Procore Technologies (NYSE:PCOR) Hits New 52-Week Low – What’s Next?

Procore Technologies, Inc. (NYSE:PCOR) shares reached a new 52-week low during trading on Wednesday . The company traded as low as $40.59 and last traded at $41.8690, with a volume of 109730 shares changing hands. The stock had previously closed at $41.81.

Analysts Set New Price Targets

Several research firms have weighed in on PCOR. The Goldman Sachs Group dropped their price objective on Procore Technologies from $80.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Piper Sandler decreased their target price on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Citizens Jmp raised Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price target for the company in a research note on Wednesday, April 29th. BTIG Research reiterated a “buy” rating and issued a $66.00 price target on shares of Procore Technologies in a report on Wednesday, May 6th. Finally, UBS Group cut their price target on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Fourteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $71.33.

Procore Technologies Price Performance

The firm has a fifty day moving average price of $50.35 and a two-hundred day moving average price of $58.92. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $6.27 billion, a P/E ratio of -81.01 and a beta of 0.73.

Procore Technologies (NYSE:PCOR) last announced its quarterly 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 firm had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.23 EPS. On average, analysts expect that Procore Technologies, Inc. will post 0.06 EPS for the current year.

Insider Transactions at Procore Technologies

In other news, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $50.00, for a total transaction of $197,100.00. Following the sale, the insider owned 96,723 shares in the company, valued at $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 Friday, April 10th. The shares were sold at an average price of $47.64, for a total transaction of $2,673,652.08. Following the sale, the chairman directly owned 927,580 shares of the company’s stock, 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. Over the last 90 days, insiders have sold 178,077 shares of company stock worth $8,564,311. Corporate insiders own 16.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Procore Technologies by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock valued at $957,150,000 after buying an additional 804,920 shares during the last quarter. Alliancebernstein L.P. raised its position in Procore Technologies by 493.9% in the 3rd quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company’s stock worth $445,391,000 after buying an additional 5,079,534 shares during the last quarter. Wasatch Advisors LP lifted its stake in Procore Technologies by 6.8% during the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock valued at $362,560,000 after acquiring an additional 315,604 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Procore Technologies by 4.0% during the 4th quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock valued at $257,431,000 after acquiring an additional 137,171 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Procore Technologies by 3.9% during the 4th quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock valued at $249,416,000 after acquiring an additional 127,256 shares during the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.