DA Davidson Downgrades Procore Technologies (NYSE:PCOR) to Neutral

Procore Technologies (NYSE:PCOR) was downgraded by analysts at DA Davidson from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Friday, Briefing.com reports. They currently have a $60.00 price objective on the stock, down from their prior price objective of $90.00. DA Davidson’s price objective suggests a potential downside of 10.74% from the stock’s previous close.

Several other research analysts have also commented on the company. JPMorgan Chase & Co. lifted their price target on Procore Technologies from $86.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. Macquarie reissued a “neutral” rating and set a $70.00 target price on shares of Procore Technologies in a research report on Tuesday. Barclays lowered their price target on Procore Technologies from $83.00 to $78.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Canaccord Genuity Group dropped their price objective on shares of Procore Technologies from $95.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Finally, Mizuho reissued a “neutral” rating and issued a $70.00 target price (down previously from $75.00) on shares of Procore Technologies in a research note on Tuesday, June 4th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $76.73.

Procore Technologies Trading Down 5.4 %

Shares of PCOR opened at $67.22 on Friday. The stock has a market capitalization of $9.84 billion, a PE ratio of -70.02 and a beta of 0.75. The company’s fifty day moving average is $66.94 and its 200 day moving average is $71.46. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.61. Procore Technologies has a fifty-two week low of $48.11 and a fifty-two week high of $83.35.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.15. The firm had revenue of $269.43 million for the quarter, compared to the consensus estimate of $263.13 million. Procore Technologies had a negative net margin of 13.64% and a negative return on equity of 8.25%. Sell-side analysts expect that Procore Technologies will post -0.35 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Howard Fu sold 1,142 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $68.68, for a total transaction of $78,432.56. Following the transaction, the chief financial officer now directly owns 181,419 shares of the company’s stock, valued at approximately $12,459,856.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $70.29, for a total transaction of $360,447.12. Following the completion of the sale, the director now directly owns 1,489,183 shares in the company, valued at $104,674,673.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Howard Fu sold 1,142 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $68.68, for a total value of $78,432.56. Following the completion of the transaction, the chief financial officer now directly owns 181,419 shares in the company, valued at $12,459,856.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 238,511 shares of company stock worth $16,024,349. Insiders own 29.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PCOR. Signaturefd LLC lifted its holdings in shares of Procore Technologies by 52.0% during the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock worth $42,000 after purchasing an additional 216 shares during the period. Rothschild Investment LLC purchased a new stake in shares of Procore Technologies in the second quarter valued at about $51,000. International Assets Investment Management LLC increased its position in Procore Technologies by 6,823.1% during the fourth quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock worth $62,000 after purchasing an additional 887 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new position in Procore Technologies in the 4th quarter valued at about $62,000. Finally, Advisors Asset Management Inc. increased its holdings in shares of Procore Technologies by 26.2% during the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after buying an additional 260 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.

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.