Procore Technologies (NYSE:PCOR) Stock Price Down 8.1% - Here's What Happened

Key Points

• Shares fell 8.1% intraday to about $50.23 on Thursday, trading ~1.34M shares (≈45% below average) and sitting below both the 50‑day ($55.16) and 200‑day ($66.70) moving averages.
• Several firms cut price targets (e.g., Stifel to $63, Piper to $79, Goldman Sachs to $75), but the consensus remains a “Moderate Buy” with an average target of about $75.82 (15 Buys, 4 Holds, 1 Sell).
• Procore slightly beat the quarter (EPS $0.37 vs. $0.35; revenue $349.1M, +15.6% YoY) but still posts negative margins and a negative P/E, while insiders have sold ~93,827 shares in the last 90 days and institutions hold ~81.1% of the stock.

Shares of Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) traded down 8.1% during trading on Thursday . The stock traded as low as $50.71 and last traded at $50.2250. 1,340,723 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 2,419,928 shares. The stock had previously closed at $54.68.

Analysts Set New Price Targets

Several analysts have commented on the stock. Stifel Nicolaus lowered their price objective on shares of Procore Technologies from $85.00 to $63.00 and set a "buy" rating on the stock in a research report on Friday, February 13th. Piper Sandler lowered their price objective on shares of Procore Technologies from $91.00 to $79.00 and set an "overweight" rating on the stock in a research report on Friday, February 13th. Wall Street Zen upgraded shares of Procore Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, March 28th. The Goldman Sachs Group reduced their target price on shares of Procore Technologies from $90.00 to $75.00 and set a "buy" rating for the company in a research note on Monday, February 9th. Finally, Zacks Research upgraded shares of Procore Technologies from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 18th. Fifteen investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $75.82.

Procore Technologies Price Performance

The stock has a market cap of $7.54 billion, a PE ratio of -74.74 and a beta of 0.85. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32. The firm's 50 day moving average price is $55.16 and its two-hundred day moving average price is $66.70.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. The firm had revenue of $349.11 million during the quarter, compared to the consensus estimate of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The company's revenue was up 15.6% on a year-over-year basis. During the same quarter last year, the company earned $0.01 earnings per share. On average, research analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 4,225 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total transaction of $211,250.00. Following the completion of the transaction, the insider owned 64,660 shares of the company's stock, valued at approximately $3,233,000. The trade was a 6.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Craig F. Jr. Courtemanche sold 56,121 shares of the business's stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $57.23, for a total transaction of $3,211,804.83. Following the transaction, the chairman directly owned 927,580 shares of the company's stock, valued at approximately $53,085,403.40. This represents a 5.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 93,827 shares of company stock valued at $5,310,132. Corporate insiders own 21.50% of the company's stock.

Hedge Funds Weigh In On Procore Technologies

Several hedge funds have recently bought and sold shares of PCOR. Alliancebernstein L.P. grew its stake in Procore Technologies by 493.9% during the third quarter. Alliancebernstein L.P. now owns 6,107,945 shares of the company's stock valued at $445,391,000 after acquiring an additional 5,079,534 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Procore Technologies by 76.6% during the third quarter. Assenagon Asset Management S.A. now owns 4,037,974 shares of the company's stock valued at $294,449,000 after acquiring an additional 1,750,998 shares in the last quarter. Wasatch Advisors LP grew its stake in Procore Technologies by 58.4% during the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company's stock valued at $318,592,000 after acquiring an additional 1,717,492 shares in the last quarter. Wellington Management Group LLP grew its stake in Procore Technologies by 77.6% during the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company's stock valued at $248,066,000 after acquiring an additional 1,486,153 shares in the last quarter. Finally, Holocene Advisors LP grew its stake in Procore Technologies by 245.9% during the third quarter. Holocene Advisors LP now owns 1,987,188 shares of the company's stock valued at $144,906,000 after acquiring an additional 1,412,721 shares in the last quarter. 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. 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.