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On Friday, Citizens JMP reaffirmed its positive stance on Procore Technologies , Inc. (NYSE:PCOR) following the company’s release of its first-quarter earnings for 2025. The construction management software provider, currently valued at $9.43 billion, posted non-GAAP earnings per share (EPS) of $0.23, surpassing the consensus estimate of $0.18. Revenue reached $310.6 million, exceeding expectations of $302.6 million and marking a year-over-year increase of 15%, although slightly down from the previous quarter’s 16% growth. The company maintains impressive gross profit margins of 82.23%, according to InvestingPro data.
The company’s calculated remaining performance obligations (cRPO) also impressed, coming in at $842.6 million against a consensus of $811.0 million. This represents a year-over-year growth of 20%, an uptick from the 19% growth observed in the preceding quarter. Total (EPA:TTEF) remaining performance obligations (RPO) stood at $1.290 billion, comfortably above the consensus of $1.190 billion, showcasing a 28% year-over-year rise, albeit slightly lower than the 29% growth rate reported in the previous quarter. InvestingPro analysis reveals that while the company isn’t currently profitable, analysts expect positive net income growth this year.
Despite these strong results, Procore’s stock experienced a 6% decline in after-hours trading. This downturn contrasts with the stock’s year-to-date performance, which saw a 16% decline, and mirrors the 6% fall of the Russell 3000 index. According to InvestingPro’s Fair Value analysis, the stock appears slightly overvalued at current levels, with analyst price targets ranging from $60 to $95. The platform offers 7 additional exclusive ProTips and comprehensive valuation metrics in its Pro Research Report.
The reaffirmed Market Outperform rating and $95.00 price target by Citizens JMP reflects confidence in Procore’s market position and future prospects. The company’s performance indicates solid growth in key financial metrics, although the slight deceleration in year-over-year growth rates may have influenced investor sentiment in the short term.
The report by Citizens JMP underscores Procore’s ability to exceed market expectations and continue its upward trajectory in the competitive construction software industry. Despite the after-market dip, the firm’s outlook remains optimistic about Procore’s performance and potential for shareholder value growth.
In other recent news, Procore Technologies reported its Q1 2025 earnings, exceeding both revenue and earnings per share (EPS) expectations. The company announced an EPS of $0.23, surpassing the forecasted $0.18, along with revenue of $311 million, which outperformed the anticipated $302.6 million. This represents a 15% year-over-year revenue increase, driven by strong international growth, with international revenue growing by 18% or 20% on a constant currency basis. Despite these positive results, Procore’s stock remained stable in aftermarket trading. The company has maintained a conservative outlook due to industry uncertainties, including potential tariff impacts on the construction industry. Procore’s full-year revenue guidance suggests a 12% growth, with expectations for Q2 2025 revenue between $310-$312 million. The company continues to prioritize AI-driven innovation and platform integration as part of its growth strategy.
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