Procore Technologies (NYSE:PCOR) Trading Down 7.7% – Here’s Why

Procore Technologies, Inc. (NYSE:PCOR) was down 7.7% during trading on Monday . The company traded as low as $48.28 and last traded at $48.2920. Approximately 398,727 shares traded hands during trading, a decline of 85% from the average daily volume of 2,612,291 shares. The stock had previously closed at $52.34.

Analyst Ratings Changes

A number of research firms have commented on PCOR. BMO Capital Markets reduced their target price on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a report on Thursday, February 5th. Robert W. Baird lifted their price objective on shares of Procore Technologies from $88.00 to $93.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Procore Technologies in a report on Thursday, January 22nd. UBS Group dropped their price target on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Finally, Canaccord Genuity Group decreased their price objective on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research note on Friday, February 13th. 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. According to data from MarketBeat, Procore Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $76.95.

Procore Technologies Stock Up 3.8%

The firm has a 50-day moving average of $63.85 and a two-hundred day moving average of $69.11. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.33.

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

Insider Buying and Selling

In related news, Director William J.G. Griffith sold 207,474 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $72.30, for a total transaction of $15,000,370.20. Following the transaction, the director directly owned 3,244,546 shares in the company, valued at $234,580,675.80. The trade was a 6.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Connor Kevin J. O sold 7,692 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $64.31, for a total value of $494,672.52. Following the completion of the transaction, the director directly owned 1,035,212 shares of the company’s stock, valued at approximately $66,574,483.72. This trade represents a 0.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 318,329 shares of company stock worth $22,889,582. 21.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Several large investors have recently modified their holdings of the stock. Brighton Jones LLC acquired a new stake in Procore Technologies during the 4th quarter valued at $511,000. Goldman Sachs Group Inc. boosted its position in shares of Procore Technologies by 5.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after purchasing an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Procore Technologies by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock valued at $23,156,000 after purchasing an additional 52,507 shares during the period. CWM LLC grew its stake in Procore Technologies by 156.2% in the second quarter. CWM LLC now owns 3,433 shares of the company’s stock valued at $235,000 after acquiring an additional 2,093 shares during the period. Finally, Ethic Inc. increased its position in shares of Procore Technologies by 60.2% during the second quarter. Ethic Inc. now owns 7,104 shares of the company’s stock worth $482,000 after acquiring an additional 2,670 shares in the last quarter. 81.10% of the stock is currently owned by 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.