Newlands Management Operations LLC Makes New Investment in Procore Technologies, Inc. (NYSE:PCOR)

Newlands Management Operations LLC acquired a new stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 13,788 shares of the company's stock, valued at approximately $1,033,000. Procore Technologies comprises approximately 0.0% of Newlands Management Operations LLC's investment portfolio, making the stock its 20th biggest position.

Several other institutional investors have also recently modified their holdings of the company. Chicago Partners Investment Group LLC increased its position in shares of Procore Technologies by 0.8% during the 4th quarter. Chicago Partners Investment Group LLC now owns 15,707 shares of the company's stock valued at $1,199,000 after purchasing an additional 129 shares during the last quarter. Parkside Financial Bank & Trust grew its position in Procore Technologies by 61.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 387 shares of the company's stock worth $29,000 after acquiring an additional 147 shares during the last quarter. V Square Quantitative Management LLC grew its position in Procore Technologies by 37.8% during the 4th quarter. V Square Quantitative Management LLC now owns 591 shares of the company's stock worth $44,000 after acquiring an additional 162 shares during the last quarter. Covestor Ltd grew its position in Procore Technologies by 15.1% during the 4th quarter. Covestor Ltd now owns 1,571 shares of the company's stock worth $118,000 after acquiring an additional 206 shares during the last quarter. Finally, OneDigital Investment Advisors LLC grew its position in Procore Technologies by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 5,438 shares of the company's stock worth $407,000 after acquiring an additional 225 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PCOR has been the topic of several recent research reports. Barclays raised their price target on Procore Technologies from $70.00 to $72.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Canaccord Genuity Group raised their price target on Procore Technologies from $83.00 to $97.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Jefferies Financial Group reduced their price target on Procore Technologies from $100.00 to $90.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Mizuho reduced their price target on Procore Technologies from $75.00 to $65.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Finally, Stifel Nicolaus reduced their price target on Procore Technologies from $93.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Procore Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.24.

Insider Activity

In other Procore Technologies news, Director Connor Kevin J. O sold 7,692 shares of Procore Technologies stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $72.16, for a total value of $555,054.72. Following the completion of the sale, the director now owns 1,192,900 shares of the company's stock, valued at approximately $86,079,664. This trade represents a 0.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 value of $93,867.60. Following the completion of the sale, the insider now directly owns 200 shares of the company's stock, valued at approximately $17,480. The trade was a 84.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 69,834 shares of company stock worth $5,181,472 in the last quarter. 29.00% of the stock is owned by company insiders.

Procore Technologies Stock Down 0.5%

Shares of PCOR traded down $0.35 on Friday, reaching $71.08. The stock had a trading volume of 767,569 shares, compared to its average volume of 1,719,270. The firm has a market capitalization of $10.60 billion, a price-to-earnings ratio of -98.72 and a beta of 0.90. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. The company has a 50-day simple moving average of $64.88 and a 200-day simple moving average of $72.61. Procore Technologies, Inc. has a 12-month low of $49.46 and a 12-month high of $88.92.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.23 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.06. The company had revenue of $310.63 million during the quarter, compared to analysts' expectations of $302.66 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The firm's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.30 EPS. Sell-side analysts predict 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.