Newlands Management Operations LLC Acquires Shares of 13,788 Procore Technologies, Inc. (NYSE:PCOR)

Newlands Management Operations LLC bought a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) in the 4th quarter, Holdings Channel reports. The institutional investor bought 13,788 shares of the company’s stock, valued at approximately $1,033,000. Procore Technologies accounts for about 0.0% of Newlands Management Operations LLC’s holdings, making the stock its 20th largest position.

A number of other large investors have also recently modified their holdings of the business. Barclays PLC lifted its stake in Procore Technologies by 49.1% in the 3rd quarter. Barclays PLC now owns 69,012 shares of the company’s stock valued at $4,259,000 after purchasing an additional 22,734 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Procore Technologies by 99.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock worth $214,377,000 after buying an additional 1,425,967 shares during the last quarter. Park Avenue Securities LLC increased its holdings in shares of Procore Technologies by 71.5% during the fourth quarter. Park Avenue Securities LLC now owns 12,713 shares of the company’s stock worth $953,000 after buying an additional 5,299 shares in the last quarter. Northside Capital Management LLC lifted its stake in shares of Procore Technologies by 28.2% in the 4th quarter. Northside Capital Management LLC now owns 45,236 shares of the company’s stock valued at $3,390,000 after acquiring an additional 9,948 shares during the last quarter. Finally, Procyon Advisors LLC acquired a new stake in shares of Procore Technologies during the 4th quarter valued at $242,000. Institutional investors and hedge funds own 81.10% of the company’s stock.

Procore Technologies Stock Performance

Shares of PCOR stock opened at $72.28 on Wednesday. The firm has a 50 day moving average of $64.75 and a 200-day moving average of $72.50. The company has a market cap of $10.78 billion, a price-to-earnings ratio of -100.39 and a beta of 0.90. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $88.92.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.06. Procore Technologies had a negative net margin of 9.20% and a negative return on equity of 5.10%. The firm had revenue of $310.63 million during the quarter, compared to the consensus estimate of $302.66 million. During the same period in the previous year, the firm posted $0.30 earnings per share. The business’s revenue was up 15.3% compared to the same quarter last year. On average, equities analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Insider Buying and Selling

In other Procore Technologies news, CRO Lawrence Joseph Stack sold 1,000 shares of Procore Technologies stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $65.60, for a total transaction of $65,600.00. Following the completion of the transaction, the executive now owns 217,868 shares in the company, valued at approximately $14,292,140.80. The trade was a 0.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of Procore Technologies stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $87.40, for a total transaction of $93,867.60. Following the transaction, the insider now directly owns 200 shares in the company, valued at $17,480. This represents a 84.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 55,142 shares of company stock valued at $4,119,407. 29.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PCOR shares. Canaccord Genuity Group upped their target price on Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a report on Friday, February 14th. KeyCorp lowered their price objective on Procore Technologies from $96.00 to $77.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. BMO Capital Markets cut their target price on shares of Procore Technologies from $95.00 to $75.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 23rd. JMP Securities upped their price target on shares of Procore Technologies from $90.00 to $95.00 and gave the company a “market outperform” rating in a research report on Tuesday, February 18th. Finally, Jefferies Financial Group cut their price target on shares of Procore Technologies from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Four research 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 company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $80.24.

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.