Procore Technologies (NYSE:PCOR) Stock Rating Lowered by Zacks Research

Procore Technologies (NYSE:PCOR) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Tuesday,Zacks.com reports.

Other analysts also recently issued reports about the company. TD Cowen raised their target price on Procore Technologies from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Piper Sandler reduced their price objective on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. DA Davidson lowered their target price on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. The Goldman Sachs Group cut their target price on Procore Technologies from $90.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, February 9th. Finally, BMO Capital Markets decreased their price target on shares of Procore Technologies from $87.00 to $67.00 and set an “outperform” rating for the company in a research note on Thursday, February 5th. Seventeen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.95.

Procore Technologies Stock Performance

NYSE:PCOR opened at $53.02 on Tuesday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.02. Procore Technologies has a twelve month low of $46.08 and a twelve month high of $88.50. The company has a fifty day moving average of $65.69 and a 200-day moving average of $69.42. The firm has a market capitalization of $8.24 billion, a P/E ratio of -79.14 and a beta of 0.89.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 4.00%. The business had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. During the same period last year, the company posted $0.01 earnings per share. The business’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Procore Technologies will post -0.15 EPS for the current year.

Insider Buying and Selling

In other news, CFO Howard Fu sold 814 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $72.99, for a total value of $59,413.86. Following the completion of the transaction, the chief financial officer directly owned 178,237 shares of the company’s stock, valued at $13,009,518.63. This represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Craig F. Jr. Courtemanche sold 75,000 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $72.70, for a total value of $5,452,500.00. Following the sale, the chairman directly owned 1,155,480 shares of the company’s stock, valued at $84,003,396. The trade was a 6.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 316,392 shares of company stock valued at $22,887,801 over the last 90 days. 21.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently made changes to their positions in PCOR. Alliancebernstein L.P. lifted its stake in Procore Technologies by 493.9% in the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after purchasing an additional 5,079,534 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Procore Technologies by 76.6% in the third quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company’s stock worth $294,449,000 after buying an additional 1,750,998 shares during the last quarter. Wasatch Advisors LP raised its stake in shares of Procore Technologies by 58.4% in the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock valued at $318,592,000 after buying an additional 1,717,492 shares during the period. Wellington Management Group LLP raised its stake in shares of Procore Technologies by 77.6% in the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after buying an additional 1,486,153 shares during the period. Finally, Holocene Advisors LP lifted its position in shares of Procore Technologies by 245.9% during the 3rd quarter. Holocene Advisors LP now owns 1,987,188 shares of the company’s stock valued at $144,906,000 after buying an additional 1,412,721 shares during the last quarter. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.