Research Analysts Issue Forecasts for Procore Technologies, Inc.’s Q2 2024 Earnings (NYSE:PCOR)

Procore Technologies, Inc. (NYSE:PCOR) – Investment analysts at DA Davidson issued their Q2 2024 earnings per share estimates for Procore Technologies in a research note issued on Thursday, May 2nd. DA Davidson analyst G. Luria expects that the company will earn ($0.10) per share for the quarter. DA Davidson has a “Buy” rating and a $95.00 price objective on the stock. The consensus estimate for Procore Technologies’ current full-year earnings is ($0.62) per share. DA Davidson also issued estimates for Procore Technologies’ FY2024 earnings at ($0.48) EPS and FY2025 earnings at ($0.26) EPS.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Thursday, February 15th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.13. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. The company had revenue of $260.04 million during the quarter, compared to analyst estimates of $248.20 million.

PCOR has been the topic of several other research reports. KeyCorp upped their price target on Procore Technologies from $85.00 to $95.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. Barclays reduced their price target on Procore Technologies from $83.00 to $78.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. The Goldman Sachs Group upped their price target on shares of Procore Technologies from $74.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Mizuho reduced their price objective on shares of Procore Technologies from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Finally, Stifel Nicolaus lifted their target price on shares of Procore Technologies from $64.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $81.79.

Procore Technologies Price Performance

Shares of PCOR opened at $68.49 on Monday. The firm’s 50-day simple moving average is $76.24 and its two-hundred day simple moving average is $68.93. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The stock has a market cap of $9.93 billion, a PE ratio of -71.09 and a beta of 0.78. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.61.

Institutional Investors Weigh In On Procore Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Xponance Inc. lifted its stake in shares of Procore Technologies by 4.4% during the 3rd quarter. Xponance Inc. now owns 11,364 shares of the company’s stock valued at $742,000 after buying an additional 481 shares in the last quarter. Raymond James & Associates purchased a new position in shares of Procore Technologies in the third quarter valued at about $261,000. Raymond James Financial Services Advisors Inc. bought a new position in shares of Procore Technologies in the third quarter worth about $304,000. Bank of New York Mellon Corp grew its position in shares of Procore Technologies by 3.9% during the third quarter. Bank of New York Mellon Corp now owns 454,477 shares of the company’s stock worth $29,686,000 after purchasing an additional 17,111 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Procore Technologies by 32.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,425 shares of the company’s stock valued at $1,073,000 after purchasing an additional 3,992 shares during the period. Institutional investors own 81.10% of the company’s stock.

Insider Transactions at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 3,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $69.05, for a total transaction of $207,150.00. Following the completion of the sale, the insider now directly owns 122,321 shares in the company, valued at approximately $8,446,265.05. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Benjamin C. Singer sold 3,000 shares of Procore Technologies stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $69.05, for a total transaction of $207,150.00. Following the transaction, the insider now owns 122,321 shares in the company, valued at approximately $8,446,265.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP William Fred Fleming, Jr. sold 6,041 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $73.90, for a total value of $446,429.90. Following the completion of the sale, the senior vice president now owns 77,768 shares of the company’s stock, valued at $5,747,055.20. The disclosure for this sale can be found here. Insiders have sold a total of 533,544 shares of company stock worth $41,139,271 in the last ninety days. Insiders own 39.20% 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.