Procore Technologies (NYSE:PCOR) Shares Gap Down – What’s Next?
by Teresa Graham · The Cerbat GemShares of Procore Technologies, Inc. (NYSE:PCOR – Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $62.10, but opened at $53.36. Procore Technologies shares last traded at $54.2820, with a volume of 666,855 shares.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the company. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday. Canaccord Genuity Group reduced their target price on Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a report on Friday, February 13th. Zacks Research raised Procore Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 18th. Citizens Jmp raised Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a report on Wednesday, April 29th. Finally, Stifel Nicolaus reduced their target price on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, February 13th. Fifteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $73.75.
View Our Latest Research Report on PCOR
Procore Technologies Stock Performance
The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market cap of $8.24 billion, a price-to-earnings ratio of -81.55 and a beta of 0.78. The firm has a fifty day moving average of $55.59 and a 200 day moving average of $64.54.
Procore Technologies (NYSE:PCOR – Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% 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 last year, the firm earned $0.01 earnings per share. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. As a group, sell-side analysts forecast that Procore Technologies, Inc. will post 0.09 EPS for the current year.
Insider Activity at Procore Technologies
In related news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $47.64, for a total value of $2,673,652.08. Following the completion of the sale, the chairman owned 927,580 shares of the company’s stock, valued at approximately $44,189,911.20. This trade represents a 5.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total value of $294,622.83. Following the completion of the sale, the director directly owned 990,983 shares of the company’s stock, valued at approximately $50,609,501.81. This represents a 0.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 148,026 shares of company stock valued at $7,783,734. 16.80% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Procore Technologies
Several hedge funds and other institutional investors have recently made changes to their positions in PCOR. Principal Financial Group Inc. increased its stake in 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 during the third quarter worth $1,442,000. Envestnet Asset Management Inc. increased its stake in Procore Technologies by 31.2% during the third quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company’s stock worth $30,607,000 after acquiring an additional 99,706 shares during the last quarter. Robinhood Asset Management LLC acquired a new stake in Procore Technologies during the fourth quarter worth $7,136,000. Finally, Stephens Investment Management Group LLC increased its stake in Procore Technologies by 19.6% during the third quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company’s stock worth $26,627,000 after acquiring an additional 59,923 shares during the last quarter. Institutional investors and hedge funds own 81.10% of the company’s stock.
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.