Scotiabank Has Optimistic Outlook of PCOR FY2024 Earnings

Procore Technologies, Inc. (NYSE:PCOR - Free Report) - Stock analysts at Scotiabank boosted their FY2024 earnings per share estimates for shares of Procore Technologies in a report issued on Wednesday, January 8th. Scotiabank analyst N. Altmann now anticipates that the company will post earnings of ($0.23) per share for the year, up from their previous estimate of ($0.30). Scotiabank currently has a "Sector Outperform" rating and a $85.00 target price 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 the company. JPMorgan Chase & Co. increased their target price on Procore Technologies from $85.00 to $92.00 and gave the stock an "overweight" rating in a research note on Monday, December 9th. Mizuho increased their target price on Procore Technologies from $65.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday, December 13th. Baird R W upgraded Procore Technologies to a "strong-buy" rating in a report on Tuesday, September 24th. UBS Group started coverage on Procore Technologies in a report on Monday, December 2nd. They issued a "buy" rating and a $105.00 price target on the stock. Finally, Barclays upped their price target on Procore Technologies from $66.00 to $78.00 and gave the stock an "equal weight" rating in a report on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Procore Technologies has an average rating of "Moderate Buy" and an average target price of $86.00.

Procore Technologies Stock Performance

Shares of PCOR stock traded down $1.32 during trading hours on Friday, reaching $75.00. 1,327,510 shares of the company's stock were exchanged, compared to its average volume of 1,173,818. The company has a market cap of $11.15 billion, a P/E ratio of -150.00 and a beta of 0.83. The company's 50 day moving average is $76.41 and its two-hundred day moving average is $66.82. 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.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Wednesday, October 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.11). The business had revenue of $295.89 million during the quarter, compared to the consensus estimate of $287.42 million. Procore Technologies had a negative return on equity of 2.51% and a negative net margin of 6.59%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC raised its position in Procore Technologies by 76.4% in the third quarter. GAMMA Investing LLC now owns 404 shares of the company's stock valued at $25,000 after purchasing an additional 175 shares during the period. V Square Quantitative Management LLC purchased a new position in Procore Technologies in the third quarter valued at about $26,000. Versant Capital Management Inc raised its position in Procore Technologies by 92.1% in the fourth quarter. Versant Capital Management Inc now owns 365 shares of the company's stock valued at $27,000 after purchasing an additional 175 shares during the period. International Assets Investment Management LLC raised its position in Procore Technologies by 6,069.2% in the third quarter. International Assets Investment Management LLC now owns 802 shares of the company's stock valued at $49,000 after purchasing an additional 789 shares during the period. Finally, Hilltop National Bank acquired a new stake in shares of Procore Technologies during the fourth quarter valued at about $53,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Craig F. Jr. Courtemanche sold 22,665 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $71.36, for a total value of $1,617,374.40. Following the transaction, the chief executive officer now directly owns 770,458 shares of the company's stock, valued at approximately $54,979,882.88. This trade represents a 2.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Connor Kevin J. O sold 5,128 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $62.07, for a total value of $318,294.96. Following the completion of the transaction, the director now directly owns 1,355,720 shares in the company, valued at $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 have sold a total of 142,693 shares of company stock valued at $10,479,096 in the last quarter. 29.00% of the stock is currently 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.