Procore Technologies (NYSE:PCOR) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research lowered shares of Procore Technologies (NYSE:PCOR) from a hold rating to a strong sell rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

A number of other research analysts have also issued reports on PCOR. Weiss Ratings restated a “sell (d-)” rating on shares of Procore Technologies in a research report on Thursday, January 22nd. Stifel Nicolaus reduced their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, February 13th. KeyCorp lowered their price target on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. UBS Group lowered their target price on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Finally, DA Davidson decreased their price target on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, February 13th. 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.95.

Procore Technologies Stock Performance

Shares of PCOR opened at $52.58 on Tuesday. The stock has a market capitalization of $8.17 billion, a PE ratio of -78.32 and a beta of 0.89. The business’s fifty day moving average price is $65.69 and its 200 day moving average price is $69.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.33 and a quick ratio of 1.33. Procore Technologies has a 12-month low of $46.08 and a 12-month high of $85.75.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings data on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 4.00%. The business had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. During the same quarter in the prior year, the firm earned $0.01 EPS. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. Equities research analysts forecast that Procore Technologies will post -0.15 EPS for the current year.

Insider Activity

In other news, Director William J.G. Griffith sold 207,474 shares of the stock in a transaction on 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 completion of the sale, the director owned 3,244,546 shares in the company, valued at $234,580,675.80. This represents a 6.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Benjamin C. Singer sold 4,204 shares of the stock in a transaction dated 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 directly owned 75,676 shares of the company’s stock, valued at approximately $5,237,535.96. This represents a 5.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 316,392 shares of company stock worth $22,887,801. 21.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently modified their holdings of PCOR. Versant Capital Management Inc lifted its stake 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 valued at $68,000 after purchasing an additional 179 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 199 shares in the last quarter. Intellectus Partners LLC increased its holdings in shares of Procore Technologies by 1.6% during the 3rd quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock valued at $912,000 after acquiring an additional 200 shares during the last quarter. Chicago Partners Investment Group LLC lifted its stake in shares of Procore Technologies by 1.4% in the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock worth $1,068,000 after buying an additional 202 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock worth $46,000 after buying an additional 204 shares during the period. 81.10% of the stock is currently 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.