Procore Technologies (NYSE:PCOR) Lowered to “Neutral” at DA Davidson

DA Davidson lowered shares of Procore Technologies (NYSE:PCOR) from a buy rating to a neutral rating in a research note released on Friday, Marketbeat Ratings reports. DA Davidson currently has $60.00 price objective on the stock, down from their previous price objective of $90.00.

A number of other research firms have also recently commented on PCOR. Stifel Nicolaus reduced their price target on shares of Procore Technologies from $90.00 to $85.00 and set a buy rating for the company in a report on Monday, July 8th. Macquarie reiterated a neutral rating and set a $70.00 price objective on shares of Procore Technologies in a report on Tuesday. Piper Sandler reduced their price objective on shares of Procore Technologies from $77.00 to $74.00 and set an overweight rating for the company in a report on Friday, July 12th. JPMorgan Chase & Co. boosted their price target on shares of Procore Technologies from $86.00 to $90.00 and gave the stock an overweight rating in a report on Tuesday, July 2nd. Finally, Barclays dropped their target price on shares of Procore Technologies from $83.00 to $78.00 and set an overweight rating on the stock in a research note on Thursday, May 2nd. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $69.31.

Procore Technologies Price Performance

NYSE:PCOR traded down $10.44 on Friday, hitting $56.78. The company had a trading volume of 15,378,814 shares, compared to its average volume of 1,481,846. The firm has a 50 day moving average of $66.71 and a two-hundred day moving average of $71.37. The stock has a market capitalization of $8.31 billion, a price-to-earnings ratio of -59.15 and a beta of 0.75. Procore Technologies has a 52 week low of $48.11 and a 52 week high of $83.35. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.15. The company had revenue of $269.43 million during the quarter, compared to analysts’ expectations of $263.13 million. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.21%. On average, research analysts anticipate that Procore Technologies will post -0.35 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In other news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $66.17, for a total value of $4,499,560.00. Following the completion of the sale, the chief executive officer now directly owns 528,699 shares in the company, valued at $34,984,012.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of Procore Technologies stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $66.17, for a total transaction of $4,499,560.00. Following the transaction, the chief executive officer now owns 528,699 shares of the company’s stock, valued at $34,984,012.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP William Fred Fleming, Jr. sold 3,188 shares of Procore Technologies stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $70.17, for a total transaction of $223,701.96. Following the transaction, the senior vice president now directly owns 87,248 shares in the company, valued at approximately $6,122,192.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 238,511 shares of company stock worth $16,024,349. 29.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Procore Technologies

Hedge funds have recently modified their holdings of the stock. Signaturefd LLC lifted its holdings in shares of Procore Technologies by 52.0% in the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after buying an additional 216 shares in the last quarter. Rothschild Investment LLC bought a new stake in Procore Technologies in the second quarter worth $51,000. International Assets Investment Management LLC increased its position in Procore Technologies by 6,823.1% in the fourth quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock worth $62,000 after purchasing an additional 887 shares during the last quarter. Cullen Frost Bankers Inc. bought a new stake in Procore Technologies in the fourth quarter worth $62,000. Finally, Advisors Asset Management Inc. increased its position in Procore Technologies by 26.2% in the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after purchasing an additional 260 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.