Procore Technologies (NYSE:PCOR) Shares Gap Down After Analyst Downgrade

Shares of Procore Technologies, Inc. (NYSE:PCOR) gapped down before the market opened on Tuesday after Barclays lowered their price target on the stock from $65.00 to $50.00. The stock had previously closed at $44.03, but opened at $41.83. Barclays currently has an overweight rating on the stock. Procore Technologies shares last traded at $43.5570, with a volume of 240,634 shares traded.

PCOR has been the topic of several other research reports. UBS Group dropped their price target on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Wall Street Zen cut shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. BTIG Research reaffirmed a “buy” rating and issued a $66.00 price target on shares of Procore Technologies in a research report on Wednesday, May 6th. Piper Sandler dropped their price objective on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. Finally, TD Cowen cut their price objective on Procore Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, April 21st. Fourteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.33.

Insider Activity at Procore Technologies

In other news, insider Benjamin C. Singer sold 3,942 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the transaction, the insider owned 96,723 shares in the company, valued at approximately $4,836,150. The trade was a 3.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total transaction of $2,533,347.08. Following the transaction, the chairman directly owned 919,704 shares of the company’s stock, valued at $41,515,438.56. This represents a 5.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 139,268 shares of company stock worth $6,622,714 in the last ninety days. 16.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. lifted its position in shares of Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after acquiring an additional 426 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies during the 3rd quarter worth approximately $34,000. V Square Quantitative Management LLC bought a new stake in shares of Procore Technologies during the fourth quarter valued at approximately $41,000. Allworth Financial LP increased its position in shares of Procore Technologies by 48.2% during the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the period. Finally, Employees Retirement System of Texas acquired a new position in shares of Procore Technologies in the fourth quarter valued at $54,000. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Stock Down 1.6%

The firm has a market capitalization of $6.53 billion, a price-to-earnings ratio of -85.04 and a beta of 0.75. The business has a 50 day moving average of $45.65 and a 200 day moving average of $54.44. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. During the same quarter in the prior year, the firm earned $0.23 EPS. The firm’s quarterly revenue was up 15.7% on a year-over-year basis. On average, equities analysts anticipate that Procore Technologies, Inc. will post 0.06 EPS for the current year.

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.