Procore Technologies (NYSE:PCOR) Shares Gap Down – Here’s Why

Procore Technologies, Inc. (NYSE:PCOR)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $69.18, but opened at $65.50. Procore Technologies shares last traded at $63.95, with a volume of 320,771 shares trading hands.

Analyst Ratings Changes

A number of research analysts have commented on PCOR shares. DA Davidson boosted their target price on Procore Technologies from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. TD Cowen boosted their price objective on Procore Technologies from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. UBS Group raised their target price on Procore Technologies from $105.00 to $110.00 and gave the company a “buy” rating in a report on Friday, February 14th. Scotiabank increased their price objective on Procore Technologies from $70.00 to $85.00 and gave the company a “sector outperform” rating in a research report on Friday, November 22nd. Finally, The Goldman Sachs Group boosted their target price on shares of Procore Technologies from $73.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $89.94.

Procore Technologies Price Performance

The company has a market cap of $9.52 billion, a price-to-earnings ratio of -88.14 and a beta of 0.85. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The company’s 50 day moving average price is $77.76 and its 200 day moving average price is $71.06.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, February 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.46). The firm had revenue of $302.05 million during the quarter, compared to the consensus estimate of $297.72 million. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. On average, equities research analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Procore Technologies news, insider Benjamin C. Singer sold 1,500 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $76.18, for a total value of $114,270.00. Following the transaction, the insider now owns 84,539 shares of the company’s stock, valued at approximately $6,440,181.02. This represents a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Connor Kevin J. O sold 6,410 shares of Procore Technologies stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $81.26, for a total transaction of $520,876.60. Following the transaction, the director now directly owns 1,269,828 shares in the company, valued at $103,186,223.28. The trade was a 0.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 64,621 shares of company stock worth $5,193,578 in the last 90 days. Corporate insiders own 29.00% of the company’s stock.

Institutional Trading of Procore Technologies

Several hedge funds have recently added to or reduced their stakes in PCOR. Versant Capital Management Inc increased its holdings in shares of Procore Technologies by 92.1% in the fourth quarter. Versant Capital Management Inc now owns 365 shares of the company’s stock worth $27,000 after acquiring an additional 175 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in Procore Technologies by 61.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 387 shares of the company’s stock worth $29,000 after buying an additional 147 shares during the period. V Square Quantitative Management LLC boosted its holdings in shares of Procore Technologies by 37.8% in the fourth quarter. V Square Quantitative Management LLC now owns 591 shares of the company’s stock valued at $44,000 after buying an additional 162 shares during the period. Huntington National Bank increased its position 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 acquiring an additional 404 shares in the last quarter. Finally, Hilltop National Bank bought a new stake in shares of Procore Technologies during the fourth quarter worth $53,000. Institutional investors and hedge funds 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.