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

Key Points

• Procore gapped down, opening at $53.36 after a $62.10 close and trading around $54.28 on heavy volume, a drop of about 12%.
• Analysts have cut price targets (recently in the $72–79 range), but the consensus remains a Moderate Buy with an average target of $73.75.
• Latest quarter: EPS beat slightly ($0.37 vs. $0.35) and revenue rose 15.6% to $349.1M, though the company still shows negative net margin and return on equity.

Shares of Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $62.10, but opened at $53.36. Procore Technologies shares last traded at $54.2820, with a volume of 666,855 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PCOR. Piper Sandler cut their price objective on Procore Technologies from $91.00 to $79.00 and set an "overweight" rating on the stock in a report on Friday, February 13th. KeyCorp cut their price objective on Procore Technologies from $91.00 to $80.00 and set an "overweight" rating on the stock in a report on Friday, February 6th. The Goldman Sachs Group cut their price objective on Procore Technologies from $90.00 to $75.00 and set a "buy" rating on the stock in a report on Monday, February 9th. UBS Group cut their price objective on Procore Technologies from $87.00 to $74.00 and set a "buy" rating on the stock in a report on Tuesday, February 3rd. Finally, Canaccord Genuity Group cut their price objective on Procore Technologies from $90.00 to $72.00 and set a "buy" rating on the stock in a report on Friday, February 13th. Fifteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $73.75.

Procore Technologies Stock Down 12.0%

The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.02. The stock has a market cap of $8.24 billion, a PE ratio of -81.55 and a beta of 0.78. The business has a 50 day moving average price of $55.59 and a 200 day moving average price of $64.54.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Thursday, February 12th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.02. Procore Technologies had a negative return on equity of 3.96% and a negative net margin of 7.62%.The firm had revenue of $349.11 million for the quarter, compared to the consensus estimate of $340.80 million. During the same quarter in the prior year, the business earned $0.01 earnings per share. The company's revenue was up 15.6% compared to the same quarter last year. Equities research analysts expect that Procore Technologies, Inc. will post 0.09 EPS for the current fiscal year.

Insider Transactions at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $47.64, for a total transaction of $2,673,652.08. Following the transaction, the chairman owned 927,580 shares in the company, valued at approximately $44,189,911.20. This represents a 5.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $51.07, for a total value of $294,622.83. Following the transaction, the director owned 990,983 shares in the company, valued at $50,609,501.81. This represents a 0.58% decrease in their position. 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 have sold 148,026 shares of company stock worth $7,783,734 over the last quarter. 16.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Procore Technologies

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Procore Technologies by 6.5% during 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 in the last quarter. Alliancebernstein L.P. boosted its position in Procore Technologies by 493.9% during 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 in the last quarter. Wasatch Advisors LP boosted its position in Procore Technologies by 6.8% during the third quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company's stock worth $362,560,000 after purchasing an additional 315,604 shares in the last quarter. Wellington Management Group LLP boosted its position in Procore Technologies by 4.0% during 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 in the last quarter. Finally, Principal Financial Group Inc. boosted its position in Procore Technologies by 3.9% during the fourth quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company's stock worth $249,416,000 after purchasing an additional 127,256 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company's stock.

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. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.