Procore Technologies (NYSE:PCOR) Issues Earnings Results

01 Nov 2024, 07:48 by Doug Wharley · The Cerbat Gem

Procore Technologies (NYSE:PCOR – Get Free Report) posted its quarterly earnings results on Wednesday. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11), reports. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.55%. The business had revenue of $295.89 million during the quarter, compared to analyst estimates of $287.42 million. Procore Technologies updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $65.66 on Friday. The company has a 50 day simple moving average of $59.99 and a two-hundred day simple moving average of $63.94. The stock has a market cap of $9.70 billion, a price-to-earnings ratio of -131.32 and a beta of 0.73. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03. Procore Technologies has a 12 month low of $48.11 and a 12 month high of $83.35.

Analyst Ratings Changes

A number of analysts have weighed in on the company. TD Cowen upped their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Monday. Baird R W raised Procore Technologies to a “strong-buy” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. reduced their target price on shares of Procore Technologies from $90.00 to $75.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Jefferies Financial Group raised their price target on shares of Procore Technologies from $60.00 to $65.00 and gave the company a “hold” rating in a report on Tuesday. Finally, Stifel Nicolaus reduced their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.94.

Check Out Our Latest Research Report on Procore Technologies

Insider Transactions at Procore Technologies

In related news, Director Connor Kevin J. O sold 25,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 1,380,078 shares of the company’s stock, valued at $79,395,887.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Connor Kevin J. O sold 25,000 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was 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 of the company’s stock, 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 SEC, which can be accessed through this hyperlink. Also, CEO Craig F. Jr. Courtemanche sold 22,993 shares of Procore Technologies stock in a transaction 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 directly owns 793,123 shares in the company, valued at $46,905,294.22. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 96,748 shares of company stock worth $5,661,056 over the last 90 days. 29.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds have recently made changes to their positions in PCOR. Kornitzer Capital Management Inc. KS raised its stake in Procore Technologies by 24.9% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 175,800 shares of the company’s stock valued at $10,850,000 after purchasing an additional 35,000 shares during the last quarter. Olympiad Research LP raised its position in shares of Procore Technologies by 42.4% in the third quarter. Olympiad Research LP now owns 9,899 shares of the company’s stock valued at $611,000 after buying an additional 2,947 shares during the last quarter. WoodTrust Financial Corp purchased a new position in shares of Procore Technologies in the third quarter worth about $201,000. Malaga Cove Capital LLC purchased a new position in shares of Procore Technologies in the third quarter worth about $277,000. Finally, Harbor Capital Advisors Inc. boosted its position in Procore Technologies by 184.9% during the third quarter. Harbor Capital Advisors Inc. now owns 83,747 shares of the company’s stock worth $5,169,000 after acquiring an additional 54,350 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.

About Procore Technologies

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