Procore Technologies, Inc. to Post Q2 2024 Earnings of ($0.10) Per Share, DA Davidson Forecasts (NYSE:PCOR)

Procore Technologies, Inc. (NYSE:PCOR) – Research analysts at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Procore Technologies in a research report issued to clients and investors on Thursday, May 2nd. DA Davidson analyst G. Luria expects that the company will post earnings of ($0.10) per share for the quarter. DA Davidson has a “Buy” rating and a $95.00 price target on the stock. The consensus estimate for Procore Technologies’ current full-year earnings is ($0.62) per share. DA Davidson also issued estimates for Procore Technologies’ FY2024 earnings at ($0.48) EPS and FY2025 earnings at ($0.26) EPS.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, February 15th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.13. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.37%. The business had revenue of $260.04 million for the quarter, compared to analyst estimates of $248.20 million.

A number of other equities research analysts have also commented on the company. KeyCorp increased their price target on Procore Technologies from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Stifel Nicolaus raised their target price on Procore Technologies from $64.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 16th. BMO Capital Markets cut their price target on Procore Technologies from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Thursday. Piper Sandler decreased their price objective on shares of Procore Technologies from $80.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Procore Technologies from $83.00 to $86.00 and gave the company an “overweight” rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.79.

Procore Technologies Price Performance

Shares of Procore Technologies stock opened at $68.14 on Monday. The stock has a market capitalization of $9.87 billion, a price-to-earnings ratio of -70.98 and a beta of 0.78. The firm’s 50-day moving average price is $76.24 and its two-hundred day moving average price is $68.93. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 0.04. Procore Technologies has a 1-year low of $48.11 and a 1-year high of $83.35.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently modified their holdings of PCOR. Vanguard Group Inc. raised its holdings in shares of Procore Technologies by 7.8% during the fourth quarter. Vanguard Group Inc. now owns 9,204,957 shares of the company’s stock worth $637,167,000 after acquiring an additional 666,287 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Procore Technologies by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 4,744,726 shares of the company’s stock valued at $309,926,000 after purchasing an additional 114,649 shares in the last quarter. Cadian Capital Management LP boosted its position in shares of Procore Technologies by 22.9% during the fourth quarter. Cadian Capital Management LP now owns 3,718,341 shares of the company’s stock worth $257,384,000 after buying an additional 692,218 shares during the period. Invesco Ltd. grew its holdings in shares of Procore Technologies by 32.8% during the third quarter. Invesco Ltd. now owns 2,398,257 shares of the company’s stock worth $156,654,000 after buying an additional 592,318 shares in the last quarter. Finally, Cerity Partners LLC raised its position in Procore Technologies by 4,290.2% in the 4th quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after buying an additional 1,303,804 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Benjamin C. Singer sold 3,000 shares of Procore Technologies stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $69.05, for a total transaction of $207,150.00. Following the completion of the sale, the insider now directly owns 122,321 shares of the company’s stock, valued at $8,446,265.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Benjamin C. Singer sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $69.05, for a total transaction of $207,150.00. Following the completion of the transaction, the insider now owns 122,321 shares in the company, valued at $8,446,265.05. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Craig F. Jr. Courtemanche sold 110,000 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $80.00, for a total transaction of $8,800,000.00. Following the completion of the sale, the chief executive officer now directly owns 532,749 shares of the company’s stock, valued at approximately $42,619,920. The disclosure for this sale can be found here. Insiders have sold a total of 533,544 shares of company stock valued at $41,139,271 in the last 90 days. 39.20% of the stock is owned by company insiders.

Procore Technologies Company Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.