Malaga Cove Capital LLC Acquires New Position in Procore Technologies, Inc. (NYSE:PCOR)

Malaga Cove Capital LLC bought a new position in shares of Procore Technologies, Inc. (NYSE:PCOR) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 4,484 shares of the company’s stock, valued at approximately $277,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Procore Technologies by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 9,299,147 shares of the company’s stock valued at $764,111,000 after buying an additional 94,190 shares during the period. XN LP grew its position in Procore Technologies by 101.1% in the second quarter. XN LP now owns 2,808,251 shares of the company’s stock worth $186,215,000 after acquiring an additional 1,411,812 shares during the period. Dragoneer Investment Group LLC increased its stake in Procore Technologies by 254.0% during the second quarter. Dragoneer Investment Group LLC now owns 2,243,431 shares of the company’s stock worth $148,762,000 after acquiring an additional 1,609,607 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in Procore Technologies in the third quarter valued at $88,572,000. Finally, Robeco Schweiz AG lifted its stake in shares of Procore Technologies by 20.1% in the 2nd quarter. Robeco Schweiz AG now owns 1,315,000 shares of the company’s stock valued at $87,198,000 after purchasing an additional 220,000 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Trading Up 6.4 %

PCOR opened at $71.38 on Thursday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.57 and a current ratio of 1.57. Procore Technologies, Inc. has a one year low of $49.46 and a one year high of $83.35. The company has a market cap of $10.61 billion, a P/E ratio of -142.76 and a beta of 0.71. The business’s 50-day simple moving average is $60.57 and its 200-day simple moving average is $63.78.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Wednesday, October 30th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). The business had revenue of $295.89 million during the quarter, compared to the consensus estimate of $287.42 million. Procore Technologies had a negative net margin of 6.59% and a negative return on equity of 2.51%. As a group, equities research analysts expect that Procore Technologies, Inc. will post -0.27 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Scotiabank decreased their target price on shares of Procore Technologies from $90.00 to $70.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. The Goldman Sachs Group decreased their price objective on shares of Procore Technologies from $85.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. BMO Capital Markets dropped their target price on shares of Procore Technologies from $85.00 to $71.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Macquarie reissued a “neutral” rating and issued a $70.00 target price on shares of Procore Technologies in a research report on Tuesday, July 30th. Finally, Robert W. Baird assumed coverage on Procore Technologies in a research report on Tuesday, September 24th. They set an “outperform” rating and a $73.00 price target for the company. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.94.

Insider Buying and Selling at Procore Technologies

In other news, SVP William Fred Fleming, Jr. sold 2,707 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $59.14, for a total value of $160,091.98. Following the completion of the sale, the senior vice president now directly owns 79,156 shares of the company’s stock, valued at approximately $4,681,285.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Procore Technologies news, Director Connor Kevin J. O sold 3,846 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $53.84, for a total transaction of $207,068.64. Following the transaction, the director now directly owns 1,436,621 shares of the company’s stock, valued at approximately $77,347,674.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP William Fred Fleming, Jr. sold 2,707 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $59.14, for a total transaction of $160,091.98. Following the completion of the sale, the senior vice president now directly owns 79,156 shares of the company’s stock, valued at $4,681,285.84. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 102,573 shares of company stock worth $6,083,333 over the last 90 days. Corporate insiders own 29.00% of the company’s stock.

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.