Procore Technologies (NYSE:PCOR) Shares Gap Down – Should You Sell?

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.

Analyst Ratings Changes

PCOR has been the subject of several recent analyst reports. KeyCorp increased their target price on Procore Technologies from $85.00 to $96.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Canaccord Genuity Group increased their price objective on Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Robert W. Baird boosted their target price on shares of Procore Technologies from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, December 12th. Mizuho upped their target price on shares of Procore Technologies from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, December 13th. Finally, JPMorgan Chase & Co. raised their price target on shares of Procore Technologies from $85.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Procore Technologies has an average rating of “Moderate Buy” and a consensus price target of $89.94.

Procore Technologies Trading Up 3.8 %

The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57. The business’s 50 day simple moving average is $77.42 and its 200 day simple moving average is $71.07. The stock has a market cap of $10.15 billion, a P/E ratio of -94.02 and a beta of 0.85.

Procore Technologies (NYSE:PCOR) last issued 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 company had revenue of $302.05 million during the quarter, compared to analyst estimates of $297.72 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. On average, analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In related news, CRO Lawrence Joseph Stack sold 12,000 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $82.92, for a total transaction of $995,040.00. Following the sale, the executive now directly owns 161,368 shares in the company, valued at $13,380,634.56. This represents a 6.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Howard Fu sold 8,000 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $87.00, for a total value of $696,000.00. Following the completion of the transaction, the chief financial officer now directly owns 156,188 shares in the company, valued at approximately $13,588,356. This represents a 4.87 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 58,211 shares of company stock valued at $4,672,701. 29.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PCOR. Atria Investments Inc increased its position in Procore Technologies by 11.9% in the 3rd quarter. Atria Investments Inc now owns 4,950 shares of the company’s stock valued at $306,000 after acquiring an additional 527 shares in the last quarter. Entropy Technologies LP grew its stake in shares of Procore Technologies by 111.2% during the third quarter. Entropy Technologies LP now owns 27,790 shares of the company’s stock valued at $1,715,000 after purchasing an additional 14,634 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Procore Technologies by 4.0% in the third quarter. Victory Capital Management Inc. now owns 62,897 shares of the company’s stock valued at $3,882,000 after purchasing an additional 2,432 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Procore Technologies by 56.5% in the third quarter. Oppenheimer Asset Management Inc. now owns 58,947 shares of the company’s stock valued at $3,638,000 after purchasing an additional 21,287 shares in the last quarter. Finally, KBC Group NV raised its position in Procore Technologies by 19.0% in the 3rd quarter. KBC Group NV now owns 2,722 shares of the company’s stock worth $168,000 after purchasing an additional 435 shares during the last quarter. 81.10% of the stock is owned by institutional investors.

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.