65. The average price target represents an increase of 27.17% from its latest reported closing price of 66.24.

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The projected annual revenue for Procore Technologies is 1,080MM, an increase of 7.37%. The projected annual non-GAAP EPS is -0.41.

What is the Fund Sentiment?

There are 715 funds or institutions reporting positions in Procore Technologies. This is an increase of 40 owner(s) or 5.93% in the last quarter. Average portfolio weight of all funds dedicated to PCOR is 0.53%, an increase of 4.31%. Total shares owned by institutions decreased in the last three months by 0.86% to 132,846K shares. The put/call ratio of PCOR is 0.44, indicating a bullish outlook.

What are Other Shareholders Doing?

ICONIQ Capital holds 32,494K shares representing 22.21% ownership of the company. In its prior filing, the firm reported owning 33,806K shares , representing a decrease of 4.04%. The firm increased its portfolio allocation in PCOR by 6.53% over the last quarter.

Price T Rowe Associates holds 8,717K shares representing 5.96% ownership of the company. In its prior filing, the firm reported owning 9,065K shares , representing a decrease of 3.99%. The firm increased its portfolio allocation in PCOR by 4.13% over the last quarter.

PRNHX – T. Rowe Price New Horizons Fund holds 6,610K shares representing 4.52% ownership of the company. In its prior filing, the firm reported owning 6,995K shares , representing a decrease of 5.82%. The firm increased its portfolio allocation in PCOR by 10.35% over the last quarter.

Jpmorgan Chase holds 4,788K shares representing 3.27% ownership of the company. In its prior filing, the firm reported owning 5,376K shares , representing a decrease of 12.28%. The firm decreased its portfolio allocation in PCOR by 89.63% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 2,956K shares representing 2.02% ownership of the company. In its prior filing, the firm reported owning 2,959K shares , representing a decrease of 0.08%. The firm increased its portfolio allocation in PCOR by 8.14% over the last quarter.

Procore Technologies Background Information
(This description is provided by the company.)

Procore is a leading provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore’s platform. Procore’s platform connects key project stakeholders to solutions Procore has built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore’s Marketplace has a multitude of partner solutions that integrate seamlessly with Procore’s platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe.

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This story originally appeared on Fintel.

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