Procore Technologies (NYSE:PCOR) Shares Gap Down - Here's What Happened

Key Points

• Procore Technologies shares gapped down from $71.63 to $66.16 before opening, recently trading at $63.35 with a volume of 914,832 shares.
• Analysts have a consensus rating of "Moderate Buy" for Procore Technologies, with the average price target set at $81.94, reflecting a range of ratings from hold to strong buy from various research firms.
• Procore's latest quarterly earnings showed a $0.35 EPS, beating expectations, with revenues increasing by 13.9% year-over-year, totaling $323.92 million.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $71.63, but opened at $66.16. Procore Technologies shares last traded at $63.35, with a volume of 914,832 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PCOR. Barclays raised their target price on shares of Procore Technologies from $72.00 to $82.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. KeyCorp lifted their price objective on Procore Technologies from $77.00 to $81.00 and gave the stock an "overweight" rating in a research report on Friday. JMP Securities reissued a "market perform" rating and set a $95.00 price objective on shares of Procore Technologies in a research note on Friday. DA Davidson initiated coverage on Procore Technologies in a research note on Monday. They issued a "neutral" rating and a $70.00 target price for the company. Finally, Piper Sandler boosted their price target on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a research report on Friday. 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 stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $83.06.

Procore Technologies Price Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.19. The stock's 50-day moving average is $69.57 and its two-hundred day moving average is $70.07. The stock has a market cap of $9.58 billion, a PE ratio of -66.93 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative return on equity of 7.61% and a negative net margin of 11.58%. The business had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. During the same period last year, the business posted $0.39 earnings per share. The company's quarterly revenue was up 13.9% on a year-over-year basis. On average, equities analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 8,035 shares of the business's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $72.36, for a total transaction of $581,412.60. Following the sale, the director directly owned 1,154,097 shares in the company, valued at $83,510,458.92. This represents a 0.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin C. Singer sold 4,500 shares of the stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $75.00, for a total transaction of $337,500.00. Following the sale, the insider directly owned 97,557 shares in the company, valued at $7,316,775. This represents a 4.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 672,447 shares of company stock worth $43,878,843 over the last ninety days. Company insiders own 29.00% of the company's stock.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its stake in shares of Procore Technologies by 11.9% in the second quarter. Bank of New York Mellon Corp now owns 562,213 shares of the company's stock valued at $38,467,000 after acquiring an additional 59,566 shares in the last quarter. Bank of Montreal Can increased its holdings in Procore Technologies by 14.3% during the 2nd quarter. Bank of Montreal Can now owns 12,138 shares of the company's stock worth $830,000 after purchasing an additional 1,523 shares during the period. Intellectus Partners LLC raised its position in Procore Technologies by 135.3% in the 2nd quarter. Intellectus Partners LLC now owns 12,305 shares of the company's stock valued at $842,000 after purchasing an additional 7,075 shares in the last quarter. ANTIPODES PARTNERS Ltd boosted its stake in shares of Procore Technologies by 99.9% in the 2nd quarter. ANTIPODES PARTNERS Ltd now owns 197,781 shares of the company's stock valued at $13,533,000 after buying an additional 98,847 shares during the period. Finally, Strs Ohio purchased a new stake in shares of Procore Technologies during the second quarter worth approximately $1,205,000. 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.