Procore Technologies (NYSE:PCOR) Downgraded by Wall Street Zen to Hold

Wall Street Zen lowered shares of Procore Technologies (NYSE:PCOR) from a buy rating to a hold rating in a research report report published on Saturday.

A number of other equities research analysts also recently weighed in on PCOR. KeyCorp decreased their target price on Procore Technologies from $91.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. The Goldman Sachs Group decreased their target price on Procore Technologies from $90.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, February 9th. Piper Sandler decreased their target price on Procore Technologies from $91.00 to $79.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. BMO Capital Markets decreased their target price on Procore Technologies from $87.00 to $67.00 and set an “outperform” rating on the stock in a research report on Thursday, February 5th. Finally, Stifel Nicolaus cut their price target on shares of Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Fifteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.75.

Procore Technologies Stock Up 5.0%

PCOR stock opened at $59.43 on Friday. Procore Technologies has a twelve month low of $46.08 and a twelve month high of $82.32. The company has a market cap of $8.96 billion, a PE ratio of -88.71 and a beta of 0.78. The business’s 50-day simple moving average is $55.59 and its 200 day simple moving average is $64.60. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The business had revenue of $349.11 million for the quarter, compared to the consensus estimate of $340.80 million. During the same period last year, the business earned $0.01 earnings per share. The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, research analysts anticipate that Procore Technologies will post 0.09 earnings per share for the current year.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 4,225 shares of the business’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $211,250.00. Following the sale, the insider owned 64,660 shares of the company’s stock, valued at $3,233,000. The trade was a 6.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction on Friday, April 10th. The shares were sold at an average price of $47.64, for a total value of $2,673,652.08. Following the completion of the sale, the chairman directly owned 927,580 shares in the company, valued at approximately $44,189,911.20. This represents a 5.71% decrease in their position. 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. Insiders have sold a total of 148,026 shares of company stock valued at $7,783,734 in the last 90 days. 21.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PCOR. Brighton Jones LLC bought a new position in shares of Procore Technologies in the fourth quarter valued at approximately $511,000. Goldman Sachs Group Inc. raised its stake in shares of Procore Technologies by 5.2% in the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock valued at $48,392,000 after acquiring an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Procore Technologies by 17.6% in 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 valued at $23,156,000 after acquiring an additional 52,507 shares during the last quarter. Prudential Financial Inc. raised its stake in shares of Procore Technologies by 56.8% in the second quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock valued at $471,000 after acquiring an additional 2,480 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Procore Technologies by 3.8% in the second quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock valued at $500,000 after acquiring an additional 269 shares during 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. 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.