Shares of Procore Technologies, Inc. (NYSE:PCOR – Get Free Report) reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $38.34 and last traded at $38.8550, with a volume of 3386132 shares. The stock had previously closed at $39.99.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on PCOR shares. Zacks Research upgraded Procore Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 18th. Citizens Jmp raised shares of Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target on the stock in a report on Wednesday, April 29th. Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. UBS Group decreased their price objective on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Finally, TD Cowen decreased their price target on Procore Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, April 21st. Fourteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.33.
Check Out Our Latest Stock Analysis on Procore Technologies
Procore Technologies Trading Down 2.8%
Procore Technologies (NYSE:PCOR – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business had revenue of $359.28 million for the quarter, compared to analyst estimates of $352.82 million. During the same quarter last year, the company earned $0.23 EPS. Procore Technologies’s revenue was up 15.7% compared to the same quarter last year. On average, research analysts predict that Procore Technologies, Inc. will post 0.06 EPS for the current year.
Insider Activity
In other news, insider Benjamin C. Singer sold 3,942 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the transaction, the insider directly owned 96,723 shares in the company, valued at approximately $4,836,150. The trade was a 3.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $45.14, for a total value of $2,533,347.08. Following the completion of the sale, the chairman owned 919,704 shares in the company, valued at approximately $41,515,438.56. This represents a 5.75% decrease in their ownership of the stock. 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. Over the last 90 days, insiders have sold 189,621 shares of company stock valued at $9,054,472. Insiders own 16.80% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Procore Technologies by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after acquiring an additional 804,920 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Procore Technologies by 493.9% during the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock valued at $445,391,000 after purchasing an additional 5,079,534 shares during the last quarter. Wasatch Advisors LP lifted its stake in Procore Technologies by 6.8% during the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock valued at $362,560,000 after purchasing an additional 315,604 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Procore Technologies by 4.0% during the fourth quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock worth $257,431,000 after buying an additional 137,171 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Procore Technologies by 3.9% during the fourth quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock worth $249,416,000 after buying an additional 127,256 shares in the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.
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.
Featured Articles
- Five stocks we like better than Procore Technologies
- Buy CrowdStrike Before the Stock Split? Here’s the Case
- Investors Are Buying Into Sweetgreen Again—Should They?
- Burlington Is Winning Over Shoppers But Investors Need Patience
- USA Today’s Digital Revival Is Gaining Steam, But With Plenty of Risk
Receive News & Ratings for Procore Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Procore Technologies and related companies with MarketBeat.com's FREE daily email newsletter.
