Procore Technologies (NYSE:PCOR) Reaches New 52-Week Low – Should You Sell?

Procore Technologies, Inc. (NYSE:PCOR)’s stock price hit a new 52-week low during trading on Wednesday . The company traded as low as $49.08 and last traded at $49.0290, with a volume of 313602 shares changing hands. The stock had previously closed at $52.45.

Analyst Ratings Changes

Several equities analysts recently weighed in on PCOR shares. Barclays upgraded Procore Technologies from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $82.00 to $90.00 in a research report on Monday, January 5th. UBS Group cut their price objective on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. BMO Capital Markets decreased their target price on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research report on Thursday, February 5th. BTIG Research reaffirmed a “buy” rating and set a $88.00 price target on shares of Procore Technologies in a research note on Wednesday, December 17th. Finally, KeyCorp decreased their price target on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $82.15.

Procore Technologies Trading Down 8.1%

The firm’s 50 day simple moving average is $68.81 and its 200-day simple moving average is $70.29. The company has a market capitalization of $7.49 billion, a PE ratio of -57.48 and a beta of 0.89. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.02.

Insider Activity

In other news, Director William J.G. Griffith sold 207,474 shares of the company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $72.30, for a total value of $15,000,370.20. Following the completion of the sale, the director owned 3,244,546 shares of the company’s stock, valued at $234,580,675.80. This represents a 6.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Lawrence Joseph Stack sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $75.30, for a total value of $753,000.00. Following the sale, the executive owned 184,128 shares in the company, valued at approximately $13,864,838.40. The trade was a 5.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 626,007 shares of company stock worth $45,195,098 in the last quarter. Insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of large investors have recently added to or reduced their stakes in PCOR. US Bancorp DE increased its position in Procore Technologies by 5.5% in the second quarter. US Bancorp DE now owns 21,638 shares of the company’s stock worth $1,480,000 after buying an additional 1,131 shares during the period. Principal Financial Group Inc. grew its position in shares of Procore Technologies by 12.2% during the third quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock worth $240,753,000 after acquiring an additional 360,207 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of Procore Technologies during the third quarter worth about $1,442,000. Federated Hermes Inc. increased its holdings in shares of Procore Technologies by 17.0% in the 2nd quarter. Federated Hermes Inc. now owns 304,219 shares of the company’s stock worth $20,815,000 after acquiring an additional 44,105 shares during the period. Finally, Stephens Investment Management Group LLC lifted its position in Procore Technologies by 19.6% in the 3rd quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company’s stock valued at $26,627,000 after purchasing an additional 59,923 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.