Newlands Management Operations LLC Has $1.26 Million Position in 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 holdings in Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 38.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 19,045 shares of the company's stock after purchasing an additional 5,257 shares during the quarter. Procore Technologies comprises about 0.0% of Newlands Management Operations LLC's investment portfolio, making the stock its 19th largest position. Newlands Management Operations LLC's holdings in Procore Technologies were worth $1,257,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. AQR Capital Management LLC lifted its stake in shares of Procore Technologies by 848.3% during the first quarter. AQR Capital Management LLC now owns 102,228 shares of the company's stock valued at $6,586,000 after acquiring an additional 91,448 shares during the period. Alight Capital Management LP acquired a new position in shares of Procore Technologies during the first quarter valued at $1,320,000. PDT Partners LLC acquired a new position in shares of Procore Technologies during the first quarter valued at $2,110,000. Durable Capital Partners LP lifted its stake in shares of Procore Technologies by 83.3% during the first quarter. Durable Capital Partners LP now owns 825,120 shares of the company's stock valued at $54,474,000 after acquiring an additional 375,020 shares during the period. Finally, Royal Bank of Canada lifted its stake in shares of Procore Technologies by 11.0% during the first quarter. Royal Bank of Canada now owns 561,735 shares of the company's stock valued at $37,085,000 after acquiring an additional 55,829 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

Procore Technologies Trading Up 1.2%

Shares of Procore Technologies stock traded up $0.84 during trading hours on Friday, hitting $70.01. The company's stock had a trading volume of 2,090,888 shares, compared to its average volume of 1,452,999. Procore Technologies, Inc. has a 12 month low of $52.78 and a 12 month high of $88.92. The stock has a 50 day moving average of $69.23 and a 200 day moving average of $67.81. The company has a market capitalization of $10.51 billion, a PE ratio of -72.92 and a beta of 0.90. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.29 and a quick 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. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Analysts predict that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PCOR. BMO Capital Markets upped 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. Stifel Nicolaus upped their price target on Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Friday, August 1st. DA Davidson initiated coverage on Procore Technologies in a report on Monday, August 4th. They issued a "neutral" rating and a $70.00 price objective for the company. Mizuho upped their price objective on Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Finally, JMP Securities reiterated a "market perform" rating and issued a $95.00 price objective on shares of Procore Technologies in a report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $83.06.

Insiders Place Their Bets

In other Procore Technologies news, CFO Howard Fu sold 797 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $63.85, for a total value of $50,888.45. Following the completion of the sale, the chief financial officer directly owned 189,457 shares in the company, valued at $12,096,829.45. This represents a 0.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Connor Kevin J. O sold 7,692 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $66.28, for a total value of $509,825.76. Following the completion of the sale, the director owned 1,146,405 shares of the company's stock, valued at $75,983,723.40. This trade represents a 0.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 664,449 shares of company stock worth $43,235,011 over the last ninety days. 21.50% of the stock is currently owned by corporate insiders.

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.