Procore Technologies (NYSE:PCOR) Lowered 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.

Procore Technologies (NYSE:PCOR - Get Free Report) was downgraded by stock analysts at Citizens Jmp from an "outperform" rating to a "market perform" rating in a report issued on Friday,Briefing.com Automated Import reports.

Other equities research analysts have also recently issued reports about the company. DA Davidson upgraded Procore Technologies to a "hold" rating in a research note on Tuesday, July 22nd. Arete assumed coverage on Procore Technologies in a research note on Monday, June 16th. They set a "buy" rating and a $91.00 target price on the stock. Piper Sandler lowered their target price on Procore Technologies from $110.00 to $75.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Scotiabank lowered their price objective on Procore Technologies from $95.00 to $75.00 and set a "sector outperform" rating on the stock in a research note on Thursday, April 24th. Finally, UBS Group lowered their price objective on Procore Technologies from $110.00 to $87.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Procore Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $81.33.

Procore Technologies Trading Down 3.7%

NYSE PCOR opened at $71.77 on Friday. The stock has a market capitalization of $10.71 billion, a price-to-earnings ratio of -83.45 and a beta of 0.89. Procore Technologies has a one year low of $49.46 and a one year high of $88.92. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.19 and a quick ratio of 1.19. The business's fifty day moving average is $69.76 and its 200-day moving average is $70.36.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. The company had revenue of $323.92 million for the quarter, compared to analysts' expectations of $311.91 million. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The business's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.39 EPS. Equities research analysts predict that Procore Technologies will post -0.15 EPS for the current year.

Insider Activity

In other news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $64.76, for a total transaction of $12,485,922.28. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director William J.G. Griffith sold 309,168 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 $20,021,719.68. Following the sale, the director owned 1,893,458 shares in the company, valued at approximately $122,620,340.08. This represents a 14.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 672,447 shares of company stock valued at $43,878,843. 29.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its holdings in shares of Procore Technologies by 84.5% during the first quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock worth $215,195,000 after purchasing an additional 1,492,869 shares in the last quarter. Capital World Investors grew its holdings in shares of Procore Technologies by 453.6% during the fourth quarter. Capital World Investors now owns 3,118,962 shares of the company's stock worth $233,704,000 after purchasing an additional 2,555,612 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Procore Technologies by 3.1% during the first quarter. Principal Financial Group Inc. now owns 2,762,275 shares of the company's stock worth $182,365,000 after purchasing an additional 82,311 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Procore Technologies by 14.0% during the fourth quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock worth $196,873,000 after purchasing an additional 322,367 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Procore Technologies by 25.6% during the first quarter. Wellington Management Group LLP now owns 2,210,749 shares of the company's stock worth $145,954,000 after purchasing an additional 451,238 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.