Scotiabank Has Bullish Outlook for PCOR FY2024 Earnings

Procore Technologies, Inc. (NYSE:PCOR) – Equities researchers at Scotiabank lifted their FY2024 earnings per share (EPS) estimates for shares of Procore Technologies in a research note issued on Wednesday, January 8th. Scotiabank analyst N. Altmann now forecasts that the company will post earnings per share of ($0.23) for the year, up from their previous estimate of ($0.30). Scotiabank has a “Sector Outperform” rating and a $85.00 price target on the stock. The consensus estimate for Procore Technologies’ current full-year earnings is ($0.23) per share. Scotiabank also issued estimates for Procore Technologies’ FY2025 earnings at ($0.24) EPS.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). The business had revenue of $295.89 million during the quarter, compared to analysts’ expectations of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%.

Several other research analysts also recently commented on PCOR. TD Cowen raised their price target on shares of Procore Technologies from $70.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. JMP Securities increased their price objective on Procore Technologies from $75.00 to $90.00 and gave the stock a “market outperform” rating in a research note on Monday, December 2nd. Mizuho raised their price objective on Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, December 13th. Jefferies Financial Group raised Procore Technologies from a “hold” rating to a “buy” rating and increased their price target for the stock from $80.00 to $100.00 in a research report on Monday. Finally, Baird R W raised shares of Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $86.00.

Procore Technologies Stock Performance

Procore Technologies stock opened at $76.32 on Friday. Procore Technologies has a twelve month low of $49.46 and a twelve month high of $86.67. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. The company’s 50-day moving average price is $76.24 and its 200-day moving average price is $66.74. The company has a market cap of $11.35 billion, a PE ratio of -152.64 and a beta of 0.83.

Insider Transactions at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 1,500 shares of Procore Technologies stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $76.18, for a total transaction of $114,270.00. Following the completion of the sale, the insider now owns 84,539 shares of the company’s stock, valued at approximately $6,440,181.02. The trade was a 1.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Connor Kevin J. O sold 33,332 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $81.93, for a total value of $2,730,890.76. Following the completion of the transaction, the director now directly owns 1,282,648 shares in the company, valued at $105,087,350.64. This represents a 2.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 142,693 shares of company stock worth $10,479,096. Insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

Institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. increased its position in Procore Technologies by 14.7% during the second quarter. Principal Financial Group Inc. now owns 9,176 shares of the company’s stock worth $608,000 after purchasing an additional 1,179 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Procore Technologies by 30.3% in the second quarter. Rhumbline Advisers now owns 143,687 shares of the company’s stock worth $9,528,000 after acquiring an additional 33,452 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Procore Technologies by 255.7% during the second quarter. Victory Capital Management Inc. now owns 60,465 shares of the company’s stock worth $4,009,000 after buying an additional 43,466 shares during the period. Arizona State Retirement System boosted its position in shares of Procore Technologies by 2.9% during the 2nd quarter. Arizona State Retirement System now owns 26,370 shares of the company’s stock worth $1,749,000 after acquiring an additional 737 shares in the last quarter. Finally, Quest Partners LLC raised its stake in Procore Technologies by 41,900.0% during the 2nd quarter. Quest Partners LLC now owns 7,140 shares of the company’s stock worth $473,000 after acquiring an additional 7,123 shares in the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

About Procore Technologies

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.