Procore Technologies (NYSE:PCOR) Downgraded by Barclays to Equal Weight

Barclays downgraded shares of Procore Technologies (NYSE:PCOR) from an overweight rating to an equal weight rating in a report released on Friday morning, MarketBeat.com reports. Barclays currently has $54.00 price objective on the stock, down from their prior price objective of $78.00.

Several other research analysts also recently issued reports on PCOR. Piper Sandler lowered their price objective on shares of Procore Technologies from $77.00 to $74.00 and set an overweight rating on the stock in a research report on Friday, July 12th. TD Cowen started coverage on Procore Technologies in a report on Wednesday, June 12th. They set a buy rating and a $85.00 price objective for the company. Canaccord Genuity Group lowered their price objective on shares of Procore Technologies from $95.00 to $80.00 and set a buy rating on the stock in a research note on Thursday, May 2nd. Stifel Nicolaus lowered their price objective on shares of Procore Technologies from $90.00 to $85.00 and set a buy rating on the stock in a research note on Monday, July 8th. Finally, JPMorgan Chase & Co. upped their target price on shares of Procore Technologies from $86.00 to $90.00 and gave the company an overweight rating in a report on Tuesday, July 2nd. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $69.31.

Procore Technologies Stock Down 15.5 %

NYSE:PCOR traded down $10.44 during midday trading on Friday, hitting $56.78. 15,378,814 shares of the company were exchanged, compared to its average volume of 1,481,846. The company has a fifty day simple moving average of $66.71 and a 200 day simple moving average of $71.37. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $8.31 billion, a PE ratio of -59.15 and a beta of 0.75.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.15. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.21%. The firm had revenue of $269.43 million for the quarter, compared to analyst estimates of $263.13 million. As a group, equities analysts anticipate that Procore Technologies will post -0.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In other news, CFO Howard Fu sold 1,142 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $68.68, for a total transaction of $78,432.56. Following the completion of the sale, the chief financial officer now owns 181,419 shares of the company’s stock, valued at $12,459,856.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Procore Technologies news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $70.29, for a total value of $360,447.12. Following the completion of the transaction, the director now owns 1,489,183 shares of the company’s stock, valued at $104,674,673.07. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Howard Fu sold 1,142 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $68.68, for a total value of $78,432.56. Following the completion of the sale, the chief financial officer now owns 181,419 shares in the company, valued at $12,459,856.92. The disclosure for this sale can be found here. Insiders sold 238,511 shares of company stock valued at $16,024,349 over the last 90 days. 29.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. Cerity Partners LLC raised its stake in shares of Procore Technologies by 4,290.2% during the fourth quarter. Cerity Partners LLC now owns 1,334,194 shares of the company’s stock valued at $92,353,000 after purchasing an additional 1,303,804 shares in the last quarter. Meritage Group LP bought a new stake in shares of Procore Technologies during the first quarter valued at about $106,738,000. William Blair Investment Management LLC bought a new stake in shares of Procore Technologies during the first quarter valued at about $91,158,000. Norges Bank bought a new stake in shares of Procore Technologies during the fourth quarter valued at about $68,005,000. Finally, Robeco Schweiz AG acquired a new position in Procore Technologies during the fourth quarter worth about $60,914,000. 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.