Malaga Cove Capital LLC Raises Holdings in Procore Technologies, Inc. $PCOR

Malaga Cove Capital LLC raised its position in shares of Procore Technologies, Inc. (NYSE:PCOR) by 27.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,431 shares of the company’s stock after acquiring an additional 3,356 shares during the period. Malaga Cove Capital LLC’s holdings in Procore Technologies were worth $1,056,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its position in Procore Technologies by 11.9% during the second quarter. Bank of New York Mellon Corp now owns 562,213 shares of the company’s stock valued at $38,467,000 after buying an additional 59,566 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of Procore Technologies by 14.3% during the 2nd quarter. Bank of Montreal Can now owns 12,138 shares of the company’s stock valued at $830,000 after acquiring an additional 1,523 shares in the last quarter. Intellectus Partners LLC boosted its position in Procore Technologies by 135.3% during the 2nd quarter. Intellectus Partners LLC now owns 12,305 shares of the company’s stock worth $842,000 after purchasing an additional 7,075 shares during the period. ANTIPODES PARTNERS Ltd increased its holdings in Procore Technologies by 99.9% in the 2nd quarter. ANTIPODES PARTNERS Ltd now owns 197,781 shares of the company’s stock valued at $13,533,000 after purchasing an additional 98,847 shares in the last quarter. Finally, Strs Ohio purchased a new position in Procore Technologies in the second quarter valued at about $1,205,000. 81.10% of the stock is currently owned by institutional investors and hedge funds.

Procore Technologies Price Performance

Shares of PCOR stock opened at $79.14 on Friday. The firm has a fifty day moving average of $72.02 and a two-hundred day moving average of $69.21. The firm has a market cap of $11.89 billion, a P/E ratio of -94.22 and a beta of 0.90. Procore Technologies, Inc. has a 1-year low of $53.71 and a 1-year high of $88.92. 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) last issued its earnings results on Wednesday, September 20th. The company reported ($0.19) earnings per share (EPS) for the quarter. The company had revenue of $172.21 million during the quarter. Procore Technologies had a negative net margin of 9.84% and a negative return on equity of 6.17%. As a group, research analysts anticipate that Procore Technologies, Inc. will post -0.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Canaccord Genuity Group upped their target price on Procore Technologies from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday. Barclays increased their price objective on shares of Procore Technologies from $72.00 to $82.00 and gave the company an “equal weight” rating in a research report on Monday, July 14th. Piper Sandler lifted their price target on shares of Procore Technologies from $82.00 to $91.00 and gave the stock an “overweight” rating in a research note on Thursday. Berenberg Bank started coverage on shares of Procore Technologies in a report on Friday, October 3rd. They issued a “buy” rating and a $84.00 price objective on the stock. Finally, Stifel Nicolaus upped their price objective on shares of Procore Technologies from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Fifteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Procore Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $84.26.

Insiders Place Their Bets

In other news, insider Benjamin C. Singer sold 4,205 shares of Procore Technologies stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $63.67, for a total value of $267,732.35. Following the completion of the transaction, the insider owned 86,366 shares in the company, valued at approximately $5,498,923.22. This trade represents a 4.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Howard Fu sold 814 shares of the company’s stock in a transaction that occurred on Tuesday, October 21st. The shares were sold at an average price of $72.34, for a total value of $58,884.76. Following the sale, the chief financial officer directly owned 187,847 shares in the company, valued at approximately $13,588,851.98. This represents a 0.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,724 shares of company stock valued at $2,122,519 in the last quarter. Insiders own 21.50% 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.