Procore Technologies Analysts Increase Their Forecasts After Strong Results

Procore Technologies, Inc. PCOR reported better-than-expected fourth-quarter financial results on Thursday.

Procore Technologies posted adjusted earnings of 17 cents per share, beating market estimates of 7 cents per share. The company’s quarterly sales came in at $260.04 million versus expectations of $248.27 million, according to data from Benzinga Pro.

"2023 was a year of milestones at Procore as we surpassed $1B in total annual recurring revenue, reaffirmed our status as one of the best places to work in technology, and delivered numerous innovations on the platform," said Tooey Courtemanche, Founder and CEO of Procore. "Our continued evolution leaves me optimistic about our ability to achieve our vision of improving the lives of everyone in construction."

Procore Technologies shares gained 0.8% to trade at $75.18 on Friday.

These analysts made changes to their price targets Procore Technologies after the company reported quarterly results.

• Piper Sandler raised the price target on Procore Technologies from $77 to $80. Piper Sandler analyst Brent Bracelin maintained an Overweight rating.
• Keybanc increased the price target on Procore Technologies from $85 to $95. Keybanc analyst Jason Celino maintained an Overweight rating.

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