Earnings Estimates Rising for Procore Technologies (PCOR): Will It Gain?

Procore Technologies (PCOR) could be a solid choice for investors given the company's remarkably improving earnings outlook. While the stock has been a strong performer lately, this trend might continue since analysts are still raising their earnings estimates for the company.The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this construction management software, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- is principally built on this insight.The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.Consensus earnings estimates for the next quarter and full year have moved considerably higher for Procore Technologies, as there has been strong agreement among the covering analysts in raising estimates.Current-Quarter Estimate RevisionsThe company is expected to earn $0.11 per share for the current quarter, which represents a year-over-year change of -35.29%.The Zacks Consensus Estimate for Procore Technologies has increased 14.29% over the last 30 days, as four estimates have gone higher while one has gone lower.Current-Year Estimate RevisionsFor the full year, the earnings estimate of $1.03 per share represents a change of +243.33% from the year-ago number.In terms of estimate revisions, the trend for the current year also appears quite encouraging for Procore Technologies. Over the past month, six estimates have moved higher compared to one negative revision, helping the consensus estimate increase 19.64%.Favorable Zacks RankThanks to promising estimate revisions, Procore Technologies currently carries a Zacks Rank #2 (Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.Bottom LineInvestors have been betting on Procore Technologies because of its solid estimate revisions, as evident from the stock's 12.9% gain over the past four weeks. As its earnings growth prospects might push the stock higher, you may consider adding it to your portfolio right away.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Procore Technologies, Inc. (PCOR): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks