Procore Technologies (NYSE:PCOR) Cut to Hold at Wall Street Zen

by · The Markets Daily

Wall Street Zen downgraded shares of Procore Technologies (NYSE:PCOR – Free Report) from a buy rating to a hold rating in a report published on Saturday.

PCOR has been the topic of a number of other reports. TD Cowen raised their target price on shares of Procore Technologies from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Friday. Stifel Nicolaus decreased their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday. Barclays lowered their price target on Procore Technologies from $90.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday. Piper Sandler dropped their price objective on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, UBS Group decreased their target price on Procore Technologies from $87.00 to $74.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Seventeen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $76.95.

Read Our Latest Report on PCOR

Procore Technologies Stock Up 9.5%

Shares of PCOR stock opened at $52.41 on Friday. The stock’s 50 day simple moving average is $66.68 and its 200 day simple moving average is $69.60. Procore Technologies has a twelve month low of $46.08 and a twelve month high of $88.92. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.33. The company has a market capitalization of $8.15 billion, a price-to-earnings ratio of -78.23 and a beta of 0.90.

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

Insider Transactions at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 4,204 shares of Procore Technologies stock in a transaction on Friday, November 21st. The shares were sold at an average price of $69.21, for a total transaction of $290,958.84. Following the sale, the insider owned 75,676 shares in the company, valued at $5,237,535.96. The trade was a 5.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Craig F. Jr. Courtemanche sold 300,000 shares of the business’s stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $71.91, for a total transaction of $21,573,000.00. Following the completion of the sale, the chairman directly owned 677,796 shares in the company, valued at $48,740,310.36. This trade represents a 30.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 616,392 shares of company stock valued at $44,460,801 over the last 90 days. Corporate insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised 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 acquired a new stake in Procore Technologies in the third quarter worth about $1,442,000. Envestnet Asset Management Inc. raised its holdings in Procore Technologies by 31.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company’s stock worth $30,607,000 after purchasing an additional 99,706 shares during the last quarter. Federated Hermes Inc. lifted its position in Procore Technologies by 17.0% during the 2nd quarter. Federated Hermes Inc. now owns 304,219 shares of the company’s stock valued at $20,815,000 after purchasing an additional 44,105 shares during the period. Finally, Stephens Investment Management Group LLC lifted its position in Procore Technologies by 19.6% during 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 period. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Company Profile

(Get Free Report)

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.

Read More