Procore Technologies (NYSE:PCOR) Shares Gap Down – What’s Next?

Procore Technologies, Inc. (NYSE:PCOR)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $69.18, but opened at $65.50. Procore Technologies shares last traded at $63.95, with a volume of 320,771 shares changing hands.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. DA Davidson upped their target price on shares of Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Barclays lifted their target price on Procore Technologies from $84.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, February 14th. JMP Securities raised their price objective on Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a research note on Tuesday, February 18th. Canaccord Genuity Group upped their target price on Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, TD Cowen raised their price target on shares of Procore Technologies from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $89.94.

Procore Technologies Stock Down 8.2 %

The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The stock’s fifty day simple moving average is $77.76 and its 200-day simple moving average is $71.06. The stock has a market cap of $9.52 billion, a P/E ratio of -88.14 and a beta of 0.85.

Procore Technologies (NYSE:PCOR) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.46). The company had revenue of $302.05 million during the quarter, compared to the consensus estimate of $297.72 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. On average, research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 6,410 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $81.26, for a total transaction of $520,876.60. Following the completion of the transaction, the director now owns 1,269,828 shares in the company, valued at approximately $103,186,223.28. The trade was a 0.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Howard Fu sold 2,642 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $77.05, for a total value of $203,566.10. Following the transaction, the chief financial officer now directly owns 147,350 shares in the company, valued at $11,353,317.50. This trade represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 64,621 shares of company stock worth $5,193,578. Insiders own 29.00% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Procore Technologies by 7.6% in the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock worth $891,692,000 after buying an additional 838,925 shares in the last quarter. Capital World Investors raised its holdings in Procore Technologies by 453.6% during the 4th quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock worth $233,704,000 after buying an additional 2,555,612 shares during the period. Assenagon Asset Management S.A. lifted its stake in Procore Technologies by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after buying an additional 1,425,967 shares in the last quarter. Meritage Group LP boosted its holdings in shares of Procore Technologies by 66.6% in the third quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock worth $169,453,000 after buying an additional 1,098,019 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock worth $200,810,000 after acquiring an additional 2,670,872 shares in 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.