Procore Technologies (NYSE:PCOR) Reaches New 1-Year Low – Here’s Why

Procore Technologies, Inc. (NYSE:PCOR) shares reached a new 52-week low on Wednesday . The stock traded as low as $40.59 and last traded at $41.8690, with a volume of 109730 shares changing hands. The stock had previously closed at $41.81.

Analyst Upgrades and Downgrades

PCOR has been the topic of several research reports. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price on the stock in a report on Wednesday, April 29th. Wall Street Zen lowered shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Piper Sandler lowered their price target on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. TD Cowen dropped their price target on Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Tuesday, April 21st. Finally, The Goldman Sachs Group cut their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Fourteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and a consensus price target of $71.33.

Procore Technologies Trading Down 0.6%

The firm has a market capitalization of $6.27 billion, a PE ratio of -81.01 and a beta of 0.73. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock’s fifty day simple moving average is $50.35 and its 200 day simple moving average is $58.92.

Procore Technologies (NYSE:PCOR) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). The business had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The firm’s revenue was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.23 earnings per share. On average, sell-side analysts predict that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 3,942 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the sale, the insider owned 96,723 shares of the company’s stock, valued at approximately $4,836,150. The trade was a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company’s stock in a transaction dated 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. The trade was a 5.71% 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. In the last three months, insiders have sold 178,077 shares of company stock valued at $8,564,311. 16.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. SJS Investment Consulting Inc. increased its holdings in Procore Technologies by 7,100.0% in the 1st quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after acquiring an additional 426 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Procore Technologies during the third quarter valued at approximately $34,000. Jones Financial Companies Lllp boosted its position in shares of Procore Technologies by 70.8% in the third quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after purchasing an additional 199 shares during the period. V Square Quantitative Management LLC bought a new position in shares of Procore Technologies in the fourth quarter worth approximately $41,000. Finally, Allworth Financial LP increased its stake in shares of Procore Technologies by 48.2% in the fourth 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 owned by hedge funds and other 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.