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

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

Analyst Ratings Changes

A number of brokerages have recently commented on PCOR. BTIG Research reiterated a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research report on Wednesday, May 6th. Piper Sandler cut their price objective on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Canaccord Genuity Group cut their price objective on Procore Technologies from $90.00 to $72.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Stifel Nicolaus reduced their target price on Procore Technologies from $85.00 to $63.00 and set a “buy” rating for the company in a report on Friday, February 13th. Finally, Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a report on Wednesday, April 29th. Fifteen investment 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $72.56.

Procore Technologies Price Performance

The stock has a fifty day moving average price of $51.58 and a 200-day moving average price of $59.78. The company has a market cap of $6.36 billion, a PE ratio of -82.60 and a beta of 0.73. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12.

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

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction 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 sale, the insider directly owned 96,723 shares in the company, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 stock in a transaction on Monday, May 11th. The stock was sold at an average price of $51.06, for a total value of $2,865,589.32. Following the sale, the chairman owned 927,580 shares of the company’s stock, valued at approximately $47,362,234.80. This represents a 5.71% 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 ninety days, insiders sold 121,955 shares of company stock worth $6,030,964. Corporate insiders own 16.80% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Hedge funds have recently bought and sold shares of the business. SJS Investment Consulting Inc. increased its position in Procore Technologies by 7,100.0% during the first quarter. SJS Investment Consulting Inc. now owns 432 shares of the company’s stock worth $25,000 after buying an additional 426 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Procore Technologies in the third quarter valued at about $34,000. Jones Financial Companies Lllp lifted its stake in shares of Procore Technologies by 70.8% in the third 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. V Square Quantitative Management LLC bought a new stake in shares of Procore Technologies in the fourth quarter valued at about $41,000. Finally, Allworth Financial LP lifted its stake in shares of Procore Technologies by 48.2% in the fourth quarter. Allworth Financial LP now owns 627 shares of the company’s stock valued at $46,000 after buying an additional 204 shares during the period. 81.10% of the stock is 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.