Procore Technologies (NYSE:PCOR) Hits New 52-Week Low on Analyst Downgrade

Procore Technologies, Inc. (NYSE:PCOR)’s share price 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. The stock had previously closed at $56.60.

A number of other analysts also recently commented on PCOR. BMO Capital Markets boosted their target price on shares of Procore Technologies from $82.00 to $87.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. UBS Group decreased 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 report on Tuesday. Wall Street Zen raised Procore Technologies from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Procore Technologies in a research note on Thursday, January 22nd. Finally, Piper Sandler increased their price target on Procore Technologies from $82.00 to $91.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.16.

Insider Buying and Selling at Procore Technologies

In related news, Chairman Craig F. Jr. Courtemanche sold 300,000 shares of the stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $71.91, for a total value of $21,573,000.00. Following the completion of the sale, the chairman directly owned 677,796 shares of the company’s stock, valued at approximately $48,740,310.36. This represents a 30.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William J.G. Griffith sold 207,474 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $72.30, for a total value of $15,000,370.20. Following the sale, the director owned 3,244,546 shares of the company’s stock, valued at $234,580,675.80. The trade was a 6.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 690,703 shares of company stock valued at $50,266,998 in the last ninety days. Company insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PCOR. Versant Capital Management Inc grew its holdings in shares of Procore Technologies by 23.6% during the 3rd quarter. Versant Capital Management Inc now owns 938 shares of the company’s stock valued at $68,000 after acquiring an additional 179 shares in the last quarter. Jones Financial Companies Lllp boosted its position in Procore Technologies by 70.8% during the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 199 shares during the last quarter. Intellectus Partners LLC boosted its position in Procore Technologies by 1.6% during the third quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock valued at $912,000 after purchasing an additional 200 shares during the last quarter. Chicago Partners Investment Group LLC grew its stake in Procore Technologies by 1.4% in the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock valued at $1,068,000 after purchasing an additional 202 shares in the last quarter. Finally, George Kaiser Family Foundation increased its position in Procore Technologies by 1.0% in the 2nd quarter. George Kaiser Family Foundation now owns 23,168 shares of the company’s stock worth $1,585,000 after purchasing an additional 240 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Procore Technologies Price Performance

The company has a market capitalization of $7.91 billion, a PE ratio of -60.57 and a beta of 0.89. 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 stock has a 50 day moving average price of $71.07 and a two-hundred day moving average price of $71.09.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.10. The firm had revenue of $338.85 million for the quarter, compared to the consensus estimate of $328.13 million. Procore Technologies had a negative return on equity of 6.18% and a negative net margin of 9.84%.The firm’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.24 earnings per share. Equities analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share 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.