Procore Technologies, Inc (PCOR) PT Raised to $105 at Goldman Sachs

Goldman Sachs analyst Kash Rangan raised the price target on Procore Technologies, Inc (NYSE: PCOR) to $105.00 (from $96.00) while maintaining a Neutral rating.

The analyst commented, "Procore is (1%) AH, after reporting strong 3Q21 results across all key metrics driven by continued momentum in the company's international business and financial management products alongside continuing improvement in the company's upsell and expansion motions. Despite ongoing macro headwinds including elevated commodity costs and labor shortages, backlog commentary remained positive, particularly with respect to mid-market and enterprise customers. Total revenue grew +30% yoy to $132mn, ahead of consensus of $126mn (+24% yoy) and accelerated vs +27% growth in 2Q21. Management guided 4Q21 revenues to $136mn-$138mn (+24% to 26% yoy), above consensus of +23% yoy growth."

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