Scotiabank Has Positive Estimate for PCOR FY2024 Earnings

Procore Technologies, Inc. (NYSE:PCOR) – Equities research analysts at Scotiabank boosted their FY2024 EPS estimates for shares of Procore Technologies in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst N. Altmann now forecasts that the company will earn ($0.23) per share for the year, up from their prior 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.

Several other equities research analysts have also weighed in on PCOR. Jefferies Financial Group upgraded shares of Procore Technologies from a “hold” rating to a “buy” rating and increased their price objective for the stock from $80.00 to $100.00 in a research note on Monday, January 6th. BMO Capital Markets raised their target price on Procore Technologies from $71.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. TD Cowen boosted their price target on Procore Technologies from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. UBS Group began coverage on Procore Technologies in a report on Monday, December 2nd. They set a “buy” rating and a $105.00 price target on the stock. Finally, JMP Securities upped their price objective on shares of Procore Technologies from $75.00 to $90.00 and gave the stock a “market outperform” rating in a report on Monday, December 2nd. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $86.00.

Procore Technologies Stock Performance

Procore Technologies stock opened at $75.00 on Friday. 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 has a 12 month low of $49.46 and a 12 month high of $86.67. The company has a fifty day moving average price of $76.41 and a two-hundred day moving average price of $66.82. The company has a market cap of $11.15 billion, a PE ratio of -150.00 and a beta of 0.83.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Wednesday, October 30th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate 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 during the quarter, compared to analyst estimates of $287.42 million.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PCOR. Westfield Capital Management Co. LP raised its position 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 acquiring an additional 272,030 shares in the last quarter. Barclays PLC raised its holdings in shares of Procore Technologies by 49.1% during the 3rd quarter. Barclays PLC now owns 69,012 shares of the company’s stock valued at $4,259,000 after purchasing an additional 22,734 shares in the last quarter. Advantage Alpha Capital Partners LP lifted its stake in shares of Procore Technologies by 30.2% in the 3rd quarter. Advantage Alpha Capital Partners LP now owns 126,783 shares of the company’s stock valued at $7,825,000 after purchasing an additional 29,431 shares during the last quarter. Pathstone Holdings LLC boosted its holdings in Procore Technologies by 804.3% in the third quarter. Pathstone Holdings LLC now owns 145,802 shares of the company’s stock worth $8,999,000 after purchasing an additional 129,679 shares in the last quarter. Finally, Diversified Trust Co increased its position in Procore Technologies by 157.1% during the fourth quarter. Diversified Trust Co now owns 50,649 shares of the company’s stock worth $3,795,000 after buying an additional 30,948 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

Insider Transactions at Procore Technologies

In other news, Director Connor Kevin J. O sold 5,128 shares of the firm’s 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 sale, the director now owns 1,355,720 shares of the company’s stock, valued at $84,149,540.40. This trade represents a 0.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP William Fred Fleming, Jr. sold 15,000 shares of the company’s stock in a transaction on 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 transaction, the senior vice president now directly owns 75,120 shares in the company, valued at $5,314,740. The trade was a 16.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 142,693 shares of company stock valued at $10,479,096 over the last three months. Company 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.