Procore Technologies (NYSE:PCOR) Shares Gap Down - What's Next?

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.

Shares of 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.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PCOR. DA Davidson upgraded Procore Technologies to a "hold" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. lowered their price target on Procore Technologies from $97.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. UBS Group lowered their price target on Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Barclays boosted their price target on Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. Finally, BMO Capital Markets boosted their price target on Procore Technologies from $75.00 to $82.00 and gave the company an "outperform" rating in a report on Friday. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Procore Technologies has a consensus rating of "Moderate Buy" and an average price target of $81.94.

Procore Technologies Stock Performance

The company has a 50 day moving average price of $69.76 and a 200-day moving average price of $70.36. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.02. The company has a market cap of $9.64 billion, a P/E ratio of -75.09 and a beta of 0.89.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. Procore Technologies had a negative return on equity of 6.54% and a negative net margin of 10.73%. The firm had revenue of $323.92 million during the quarter, compared to analyst estimates of $311.91 million. During the same period in the previous year, the company posted $0.39 EPS. The company's revenue for the quarter was up 13.9% on a year-over-year basis. On average, equities analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director William J.G. Griffith sold 309,168 shares of the 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 directly owned 1,893,458 shares of the company's stock, valued at $122,620,340.08. This represents a 14.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin C. Singer sold 1,390 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $75.00, for a total transaction of $104,250.00. Following the transaction, the insider directly owned 96,167 shares in the company, valued at approximately $7,212,525. This trade represents a 1.42% decrease in their ownership of the stock. 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 three months. 29.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Procore Technologies by 277.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock worth $35,000 after buying an additional 385 shares during the period. Huntington National Bank lifted its stake 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 buying an additional 404 shares during the period. SVB Wealth LLC purchased a new position in shares of Procore Technologies during the first quarter worth $49,000. Hilltop National Bank purchased a new position in shares of Procore Technologies during the second quarter worth $62,000. Finally, Aster Capital Management DIFC Ltd increased its holdings in Procore Technologies by 181.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company's stock valued at $63,000 after buying an additional 544 shares in the last quarter. 81.10% of the stock is currently owned by institutional investors.

Procore Technologies Company Profile

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.

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