Procore Technologies (NYSE:PCOR) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Procore Technologies (NYSE:PCOR) from a hold rating to a strong sell rating in a report released on Tuesday morning,Zacks.com reports.

PCOR has been the subject of several other research reports. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. UBS Group reduced their price target on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. KeyCorp dropped their target price on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, February 6th. The Goldman Sachs Group lowered their price target on Procore Technologies from $90.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, February 9th. Finally, Robert W. Baird increased their price target on shares of Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Seventeen research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.95.

Procore Technologies Stock Down 2.0%

Shares of PCOR stock opened at $52.00 on Tuesday. The stock has a market cap of $8.08 billion, a P/E ratio of -77.61 and a beta of 0.89. Procore Technologies has a twelve month low of $46.08 and a twelve month high of $85.75. The stock has a 50 day moving average of $65.19 and a 200 day moving average of $69.30. 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 released its quarterly earnings results on Thursday, February 12th. The company reported $0.37 earnings per share 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 company 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 firm posted $0.01 EPS. Procore Technologies’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, sell-side analysts expect that Procore Technologies will post -0.15 EPS for the current year.

Insiders Place Their Bets

In other Procore Technologies news, CFO Howard Fu sold 814 shares of the firm’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $72.99, for a total value of $59,413.86. Following the sale, the chief financial officer directly owned 178,237 shares of the company’s stock, valued at approximately $13,009,518.63. This trade represents a 0.45% decrease in their position. The sale 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 stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $75.30, for a total transaction of $753,000.00. Following the transaction, the executive owned 184,128 shares in the company, valued at approximately $13,864,838.40. The trade was a 5.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 311,391 shares of company stock valued at $22,541,570. Insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PCOR. Global Retirement Partners LLC grew its position in Procore Technologies by 465.2% in the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after purchasing an additional 321 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies during the 3rd quarter valued at $34,000. Jones Financial Companies Lllp increased its stake in Procore Technologies by 70.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after purchasing an additional 199 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in Procore Technologies during the 4th quarter worth approximately $41,000. Finally, Allworth Financial LP raised its position in 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 buying an additional 204 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.

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.