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Investing.com - Citizens JMP has maintained its Market Perform rating on Procore Technologies, Inc (NYSE:PCOR), analyst Joe Goodwin confirmed following the construction software company’s CEO transition announcement. The company, currently valued at $10.58 billion, has demonstrated strong revenue growth of 16% over the last twelve months, with impressive gross margins of 80%.
Procore announced Monday that its board of directors appointed Dr. Ajei S. Gopal as CEO Designate on September 19. Gopal will succeed founder and current CEO Tooey Courtemanche effective November 10, the first Monday after the company reports its third-quarter 2025 results. According to InvestingPro data, Procore maintains a strong balance sheet with more cash than debt, positioning the company well for this leadership transition.
The company simultaneously reaffirmed its guidance for both the third quarter and full-year 2025, maintaining its financial outlook despite the leadership change. InvestingPro analysis suggests the company is currently trading slightly above its Fair Value, with analysts expecting profitability this year.
Citizens JMP’s decision comes ahead of Procore’s Groundbreak customer conference scheduled for October 14-16 in Houston. The event will not feature an Investor Day this year due to the company’s quiet period, but will include a product-focused session and Q&A.
The analyst noted that Procore stock has decreased 6% year-to-date, underperforming compared to the Russell 3000’s 14% increase during the same period.
In other recent news, Procore Technologies announced a leadership change with Ajei Gopal set to become the new CEO effective November 10, 2025, following the release of the company’s third-quarter earnings. Gopal, who has a robust background in technology leadership, previously led Ansys, Inc. to significant revenue growth and market value increases. In addition to this leadership transition, Procore has entered into a strategic collaboration with Amazon Web Services (AWS) to enhance its construction management technology through advancements in artificial intelligence, data operability, and analytics.
Analyst firms have also weighed in on Procore’s developments. Goldman Sachs reiterated a Buy rating with an $87 price target, while Stifel maintained its Buy rating with an $80 price target following discussions at the 2025 Tech Executive Summit. Meanwhile, DA Davidson initiated coverage with a Neutral rating and a $70 price target based on future revenue estimates. These ratings reflect varying perspectives on Procore’s market position and potential growth.
These developments highlight Procore’s strategic moves in leadership and partnerships, alongside mixed analyst opinions on its stock.
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