Procore Technologies (NYSE:PCOR) Reaches New 1-Year Low on Analyst Downgrade

Procore Technologies, Inc. (NYSE:PCOR) hit a new 52-week low during trading on Tuesday after TD Cowen lowered their price target on the stock from $90.00 to $80.00. TD Cowen currently has a buy rating on the stock. Procore Technologies traded as low as $53.32 and last traded at $52.6340, with a volume of 173742 shares changing hands. The stock had previously closed at $56.60.

Other equities analysts also recently issued reports about the stock. BTIG Research restated a “buy” rating and issued a $88.00 price target on shares of Procore Technologies in a research note on Wednesday, December 17th. DA Davidson upgraded shares of Procore Technologies to a “hold” rating in a research report on Friday, November 7th. Barclays upgraded shares of Procore Technologies from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $82.00 to $90.00 in a research report on Monday, January 5th. William Blair reiterated an “outperform” rating on shares of Procore Technologies in a research note on Friday, October 17th. Finally, BMO Capital Markets increased their price target on Procore Technologies from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $84.16.

Insider Buying and Selling at Procore Technologies

In other news, SVP William Fred Fleming, Jr. sold 22,000 shares of the business’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $78.77, for a total transaction of $1,732,940.00. Following the completion of the transaction, the senior vice president owned 63,309 shares of the company’s stock, valued at approximately $4,986,849.93. The trade was a 25.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Lawrence Joseph Stack sold 10,000 shares of the company’s stock in a transaction on Tuesday, December 2nd. The stock was 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 of the company’s stock, valued at approximately $13,864,838.40. This represents a 5.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 690,703 shares of company stock valued at $50,266,998. 21.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Procore Technologies

Several large investors have recently bought and sold shares of PCOR. Brighton Jones LLC bought a new stake in shares of Procore Technologies during the fourth quarter worth about $511,000. Goldman Sachs Group Inc. raised its holdings in Procore Technologies by 5.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after buying an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Procore Technologies by 17.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after buying an additional 52,507 shares during the period. Robeco Institutional Asset Management B.V. grew its holdings in Procore Technologies by 2.8% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 26,840 shares of the company’s stock worth $1,836,000 after acquiring an additional 741 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Procore Technologies by 8.9% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,030 shares of the company’s stock worth $618,000 after acquiring an additional 735 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Stock Performance

The company’s 50-day simple moving average is $70.65 and its 200-day simple moving average is $70.97. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of -63.30 and a beta of 0.89. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.10. The company had revenue of $338.85 million for the quarter, compared to analyst estimates of $328.13 million. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.18%. Procore Technologies’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.24 earnings per share. On average, analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current year.

About Procore Technologies

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.