Malaga Cove Capital LLC Has $797,000 Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Key Points

• Malaga Cove Capital LLC increased its stake in Procore Technologies by 170.0%, owning 12,075 shares valued at approximately $797,000, following the purchase of 7,602 additional shares.
• Several hedge funds, including the Teacher Retirement System of Texas and Brown Advisory Inc., also significantly increased their holdings in Procore Technologies during the first quarter.
• Procore Technologies reported a quarterly earnings per share of $0.35, exceeding analysts' expectations of $0.24, with revenue rising 13.9% year-over-year to $323.92 million.

Malaga Cove Capital LLC grew its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 170.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,075 shares of the company's stock after buying an additional 7,602 shares during the period. Malaga Cove Capital LLC's holdings in Procore Technologies were worth $797,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Huntington National Bank raised its position in shares of Procore Technologies by 161.6% in the 4th quarter. Huntington National Bank now owns 654 shares of the company's stock valued at $49,000 after purchasing an additional 404 shares in the last quarter. Aster Capital Management DIFC Ltd increased its holdings in Procore Technologies by 181.9% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 843 shares of the company's stock valued at $63,000 after buying an additional 544 shares during the last quarter. Ancora Advisors LLC raised its stake in Procore Technologies by 10,625.0% during the fourth quarter. Ancora Advisors LLC now owns 858 shares of the company's stock valued at $64,000 after buying an additional 850 shares in the last quarter. Versant Capital Management Inc lifted its holdings in Procore Technologies by 174.2% during the 1st quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after buying an additional 636 shares during the last quarter. Finally, GeoWealth Management LLC acquired a new stake in shares of Procore Technologies during the 4th quarter valued at approximately $78,000. 81.10% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Procore Technologies

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $64.76, for a total value of $12,485,922.28. Following the sale, the insider owned 3,137,255 shares in the company, valued at approximately $203,168,633.80. The trade was a 5.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benjamin C. Singer sold 4,500 shares of Procore Technologies stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $75.00, for a total transaction of $337,500.00. Following the completion of the sale, the insider owned 97,557 shares in the company, valued at $7,316,775. This trade represents a 4.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 672,447 shares of company stock worth $43,878,843. Company insiders own 29.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PCOR. BMO Capital Markets raised their price target on Procore Technologies from $75.00 to $82.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. JMP Securities reaffirmed a "market perform" rating and issued a $95.00 price objective on shares of Procore Technologies in a report on Friday, August 1st. KeyCorp boosted their target price on shares of Procore Technologies from $77.00 to $81.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Barclays raised their price target on shares of Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. Finally, Stifel Nicolaus raised their target price on Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Six research 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's stock. According to data from MarketBeat, Procore Technologies has a consensus rating of "Moderate Buy" and an average target price of $83.06.

Procore Technologies Trading Down 0.6%

NYSE:PCOR traded down $0.40 during trading hours on Wednesday, hitting $63.70. The stock had a trading volume of 2,088,726 shares, compared to its average volume of 1,457,161. The business's 50 day moving average is $69.49 and its 200-day moving average is $70.03. The company has a market cap of $9.57 billion, a price-to-earnings ratio of -66.36 and a beta of 0.90. Procore Technologies, Inc. has a one year low of $51.65 and a one year high of $88.92. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.29.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.11. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%. The company had revenue of $323.92 million during the quarter, compared to the consensus estimate of $311.91 million. During the same period in the prior year, the company earned $0.39 earnings per share. The company's revenue for the quarter was up 13.9% compared to the same quarter last year. Sell-side analysts anticipate that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Procore Technologies Profile

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.