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

Procore Technologies (NYSE:PCOR) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other analysts also recently issued reports on the stock. Robert W. Baird raised their price target on shares of Procore Technologies from $88.00 to $93.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. Barclays dropped their target price on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, February 13th. The Goldman Sachs Group lowered their target price on shares of Procore Technologies from $90.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, February 9th. TD Cowen boosted their target price on Procore Technologies from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Finally, UBS Group lowered their target price on Procore Technologies from $87.00 to $74.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. Seventeen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $76.95.

Procore Technologies Trading Down 1.9%

Shares of Procore Technologies stock traded down $1.01 on Tuesday, hitting $52.05. The stock had a trading volume of 253,346 shares, compared to its average volume of 2,574,328. The stock’s 50-day simple moving average is $65.69 and its two-hundred day simple moving average is $69.42. Procore Technologies has a one year low of $46.08 and a one year high of $85.75. The stock has a market cap of $8.09 billion, a price-to-earnings ratio of -77.65 and a beta of 0.89. The company has a quick ratio of 1.33, a current 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, beating the consensus estimate of $0.35 by $0.02. The business had revenue of $349.11 million for the quarter, compared to analysts’ expectations of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 4.00%. The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.01 earnings per share. As a group, sell-side analysts predict that Procore Technologies will post -0.15 EPS for the current year.

Insider Buying and Selling at Procore Technologies

In related news, insider Benjamin C. Singer sold 4,204 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $69.21, for a total value of $290,958.84. Following the completion of the sale, the insider owned 75,676 shares in the company, valued at approximately $5,237,535.96. The trade was a 5.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Connor Kevin J. O sold 9,615 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $75.13, for a total value of $722,374.95. Following the transaction, the director owned 1,052,519 shares in the company, valued at $79,075,752.47. The trade was a 0.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 316,392 shares of company stock valued at $22,887,801. 21.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Large investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its position in shares of Procore Technologies by 23.6% in the 3rd quarter. Versant Capital Management Inc now owns 938 shares of the company’s stock worth $68,000 after buying an additional 179 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after acquiring an additional 199 shares in the last quarter. Intellectus Partners LLC increased its position in shares of Procore Technologies by 1.6% during the third quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock worth $912,000 after purchasing an additional 200 shares in the last quarter. Chicago Partners Investment Group LLC lifted its holdings in shares of Procore Technologies by 1.4% during the 4th 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 during the last quarter. Finally, Allworth Financial LP boosted its position in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after purchasing an additional 204 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

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.