Procore Technologies, Inc. (NYSE:PCOR – Get Free Report) shares reached a new 52-week low on Wednesday following insider selling activity. The company traded as low as $45.75 and last traded at $46.8350, with a volume of 370166 shares. The stock had previously closed at $48.09.
Specifically, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $51.06, for a total value of $2,865,589.32. Following the completion of the transaction, the chairman owned 927,580 shares in the company, valued at $47,362,234.80. The trade was a 5.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Analyst Upgrades and Downgrades
A number of brokerages have commented on PCOR. TD Cowen dropped their price objective on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, April 21st. Canaccord Genuity Group decreased their price objective on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Citizens Jmp upgraded shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a research note on Wednesday, April 29th. UBS Group dropped their target price on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Finally, BTIG Research reissued a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research report on Wednesday, May 6th. Fifteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.56.
Procore Technologies Stock Up 1.2%
The firm’s 50 day moving average price is $55.14 and its two-hundred day moving average price is $63.30. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a market cap of $7.02 billion, a price-to-earnings ratio of -91.25 and a beta of 0.78.
Procore Technologies (NYSE:PCOR – Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The company had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.23 EPS. As a group, sell-side analysts forecast that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in PCOR. SJS Investment Consulting Inc. lifted its position in Procore Technologies by 7,100.0% in the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock valued at $25,000 after purchasing an additional 426 shares during the period. Global Retirement Partners LLC raised its stake in shares of Procore Technologies by 465.2% during the 3rd quarter. Global Retirement Partners LLC now owns 390 shares of the company’s stock worth $28,000 after buying an additional 321 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Procore Technologies during the 3rd quarter worth approximately $34,000. Jones Financial Companies Lllp lifted its holdings 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 valued at $35,000 after buying an additional 199 shares during the period. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Procore Technologies in the 4th quarter valued at approximately $41,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.
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.
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