Scotiabank Has Positive Forecast for PCOR FY2024 Earnings

Procore Technologies, Inc. (NYSE:PCOR) – Equities research analysts at Scotiabank increased 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 anticipates that the company will post earnings per share of ($0.23) for the year, up from their previous estimate of ($0.30). Scotiabank currently 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.

A number of other equities analysts also recently issued reports on PCOR. The Goldman Sachs Group increased their target price on Procore Technologies from $73.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. TD Cowen raised their target price on Procore Technologies from $70.00 to $82.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Mizuho upped their price target on shares of Procore Technologies from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Canaccord Genuity Group raised their price objective on shares of Procore Technologies from $67.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Finally, UBS Group began coverage on shares of Procore Technologies in a report on Monday, December 2nd. They set a “buy” rating and a $105.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Procore Technologies currently has an average rating of “Moderate Buy” and an average target price of $86.00.

Procore Technologies Trading Up 0.6 %

NYSE PCOR opened at $76.32 on Friday. 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 stock has a market capitalization of $11.35 billion, a P/E ratio of -152.64 and a beta of 0.83. Procore Technologies has a 52-week low of $49.46 and a 52-week high of $86.67. The firm has a 50-day moving average price of $76.24 and a 200 day moving average price of $66.74.

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

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently added to or reduced their stakes in the stock. Westfield Capital Management Co. LP lifted its stake in Procore Technologies by 39.2% during the third quarter. Westfield Capital Management Co. LP now owns 966,215 shares of the company’s stock valued at $59,635,000 after purchasing an additional 272,030 shares during the last quarter. Barclays PLC boosted its position in Procore Technologies by 49.1% during the third quarter. Barclays PLC now owns 69,012 shares of the company’s stock worth $4,259,000 after purchasing an additional 22,734 shares during the period. Advantage Alpha Capital Partners LP increased its stake in shares of Procore Technologies by 30.2% in the third quarter. Advantage Alpha Capital Partners LP now owns 126,783 shares of the company’s stock worth $7,825,000 after purchasing an additional 29,431 shares during the period. Pathstone Holdings LLC boosted its holdings in Procore Technologies by 804.3% in the 3rd quarter. Pathstone Holdings LLC now owns 145,802 shares of the company’s stock valued at $8,999,000 after purchasing an additional 129,679 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Procore Technologies by 10.9% during the third quarter. Geode Capital Management LLC now owns 1,716,432 shares of the company’s stock valued at $105,967,000 after purchasing an additional 168,769 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Procore Technologies news, SVP William Fred Fleming, Jr. sold 15,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $70.75, for a total transaction of $1,061,250.00. Following the completion of the sale, the senior vice president now directly owns 75,120 shares in the company, valued at $5,314,740. This represents a 16.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Connor Kevin J. O sold 33,332 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $81.93, for a total transaction of $2,730,890.76. Following the completion of the sale, the director now directly owns 1,282,648 shares of the company’s stock, valued at $105,087,350.64. This trade represents a 2.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 142,693 shares of company stock valued at $10,479,096 over the last 90 days. Insiders own 29.00% of the company’s stock.

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.