Procore Technologies (NYSE:PCOR) Downgraded to Market Perform Rating by Citizens Jmp

Key Points

• Procore Technologies has been downgraded from an "outperform" to a "market perform" rating by Citizens Jmp, reflecting a cautious outlook on the company's performance.
• Despite the downgrade, Procore Technologies currently holds an average rating of "Moderate Buy" among analysts, with a consensus price target of $81.33.
• In recent trading, Procore Technologies' stock has decreased by 3.7% and is currently valued at $71.77, with a market capitalization of $10.71 billion.

Citizens Jmp downgraded shares of Procore Technologies (NYSE:PCOR - Free Report) from an outperform rating to a market perform rating in a report published on Friday, Marketbeat reports.

Other equities analysts also recently issued research reports about the company. Mizuho cut their price target on Procore Technologies from $75.00 to $65.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Arete assumed coverage on Procore Technologies in a research note on Monday, June 16th. They issued a "buy" rating and a $91.00 target price on the stock. BMO Capital Markets cut their target price on Procore Technologies from $95.00 to $75.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. Barclays boosted their target price on Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Finally, KeyCorp lowered their price target on shares of Procore Technologies from $96.00 to $77.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $83.06.

Procore Technologies Price Performance

Shares of PCOR traded up $1.48 during trading hours on Friday, reaching $64.47. The stock had a trading volume of 4,224,721 shares, compared to its average volume of 1,424,875. The stock has a market capitalization of $9.62 billion, a PE ratio of -67.15 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19. Procore Technologies has a 12 month low of $51.65 and a 12 month high of $88.92. The company's 50-day moving average is $69.57 and its two-hundred day moving average is $70.07.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.24 by $0.11. The company had revenue of $323.92 million during the quarter, compared to the consensus estimate of $311.91 million. Procore Technologies had a negative return on equity of 7.61% and a negative net margin of 11.58%. The firm's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period last year, the business posted $0.39 EPS. Research analysts expect that Procore Technologies will post -0.15 EPS for the current year.

Insiders Place Their Bets

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $64.76, for a total value of $12,485,922.28. Following the transaction, the insider directly owned 3,137,255 shares in the company, valued at $203,168,633.80. This represents a 5.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin C. Singer sold 4,500 shares of the stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $75.00, for a total transaction of $337,500.00. Following the transaction, the insider owned 97,557 shares in the company, valued at approximately $7,316,775. This represents a 4.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 672,447 shares of company stock worth $43,878,843. 29.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. raised its stake in shares of Procore Technologies by 277.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock valued at $35,000 after acquiring an additional 385 shares during the period. Huntington National Bank grew its holdings in shares of Procore Technologies by 161.6% during the fourth quarter. Huntington National Bank now owns 654 shares of the company's stock worth $49,000 after purchasing an additional 404 shares during the last quarter. SVB Wealth LLC acquired a new stake in Procore Technologies during the 1st quarter worth $49,000. Hilltop National Bank acquired a new stake in Procore Technologies during the 2nd quarter worth $62,000. Finally, Aster Capital Management DIFC Ltd lifted its stake in shares of Procore Technologies by 181.9% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company's stock worth $63,000 after acquiring an additional 544 shares during the period. 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.