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Procore Technologies , Inc. (NYSE:PCOR) President of Product & Technology, Steven Scott Davis, recently sold shares of the company, according to a filing with the Securities and Exchange Commission. On February 21, Davis sold a total of 11,377 shares, amounting to $951,086. The shares were sold at prices ranging from $83.37 to $84.21.
Additionally, on February 20, Davis had 6,289 shares withheld by Procore Technologies to satisfy tax obligations upon the vesting of restricted stock units. These shares were valued at $86.48 each, totaling $543,872. The stock has shown strong momentum, gaining approximately 39% over the past six months.
Following these transactions, Davis holds 156,793 shares in the company. The sales were conducted under a 10b5-1 trading plan, which was established on March 15, 2024. While currently trading slightly above InvestingPro’s Fair Value estimate, analysts expect the company to achieve profitability this year. Get access to 10 additional exclusive ProTips and comprehensive analysis through the Pro Research Report.
In other recent news, Procore Technologies has reported its fourth-quarter earnings for 2024, revealing a revenue of $302 million, which exceeded the forecast of $297.43 million. Despite this revenue beat, the company’s earnings per share (EPS) came in at $0.01, falling short of the expected $0.11. Procore also raised its full-year revenue guidance to between $1.285 billion and $1.290 billion, reflecting a 12% growth. The company’s calculated remaining performance obligations (cRPO) surpassed analyst predictions, driven by strong deal activity and execution, according to KeyBanc Capital Markets, which lifted its price target for Procore to $96.00.
JMP Securities also increased its price target for Procore to $95.00, maintaining a Market Outperform rating. This decision was influenced by Procore’s strong performance in calculated remaining performance obligations, which showed a 19% year-over-year growth. The company’s total remaining performance obligations (RPO) reached $1.286 billion, marking a significant 29% year-over-year increase. Additionally, Procore’s strategic initiatives and product innovations, including new AI investments, were highlighted as factors bolstering investor confidence.
Procore’s international revenue grew by 19%, and the company reported a full-year free cash flow of $128 million, a 171% improvement year-over-year. The company’s outlook for 2025 suggests potential for solid margin growth, with an increased non-GAAP operating margin guidance to 13-13.5%. Both JMP Securities and KeyBanc expressed confidence in Procore’s trajectory, with KeyBanc noting the company’s favorable guidance for 2025 and the successful transition in its go-to-market strategy.
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