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Procore Navigates Through A Challenging Construction Spending Environment

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Procore News

Procore Stock,PCOR,Construction Management

I have covered the technology sector for 25 years. Since 2003, I have been the managing editor of Tech-Stock Prospector, a monthly publication offering research and analysis on small- and large-cap companies. Prior to that, I analyzed the technology industry as senior writer for Louis Rukeyser's Wall Street newsletter.

, a provider of a cloud-based construction management platform, first started to see macro headwinds back in the first quarter of 2023.

Procore shares were already on the downswing at the start of May, when the company released its Q1 results. Procore reported respectable numbers, with total revenue advancing 26% to $269.4 million, 2.4% above the consensus estimate. International revenue was up 32%. Gross margin was healthy at 86%, while operating margin of 14% easily topped the guidance range of 7% to 8%. EPS of 30 cents beat the consensus by 14 cents. Free cash flow margin was 21.5%.

Mizuho recently downgraded Procore to ‘Neutral’ with a price target of $70, citing macro uncertainty and generally weak trends in the construction industry. While the firm remains long-term bullish on Procore due to low total addressable market penetration, generative AI opportunities and the company’s continued profitability improvements, it thinks investors should stay on the sidelines for now because of the near-term weakness in construction spending.

Source: News Formal (newsformal.com)

Procore Stock PCOR Construction Management Cloud Software Inflation Generative AI Software

 

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