Procore Technologies (NYSE:PCOR) Reaches New 1-Year Low - Should You Sell?

Key Points

• Procore Technologies hit a new 52-week low, trading as low as $44.75 after closing previously at $47.41, underscoring recent pressure on the stock.
• Despite the weak share price, analysts remain generally constructive: 15 analysts rate it a Buy, with an average Moderate Buy rating and a consensus price target of $72.56.
• The company’s latest earnings topped revenue expectations but missed on EPS, with quarterly revenue up 15.7% year over year; meanwhile, insiders have been selling shares and institutional ownership remains high at 81.1%.

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. BTIG Research restated a "buy" rating and set a $66.00 price target on shares of Procore Technologies in a report on Wednesday, May 6th. TD Cowen reduced their price objective on Procore Technologies from $85.00 to $75.00 and set a "buy" rating for the company in a research note on Tuesday, April 21st. Barclays cut their target price on Procore Technologies from $90.00 to $65.00 and set an "overweight" rating on the stock in a report on Friday, February 13th. UBS Group lowered their price objective on shares of Procore Technologies from $74.00 to $68.00 and set a "buy" rating on the stock in a report on Wednesday, May 6th. Finally, Zacks Research upgraded shares of Procore Technologies from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 18th. Fifteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $72.56.

Procore Technologies Price Performance

The stock has a market cap of $6.91 billion, a PE ratio of -89.76 and a beta of 0.73. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.12 and a current ratio of 1.12. The business has a 50 day moving average price of $52.00 and a two-hundred day moving average price of $60.15.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The business had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. During the same quarter last year, the business posted $0.23 earnings per share. The business's revenue was up 15.7% compared to the same quarter last year. Research analysts expect that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Insider Transactions at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,769 shares of the company's stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total transaction of $294,622.83. Following the sale, the director directly owned 990,983 shares in the company, valued at approximately $50,609,501.81. This represents a 0.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of the business's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $50.00, for a total value of $197,100.00. Following the sale, the insider owned 96,723 shares in the company, valued at approximately $4,836,150. The trade was a 3.92% 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. Insiders sold 121,955 shares of company stock worth $6,030,964 over the last quarter. Corporate insiders own 16.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Procore Technologies by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company's stock worth $957,150,000 after purchasing an additional 804,920 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Procore Technologies by 493.9% in the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company's stock worth $445,391,000 after purchasing an additional 5,079,534 shares during the last quarter. Wasatch Advisors LP raised its holdings in Procore Technologies by 6.8% during the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company's stock valued at $362,560,000 after buying an additional 315,604 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Procore Technologies by 4.0% in the fourth quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company's stock worth $257,431,000 after purchasing an additional 137,171 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Procore Technologies by 3.9% in the 4th quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company's stock worth $249,416,000 after buying an additional 127,256 shares during 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. 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.

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