Procore Technologies (NYSE:PCOR) Sets New 12-Month Low – Time to Sell?

Procore Technologies, Inc. (NYSE:PCOR)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $44.75 and last traded at $45.0150, with a volume of 531405 shares traded. The stock had previously closed at $47.41.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PCOR. BTIG Research reaffirmed a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research note on Wednesday, May 6th. Canaccord Genuity Group dropped their price target on shares of Procore Technologies from $90.00 to $72.00 and set a “buy” rating on the stock in a research note 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 on the stock in a research note on Wednesday, April 29th. UBS Group lowered their target price on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Finally, TD Cowen decreased their target price on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, April 21st. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $72.56.

Procore Technologies Trading Down 3.4%

The company has a market capitalization of $6.91 billion, a P/E ratio of -89.76 and a beta of 0.73. The stock has a 50 day moving average of $52.00 and a 200-day moving average of $60.15. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. During the same quarter in the previous year, the company earned $0.23 earnings per share. The business’s revenue for the quarter 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 company’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the completion of the transaction, the insider owned 96,723 shares of the company’s stock, valued at $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction that occurred 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 sale, the chairman directly owned 927,580 shares in the company, valued at $44,189,911.20. This trade 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 121,955 shares of company stock worth $6,030,964 over the last ninety days. Corporate insiders own 16.80% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Argos Wealth Advisors LLC raised its stake in Procore Technologies by 3.9% during the first quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock valued at $294,000 after purchasing an additional 195 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of Procore Technologies by 70.8% during 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 in the last quarter. Intellectus Partners LLC lifted its holdings in shares of Procore Technologies by 1.6% in the 3rd quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock valued at $912,000 after acquiring an additional 200 shares during the last quarter. Chicago Partners Investment Group LLC grew its position in Procore Technologies by 1.4% in the fourth quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company’s stock worth $1,068,000 after acquiring an additional 202 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in shares of Procore Technologies by 48.2% in the 4th quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after purchasing an additional 204 shares during the last quarter. 81.10% of the stock is owned by institutional investors.

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.