Procore Technologies, Inc. (NYSE:PCOR) to Post Q2 2024 Earnings of ($0.10) Per Share, DA Davidson Forecasts

Procore Technologies, Inc. (NYSE:PCOR) – DA Davidson issued their Q2 2024 earnings per share estimates for Procore Technologies in a report released on Thursday, May 2nd. DA Davidson analyst G. Luria expects that the company will post earnings of ($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.

PCOR has been the subject of a number of other reports. Piper Sandler reduced their price target on shares of Procore Technologies from $80.00 to $77.00 and set an “overweight” rating for the company in a research note on Thursday. Canaccord Genuity Group cut their target price on shares of Procore Technologies from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday. Stifel Nicolaus increased their price target on Procore Technologies from $64.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 16th. JPMorgan Chase & Co. raised their price target on Procore Technologies from $83.00 to $86.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, BMO Capital Markets reduced their price objective on Procore Technologies from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Procore Technologies presently has an average rating of “Moderate Buy” and an average price target of $81.79.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $68.14 on Monday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.49 and a current ratio of 1.49. The firm has a market cap of $9.87 billion, a price-to-earnings ratio of -70.98 and a beta of 0.78. The business has a 50-day simple moving average of $76.24 and a two-hundred day simple moving average of $68.93. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 15th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.13. The company had revenue of $260.04 million during the quarter, compared to analyst estimates of $248.20 million. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.37%.

Institutional Investors Weigh In On Procore Technologies

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Procore Technologies by 13.2% during the third quarter. Vanguard Group Inc. now owns 8,538,670 shares of the company’s stock valued at $557,746,000 after acquiring an additional 995,757 shares in the last quarter. California Public Employees Retirement System grew its position in shares of Procore Technologies by 31.8% during the third quarter. California Public Employees Retirement System now owns 139,326 shares of the company’s stock valued at $9,101,000 after purchasing an additional 33,590 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Procore Technologies by 1.9% in the third quarter. Rhumbline Advisers now owns 111,137 shares of the company’s stock worth $7,259,000 after purchasing an additional 2,073 shares during the last quarter. Lisanti Capital Growth LLC purchased a new stake in shares of Procore Technologies in the third quarter worth about $2,922,000. Finally, Nomura Asset Management Co. Ltd. bought a new position in Procore Technologies during the third quarter valued at approximately $7,328,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $68.97, for a total transaction of $4,689,960.00. Following the transaction, the chief executive officer now owns 530,049 shares of the company’s stock, valued at $36,557,479.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Connor Kevin J. O sold 5,128 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $71.79, for a total value of $368,139.12. Following the completion of the transaction, the director now owns 1,532,781 shares of the company’s stock, valued at $110,038,347.99. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $68.97, for a total value of $4,689,960.00. Following the sale, the chief executive officer now directly owns 530,049 shares in the company, valued at approximately $36,557,479.53. The disclosure for this sale can be found here. In the last ninety days, insiders sold 533,544 shares of company stock valued at $41,139,271. 39.20% of the stock is owned by corporate insiders.

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.