Analyst Daniel Jester of BMO Capital maintained a Buy rating on Procore Technologies (PCOR – Research Report), with a price target of $95.00.
Daniel Jester has given his Buy rating due to a combination of factors surrounding Procore Technologies’ strategic positioning and future potential. The company is undergoing a CEO transition, with the founder moving to an Executive Chairman role, which is expected to bring in a strong operational leader with experience in scaling businesses. This transition is anticipated to enhance business momentum as Procore implements its revised go-to-market strategy.
Despite the recent decline in share prices, Jester believes this reaction is excessive given the reiterated guidance and the potential catalysts on the horizon, such as improved sales performance and the announcement of a new CEO. The company’s focus on the digitization of the construction industry positions it well for growth, making the current share price an attractive risk/reward opportunity for investors.
In another report released today, JMP Securities also maintained a Buy rating on the stock with a $95.00 price target.
Based on the recent corporate insider activity of 103 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.
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