Newlands Management Operations LLC Invests $1.03 Million in Procore Technologies, Inc. (NYSE:PCOR)

Newlands Management Operations LLC purchased a new stake in Procore Technologies, Inc. (NYSE:PCOR - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 13,788 shares of the company's stock, valued at approximately $1,033,000. Procore Technologies accounts for about 0.0% of Newlands Management Operations LLC's investment portfolio, making the stock its 20th largest position.

Other hedge funds have also recently bought and sold shares of the company. Nuveen Asset Management LLC increased its position in shares of Procore Technologies by 1.3% during the 4th quarter. Nuveen Asset Management LLC now owns 368,268 shares of the company's stock worth $27,594,000 after purchasing an additional 4,831 shares in the last quarter. Old Well Partners LLC bought a new position in Procore Technologies during the 4th quarter worth approximately $3,634,000. Lazard Asset Management LLC boosted its stake in Procore Technologies by 45.1% during the 4th quarter. Lazard Asset Management LLC now owns 15,141 shares of the company's stock worth $1,134,000 after acquiring an additional 4,704 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Procore Technologies by 14.0% during the 4th quarter. Janus Henderson Group PLC now owns 2,627,408 shares of the company's stock worth $196,873,000 after acquiring an additional 322,367 shares during the last quarter. Finally, Jefferies Financial Group Inc. bought a new position in Procore Technologies during the 4th quarter worth approximately $11,268,000. 81.10% of the stock is owned by institutional investors.

Procore Technologies Stock Performance

Shares of NYSE PCOR traded down $0.93 during mid-day trading on Monday, reaching $70.16. 184,457 shares of the company's stock were exchanged, compared to its average volume of 1,716,970. The firm has a 50-day moving average price of $64.88 and a two-hundred day moving average price of $72.73. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $88.92. The firm has a market capitalization of $10.46 billion, a price-to-earnings ratio of -97.47 and a beta of 0.90. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.57 and a quick ratio of 1.57.

Procore Technologies (NYSE:PCOR - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.06. The company had revenue of $310.63 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm posted $0.30 EPS. Analysts predict that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. DA Davidson raised shares of Procore Technologies to a "hold" rating in a research report on Tuesday, May 13th. Canaccord Genuity Group boosted their price objective on shares of Procore Technologies from $83.00 to $97.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Piper Sandler lowered their target price on shares of Procore Technologies from $110.00 to $75.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. JPMorgan Chase & Co. lowered their target price on shares of Procore Technologies from $97.00 to $85.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Finally, BMO Capital Markets lowered their target price on shares of Procore Technologies from $95.00 to $75.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. Four equities research 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, the company presently has a consensus rating of "Moderate Buy" and an average price target of $80.24.

Insider Transactions at Procore Technologies

In other Procore Technologies news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the company's stock in a transaction that occurred 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 owns 200 shares of the company's stock, valued at $17,480. This represents a 84.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Howard Fu sold 8,000 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $87.00, for a total value of $696,000.00. Following the completion of the sale, the chief financial officer now directly owns 156,188 shares of the company's stock, valued at approximately $13,588,356. This represents a 4.87% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 69,834 shares of company stock valued at $5,181,472. 29.00% of the stock is 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.