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

Procore Technologies (NYSE:PCOR) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday,Zacks.com reports.

PCOR has been the topic of a number of other research reports. TD Cowen raised their price target on Procore Technologies from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Barclays cut their price target on shares of Procore Technologies from $90.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, February 13th. Canaccord Genuity Group reduced their price target on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Wall Street Zen cut Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, KeyCorp reduced their target price on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. 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 company’s stock. Based on data from MarketBeat, Procore Technologies presently has an average rating of “Moderate Buy” and an average price target of $76.95.

Procore Technologies Price Performance

NYSE:PCOR opened at $53.02 on Tuesday. Procore Technologies has a 52 week low of $46.08 and a 52 week high of $88.50. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of -79.14 and a beta of 0.89. The firm’s 50-day simple moving average is $65.69 and its 200 day simple moving average is $69.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.33 and a current ratio of 1.33.

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

Insider Activity at Procore Technologies

In other news, CRO Lawrence Joseph Stack sold 10,000 shares of the stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $75.30, for a total value of $753,000.00. Following the completion of the sale, the executive owned 184,128 shares of the company’s stock, valued at approximately $13,864,838.40. This represents a 5.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Benjamin C. Singer sold 4,204 shares of Procore Technologies stock in a transaction that occurred on 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 transaction, the insider directly owned 75,676 shares in the company, valued at approximately $5,237,535.96. This represents a 5.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 316,392 shares of company stock valued at $22,887,801 in the last quarter. Insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC increased its position in shares of Procore Technologies by 465.2% during the third quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after buying an additional 321 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Procore Technologies during the 3rd quarter worth about $34,000. Jones Financial Companies Lllp raised its position in shares of Procore Technologies by 70.8% in 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. V Square Quantitative Management LLC bought a new position in shares of Procore Technologies in the 4th quarter worth about $41,000. Finally, Allworth Financial LP lifted its stake in shares of 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 during the period. 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.