Andrew Sherman, an analyst from TD Cowen, maintained the Buy rating on Procore Technologies. The associated price target remains the same with $85.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Andrew Sherman has given his Buy rating due to a combination of factors including Procore Technologies’ expected revenue performance and strategic developments. Sherman anticipates a revenue beat and a slight increase in the full-year guidance, supported by a projected 20% growth in committed remaining performance obligations (cRPO). This growth is expected to be driven by stable retention trends and favorable duration adjustments.
Additionally, Sherman highlights the attractiveness of Procore’s valuation at approximately 7 times enterprise value to sales. The recent hiring of a new CEO and the company’s focus on expanding its go-to-market strategies are also seen as positive indicators. Furthermore, customer feedback indicates strong adoption and satisfaction with Procore’s platform, which is becoming essential in the construction industry. These factors collectively contribute to Sherman’s optimistic outlook on Procore Technologies’ stock.
In another report released on October 14, Piper Sandler also maintained a Buy rating on the stock with a $82.00 price target.
Based on the recent corporate insider activity of 96 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PCOR in relation to earlier this year.