Malaga Cove Capital LLC Has $797,000 Stake 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 lifted its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 170.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,075 shares of the company's stock after purchasing 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 filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in PCOR. Teacher Retirement System of Texas increased its position in Procore Technologies by 89.5% during the 1st quarter. Teacher Retirement System of Texas now owns 19,957 shares of the company's stock worth $1,318,000 after buying an additional 9,428 shares during the period. GAMMA Investing LLC boosted its position in shares of Procore Technologies by 66.6% in the first quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock valued at $82,000 after acquiring an additional 497 shares during the period. Brown Advisory Inc. grew its stake in shares of Procore Technologies by 87.4% in the first quarter. Brown Advisory Inc. now owns 12,943 shares of the company's stock valued at $854,000 after acquiring an additional 6,038 shares in the last quarter. Amalgamated Bank increased its position in Procore Technologies by 4.2% during the first quarter. Amalgamated Bank now owns 7,374 shares of the company's stock worth $487,000 after acquiring an additional 295 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in Procore Technologies by 8.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,702 shares of the company's stock worth $508,000 after acquiring an additional 613 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Procore Technologies

In other news, Director William J.G. Griffith sold 309,168 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $64.76, for a total transaction of $20,021,719.68. Following the completion of the transaction, the director directly owned 1,893,458 shares in the company, valued at approximately $122,620,340.08. This represents a 14.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Howard Fu sold 814 shares of the stock in a transaction on Monday, July 21st. The shares were sold at an average price of $74.35, for a total value of $60,520.90. Following the completion of the transaction, the chief financial officer owned 197,457 shares of the company's stock, valued at $14,680,927.95. The trade was a 0.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 672,447 shares of company stock valued at $43,878,843. Corporate insiders own 29.00% of the company's stock.

Analyst Ratings Changes

PCOR has been the subject of a number of recent research reports. Piper Sandler boosted their price objective on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a report on Friday. Robert W. Baird lifted their price target on shares of Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. UBS Group cut their price target on Procore Technologies from $110.00 to $87.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Stifel Nicolaus increased their price target on Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Friday. Finally, JMP Securities reaffirmed a "market perform" rating and issued a $95.00 price objective on shares of Procore Technologies in a report on Friday. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $82.50.

Procore Technologies Stock Performance

Procore Technologies stock opened at $62.06 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.02. The stock has a market cap of $9.26 billion, a PE ratio of -64.65 and a beta of 0.90. Procore Technologies, Inc. has a 12-month low of $49.46 and a 12-month high of $88.92. The business's 50-day moving average price is $69.66 and its two-hundred day moving average price is $70.27.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. The company had revenue of $323.92 million for the quarter, compared to the consensus estimate of $311.91 million. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.61%. The firm's quarterly revenue was up 13.9% compared to the same quarter last year. During the same period last year, the company posted $0.39 EPS. As a group, analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Procore Technologies Company 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.

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