Procore Technologies (NYSE:PCOR) Sets New 1-Year Low – What’s Next?

Procore Technologies, Inc. (NYSE:PCOR) reached a new 52-week low during trading on Tuesday . The company traded as low as $38.34 and last traded at $38.8550, with a volume of 3386132 shares changing hands. The stock had previously closed at $39.99.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Zacks Research upgraded shares of Procore Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 18th. Wall Street Zen lowered shares of Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. UBS Group lowered their price objective on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Piper Sandler dropped their target price on shares of Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Finally, TD Cowen dropped their target price on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a report on Tuesday, April 21st. Fourteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $71.33.

Procore Technologies Trading Down 0.2%

The company has a 50 day moving average of $48.78 and a 200-day moving average of $57.41. The stock has a market cap of $5.86 billion, a price-to-earnings ratio of -76.15 and a beta of 0.73. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12.

Procore Technologies (NYSE:PCOR) last released its 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 firm had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The business’s revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.23 earnings per share. On average, research analysts anticipate that Procore Technologies, Inc. will post 0.06 earnings per share for the current year.

Insider Activity at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,775 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $42.92, for a total transaction of $247,863.00. Following the sale, the director directly owned 979,439 shares of the company’s stock, valued at $42,037,521.88. This represents a 0.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the sale, the insider owned 96,723 shares in the company, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 189,621 shares of company stock worth $9,054,472. Corporate insiders own 16.80% of the company’s stock.

Institutional Trading of Procore Technologies

Large investors have recently modified their holdings of the stock. SJS Investment Consulting Inc. boosted its holdings in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Procore Technologies during the 3rd quarter worth about $34,000. V Square Quantitative Management LLC acquired a new stake in Procore Technologies in the 4th quarter valued at about $41,000. Allworth Financial LP raised its position in Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares in the last quarter. Finally, Employees Retirement System of Texas purchased a new position in shares of Procore Technologies in the 4th quarter valued at about $54,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

About Procore Technologies

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.