Scotiabank Has Bullish Estimate for PCOR FY2024 Earnings

Procore Technologies, Inc. (NYSE:PCOR) – Investment analysts at Scotiabank increased their FY2024 earnings per share (EPS) estimates for Procore Technologies in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst N. Altmann now anticipates that the company will earn ($0.23) per share for the year, up from their prior estimate of ($0.30). Scotiabank has a “Sector Outperform” rating and a $85.00 price objective 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 announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.11). Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%. The company had revenue of $295.89 million for the quarter, compared to analyst estimates of $287.42 million.

A number of other analysts also recently issued reports on the stock. Barclays raised their price target on shares of Procore Technologies from $66.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, November 22nd. Baird R W raised Procore Technologies to a “strong-buy” rating in a research note on Tuesday, September 24th. KeyCorp upped their price target on Procore Technologies from $68.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Robert W. Baird raised their price objective on Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Finally, DA Davidson upped their target price on shares of Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $86.00.

Procore Technologies Price Performance

PCOR stock opened at $75.00 on Friday. Procore Technologies has a 1 year low of $49.46 and a 1 year high of $86.67. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The firm has a market capitalization of $11.15 billion, a PE ratio of -150.00 and a beta of 0.83. The business has a 50 day simple moving average of $76.41 and a 200-day simple moving average of $66.82.

Insider Activity

In related news, SVP William Fred Fleming, Jr. sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $70.75, for a total value of $1,061,250.00. Following the completion of the transaction, the senior vice president now owns 75,120 shares of the company’s stock, valued at approximately $5,314,740. The trade was a 16.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.07, for a total transaction of $318,294.96. Following the sale, the director now owns 1,355,720 shares of the company’s stock, valued at approximately $84,149,540.40. This trade represents a 0.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 142,693 shares of company stock valued at $10,479,096 in the last three months. 29.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Institutional investors have recently bought and sold shares of the stock. Dragoneer Investment Group LLC grew its stake in Procore Technologies by 254.0% during the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after buying an additional 1,609,607 shares during the period. Wasatch Advisors LP boosted its position in Procore Technologies by 27,239.5% during the 3rd quarter. Wasatch Advisors LP now owns 1,581,318 shares of the company’s stock worth $97,599,000 after purchasing an additional 1,575,534 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Procore Technologies in the 3rd quarter valued at $88,572,000. XN LP raised its position in Procore Technologies by 101.1% in the second quarter. XN LP now owns 2,808,251 shares of the company’s stock valued at $186,215,000 after purchasing an additional 1,411,812 shares during the period. Finally, PointState Capital LP acquired a new position in shares of Procore Technologies during the third quarter worth about $81,306,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

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.