Newlands Management Operations LLC Purchases 5,257 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Newlands Management Operations LLC increased its stake in Procore Technologies by 38.1% in the first quarter, now holding 19,045 shares valued at approximately $1.26 million.
• Procore Technologies reported earnings per share of $0.35 for the last quarter, surpassing analyst estimates of $0.24, with revenue growth of 13.9% year-over-year.
• Institutional investors control 81.10% of Procore's stock, highlighting strong interest from the investment community.

Newlands Management Operations LLC grew its stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 38.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 19,045 shares of the company's stock after purchasing an additional 5,257 shares during the quarter. Procore Technologies comprises approximately 0.0% of Newlands Management Operations LLC's holdings, making the stock its 19th largest holding. Newlands Management Operations LLC's holdings in Procore Technologies were worth $1,257,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in PCOR. Brighton Jones LLC acquired a new position in shares of Procore Technologies in the 4th quarter valued at $511,000. Northern Trust Corp raised its stake in Procore Technologies by 17.0% during the 4th quarter. Northern Trust Corp now owns 594,668 shares of the company's stock worth $44,558,000 after buying an additional 86,192 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in Procore Technologies during the 4th quarter worth $273,000. Ancora Advisors LLC raised its stake in Procore Technologies by 10,625.0% during the 4th quarter. Ancora Advisors LLC now owns 858 shares of the company's stock worth $64,000 after buying an additional 850 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in Procore Technologies during the 4th quarter worth $1,058,000. Institutional investors and hedge funds own 81.10% of the company's stock.

Insider Buying and Selling at Procore Technologies

In related news, Director William J.G. Griffith sold 309,168 shares of Procore Technologies stock in a transaction dated Friday, June 13th. The stock was 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 owned 1,893,458 shares in the company, valued at approximately $122,620,340.08. This trade represents a 14.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Iconiq Strategic Partners Iv, sold 192,803 shares of Procore Technologies stock in a transaction dated 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 transaction, the insider owned 3,137,255 shares of the company's stock, valued at $203,168,633.80. The trade was a 5.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 664,449 shares of company stock valued at $43,235,011 in the last three months. Corporate insiders own 21.50% of the company's stock.

Wall Street Analyst Weigh In

PCOR has been the topic of several research analyst reports. Arete initiated coverage on Procore Technologies in a research note on Monday, June 16th. They set a "buy" rating and a $91.00 price objective on the stock. Piper Sandler raised their price objective on Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Mizuho raised their price objective on Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Stifel Nicolaus raised their price objective on Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, BMO Capital Markets lifted their price target on Procore Technologies from $75.00 to $82.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Procore Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $83.06.

Procore Technologies Stock Down 1.8%

Shares of NYSE PCOR traded down $1.23 during mid-day trading on Wednesday, hitting $68.80. The company had a trading volume of 420,279 shares, compared to its average volume of 1,463,940. The company has a market capitalization of $10.33 billion, a PE ratio of -71.67 and a beta of 0.90. The firm has a 50-day simple moving average of $69.28 and a two-hundred day simple moving average of $67.75. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a one year low of $52.78 and a one year high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, beating 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 analysts' expectations of $311.91 million. During the same quarter last year, the company earned $0.39 EPS. Procore Technologies's revenue for the quarter was up 13.9% compared to the same quarter last year. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, equities analysts expect that Procore Technologies, Inc. will post -0.15 EPS for the current 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.