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Procore Technologies Expected to Achieve Revenue Growth and Increase Operating Margin

By Don Francis, Editor
February 10, 2024 9:46 AM UTC
Procore Technologies Expected to Achieve Revenue Growth and Increase Operating Margin

KeyBanc's Jason Celino raised their price target on Procore Technologies (NYSE: PCOR) by 10.4% from $77 to $85 on February 9, 2024. The analyst maintained their Strong Buy rating on the stock. Celino's positive outlook on Procore Technologies comes ahead of the company's upcoming Q4 and FY 2023 earnings release scheduled for February 15, 2024. The analyst predicts that Procore Technologies may improve its revenue and operating margin, as well as achieve "somewhat better" 22.5% cRPO growth.

While Celino remains bullish on Procore Technologies, the analyst made a downward revision to their price target for Paylocity Holding Corp (NASDAQ: PCTY). On February 9, Celino lowered the price target on Paylocity Holding Corp by -5.6%, from $197 to $186. However, the analyst maintained their Strong Buy rating on the stock.

According to the latest data, 85.7% of top-rated analysts currently rate Procore Technologies as a Strong Buy or Buy, while 14.3% see it as a Hold. None of the analysts recommend or strongly recommend selling the stock. This indicates a generally positive sentiment among experts regarding the company's future prospects.

In terms of performance, Procore Technologies has shown strong year-over-year growth, with the stock up 27.4%. Comparatively, the S&P 500 has seen a rise of 23.2% during the same period. This suggests that Procore Technologies has outperformed the broader market, further supporting the analyst's bullish stance.

KeyBanc analyst Jason Celino, who issued the revised price target and rating for Procore Technologies, is ranked in the top 9% out of 4,470 Wall Street analysts by WallStreetZen. With an average return of 6.7% and a 65.6% win rate, Celino specializes in analyzing the Industrials and Real Estate sectors, among others.

Procore Technologies, Inc. offers a cloud-based, Software-as-a-Service (SaaS) construction management platform to customers in the United States and internationally. The platform provides a range of functions including Design Coordination, BIM, Field Productivity, Project Financials, Invoice Management, Portfolio Financials, Capital Planning, Accounting Integrations, and Analytics. The company was incorporated in 2002 and is headquartered in Carpinteria, California.

Is Procore Technologies a Buy, Hold or Sell?

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