Procore Technologies (NYSE:PCOR) Stock Price Down 7.7% – Should You Sell?

Shares of Procore Technologies, Inc. (NYSE:PCOR) traded down 7.7% during trading on Monday . The company traded as low as $48.28 and last traded at $48.2920. 398,727 shares traded hands during trading, a decline of 85% from the average session volume of 2,612,291 shares. The stock had previously closed at $52.34.

Analyst Upgrades and Downgrades

PCOR has been the subject of several research reports. Barclays decreased their price target on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. KeyCorp decreased their target price on shares of Procore Technologies from $91.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. DA Davidson dropped their price target on Procore Technologies from $75.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th. Zacks Research lowered Procore Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 17th. Finally, UBS Group dropped their target price on Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $76.95.

Procore Technologies Price Performance

The firm has a 50-day moving average of $64.75 and a 200-day moving average of $69.30. 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 firm has a market capitalization of $7.59 billion, a P/E ratio of -72.91 and a beta of 0.90.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $349.11 million during the quarter, compared to analysts’ expectations of $340.80 million. During the same quarter in the previous year, the business earned $0.01 earnings per share. The company’s revenue was up 15.6% on a year-over-year basis. As a group, analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Insider Buying and Selling at Procore Technologies

In related news, CFO Howard Fu sold 814 shares of the company’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $72.99, for a total transaction of $59,413.86. Following the completion of the sale, the chief financial officer owned 178,237 shares in the company, valued at approximately $13,009,518.63. This represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Lawrence Joseph Stack sold 10,000 shares of the stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $75.30, for a total value of $753,000.00. Following the completion of the transaction, the executive directly owned 184,128 shares in the company, valued at approximately $13,864,838.40. This represents a 5.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 311,391 shares of company stock worth $22,541,570. 21.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors have recently made changes to their positions in PCOR. Principal Financial Group Inc. raised its position in Procore Technologies by 12.2% during the third quarter. Principal Financial Group Inc. now owns 3,301,569 shares of the company’s stock valued at $240,753,000 after purchasing an additional 360,207 shares during the period. Sequoia Financial Advisors LLC bought a new position in shares of Procore Technologies during the 3rd quarter valued at approximately $1,442,000. Envestnet Asset Management Inc. raised its holdings in Procore Technologies by 31.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 419,735 shares of the company’s stock valued at $30,607,000 after buying an additional 99,706 shares during the period. Federated Hermes Inc. raised its holdings in Procore Technologies by 17.0% during the 2nd quarter. Federated Hermes Inc. now owns 304,219 shares of the company’s stock valued at $20,815,000 after buying an additional 44,105 shares during the period. Finally, Stephens Investment Management Group LLC lifted its position in Procore Technologies by 19.6% in the third quarter. Stephens Investment Management Group LLC now owns 365,149 shares of the company’s stock worth $26,627,000 after buying an additional 59,923 shares during the last quarter. Institutional investors 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.