Procore Technologies (NYSE:PCOR) Trading Down 7.7% – Here’s What Happened

Procore Technologies, Inc. (NYSE:PCOR)’s share price was down 7.7% during mid-day trading on Monday . The stock traded as low as $48.28 and last traded at $48.2920. Approximately 398,727 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 2,612,291 shares. The stock had previously closed at $52.34.

Analysts Set New Price Targets

PCOR has been the topic of several analyst reports. UBS Group cut their price target on shares of Procore Technologies from $87.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Procore Technologies in a report on Thursday, January 22nd. Robert W. Baird increased their target price on Procore Technologies from $88.00 to $93.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Wall Street Zen lowered shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, Piper Sandler reduced their price target on shares of Procore Technologies from $91.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. Seventeen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.95.

Procore Technologies Trading Down 6.7%

The firm has a market capitalization of $7.59 billion, a P/E ratio of -72.91 and a beta of 0.90. The stock has a 50-day simple moving average of $64.75 and a two-hundred day simple moving average of $69.30. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $340.80 million. During the same quarter last year, the firm posted $0.01 earnings per share. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. On average, equities research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insider Buying and Selling

In other Procore Technologies 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 $13,009,518.63. This represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J.G. Griffith sold 207,474 shares of Procore Technologies stock in a transaction on Monday, December 15th. The shares were sold at an average price of $72.30, for a total value of $15,000,370.20. Following the completion of the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 311,391 shares of company stock valued at $22,541,570 over the last ninety days. Company insiders own 21.50% of the company’s stock.

Institutional Trading of Procore Technologies

A number of institutional investors have recently modified their holdings of PCOR. Brighton Jones LLC bought a new position in shares of Procore Technologies during the 4th quarter worth approximately $511,000. Goldman Sachs Group Inc. grew its holdings in Procore Technologies by 5.2% in the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after purchasing an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Procore Technologies by 17.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after purchasing an additional 52,507 shares in the last quarter. CWM LLC lifted its holdings in shares of Procore Technologies by 156.2% during the 2nd quarter. CWM LLC now owns 3,433 shares of the company’s stock valued at $235,000 after purchasing an additional 2,093 shares during the last quarter. Finally, Ethic Inc. grew its stake in Procore Technologies by 60.2% during the 2nd quarter. Ethic Inc. now owns 7,104 shares of the company’s stock worth $482,000 after buying an additional 2,670 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

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.