DA Davidson Has Optimistic Outlook of PCOR FY2024 Earnings

Procore Technologies, Inc. (NYSE:PCOR) – Analysts at DA Davidson raised their FY2024 earnings estimates for Procore Technologies in a research note issued to investors on Thursday, October 31st. DA Davidson analyst G. Luria now expects that the company will earn ($0.23) per share for the year, up from their prior estimate of ($0.27). DA Davidson currently has a “Neutral” rating and a $60.00 target price on the stock. The consensus estimate for Procore Technologies’ current full-year earnings is ($0.28) per share. DA Davidson also issued estimates for Procore Technologies’ FY2025 earnings at ($0.22) EPS.

Other analysts have also recently issued reports about the stock. BMO Capital Markets lowered their price objective on shares of Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. cut their price objective on Procore Technologies from $90.00 to $75.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Jefferies Financial Group lifted their price objective on Procore Technologies from $60.00 to $65.00 and gave the company a “hold” rating in a research note on Tuesday, October 29th. Scotiabank dropped their target price on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Finally, Stifel Nicolaus reduced their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $69.94.

Procore Technologies Stock Performance

Procore Technologies stock opened at $67.07 on Monday. The stock has a fifty day moving average price of $60.20 and a 200 day moving average price of $63.75. Procore Technologies has a 52 week low of $49.46 and a 52 week high of $83.35. The firm has a market capitalization of $9.97 billion, a P/E ratio of -134.14 and a beta of 0.71. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last issued 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). The business had revenue of $295.89 million for 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%.

Insider Buying and Selling

In related news, Director Connor Kevin J. O sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $57.53, for a total transaction of $1,438,250.00. Following the completion of the transaction, the director now owns 1,380,078 shares in the company, valued at $79,395,887.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Procore Technologies news, Director Connor Kevin J. O sold 25,000 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $57.53, for a total value of $1,438,250.00. Following the completion of the transaction, the director now owns 1,380,078 shares in the company, valued at approximately $79,395,887.34. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Craig F. Jr. Courtemanche sold 22,993 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $1,359,806.02. Following the completion of the sale, the chief executive officer now owns 793,123 shares in the company, valued at $46,905,294.22. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 102,573 shares of company stock worth $6,083,333 over the last quarter. 29.00% of the stock is owned by company insiders.

Institutional Trading of Procore Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in PCOR. GAMMA Investing LLC lifted its holdings in shares of 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 buying an additional 175 shares during the period. V Square Quantitative Management LLC acquired a new stake in Procore Technologies in the 3rd quarter valued at about $26,000. Signaturefd LLC boosted its position in shares of Procore Technologies by 52.0% during the 2nd quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after purchasing an additional 216 shares in the last quarter. Rothschild Investment LLC acquired a new position in shares of Procore Technologies in the 2nd quarter worth approximately $51,000. Finally, International Assets Investment Management LLC raised its holdings in shares of Procore Technologies by 6,069.2% in the 3rd quarter. International Assets Investment Management LLC now owns 802 shares of the company’s stock worth $49,000 after purchasing an additional 789 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

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.