Procore Navigates Through A Challenging Construction Spending Environment [Forbes]
Procore Technologies, Inc. (PCOR)
Company Research
Source: Forbes
Procore (PCOR), a provider of a cloud-based construction management platform, first started to see macro headwinds back in the first quarter of 2023. Shares of Procore last November fell to a new 52-week low of $48.11 after management said the challenging economic backdrop was causing a demand slowdown and deal slippage. The company has seen a deceleration in net new customer additions and a pullback in existing customer volume commitments. Still, Procore stock managed to rally sharply from the November low, hitting a new 52-week high of $83.35 in late March, propelled by a better-than-expected Q4 earnings report in the middle of February. While the company delivered healthy Q4 total revenue growth of 29%, there were signs of an underlying slowdown, as current RPO growth decelerated to 24% from 27% in the previous quarter and 33% in Q2 2023. Management's macro commentary remained cautious. Procore shares were already on the downswing at the start of May, when the company release
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PCOR
News
- Clearstory Closes $16M Series B Led by Prudence to Expand Leading Change Order Platform for Construction [Yahoo! Finance]Yahoo! Finance
- Q1 Design Software Earnings: Unity (NYSE:U) Earns Top Marks [Yahoo! Finance]Yahoo! Finance
- An Intrinsic Calculation For Procore Technologies, Inc. (NYSE:PCOR) Suggests It's 32% Undervalued [Yahoo! Finance]Yahoo! Finance
- Procore Unveils Latest Product Advancements at Innovation Summit 2024 [Yahoo! Finance]Yahoo! Finance
- Procore Technologies, Inc. (NYSE: PCOR) is now covered by analysts at TD Cowen. They set a "buy" rating and a $85.00 price target on the stock.MarketBeat
PCOR
Earnings
- 5/1/24 - Beat
PCOR
Sec Filings
- 6/28/24 - Form 4
- 6/28/24 - Form 4
- 6/28/24 - Form 144
- PCOR's page on the SEC website