Procore Technologies (NYSE:PCOR) Shares Gap Down – Here’s Why

Procore Technologies, Inc. (NYSE:PCOR)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $69.18, but opened at $65.50. Procore Technologies shares last traded at $63.95, with a volume of 320,771 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Robert W. Baird increased their price objective on Procore Technologies from $87.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. KeyCorp upped their target price on Procore Technologies from $85.00 to $96.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Canaccord Genuity Group increased their price target on Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Stifel Nicolaus boosted their price objective on Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Finally, TD Cowen upped their price objective on shares of Procore Technologies from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $89.94.

Procore Technologies Trading Up 3.8 %

The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The stock has a market cap of $10.15 billion, a price-to-earnings ratio of -94.02 and a beta of 0.85. The company’s 50 day simple moving average is $77.42 and its two-hundred day simple moving average is $71.07.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). The company had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. Research analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Insider Transactions at Procore Technologies

In other news, CRO Lawrence Joseph Stack sold 12,000 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $82.92, for a total transaction of $995,040.00. Following the transaction, the executive now owns 161,368 shares in the company, valued at approximately $13,380,634.56. This trade represents a 6.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Howard Fu sold 8,000 shares of Procore Technologies stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $87.00, for a total transaction of $696,000.00. Following the completion of the sale, the chief financial officer now directly owns 156,188 shares of the company’s stock, valued at approximately $13,588,356. The trade was a 4.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 58,211 shares of company stock valued at $4,672,701 in the last three months. Corporate insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Procore Technologies by 7.6% in the 4th quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock worth $891,692,000 after purchasing an additional 838,925 shares during the last quarter. Capital World Investors raised its position in shares of Procore Technologies by 453.6% in the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company’s stock valued at $233,704,000 after purchasing an additional 2,555,612 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Procore Technologies by 99.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock worth $214,377,000 after buying an additional 1,425,967 shares during the last quarter. Meritage Group LP boosted its holdings in shares of Procore Technologies by 66.6% during the 3rd quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock worth $169,453,000 after buying an additional 1,098,019 shares during the period. Finally, Principal Financial Group Inc. grew its stake in Procore Technologies by 29,376.1% in the 4th quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock valued at $200,810,000 after buying an additional 2,670,872 shares during the last quarter. 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.