D-Wave Quantum falls nearly 3% as earnings miss overshadows revenue beat
Benjamin C. Singer, the Chief Legal Officer and Secretary of Procore Technologies , Inc. (NYSE:PCOR), recently executed a stock transaction involving the sale of 4,203 shares. The shares were sold at an average price of $68.91, generating a total of $289,628. This transaction was conducted under a 10b5-1 plan, which was established on August 15, 2024. The sale price was slightly above the current market price of $67.67 for the $10.1 billion market cap company, which according to InvestingPro analysis maintains impressive gross profit margins of 81.2%.
Additionally, on May 20, 2025, Singer had 5,596 shares withheld by the company to cover tax obligations resulting from the vesting of restricted stock units. These shares were valued at $69.94 each, amounting to a total of $391,384. While the company is not currently profitable, InvestingPro data shows analysts expect profitability this year, with 17 analysts recently adjusting their earnings forecasts. Following these transactions, Singer’s direct ownership stands at 102,057 shares, which includes 215 shares acquired through Procore’s employee stock purchase plan on May 15, 2025.
In other recent news, Procore Technologies reported its first-quarter 2025 earnings, surpassing both revenue and earnings per share (EPS) forecasts. The company achieved an EPS of $0.23, exceeding the anticipated $0.18, while revenue reached $311 million, outperforming the expected $302.6 million. Procore also reported a 20% year-over-year growth in calculated remaining performance obligations (cRPO), totaling $842.6 million. Analysts from Stifel adjusted the price target for Procore Technologies to $75 but maintained a Buy rating, acknowledging the company’s strong first-quarter performance and revenue exceeding expectations.
Citizens JMP maintained a Market Outperform rating for Procore, setting a $95 price target, reflecting confidence in the company’s market position. Despite the positive financial results, Procore’s stock experienced a 6% decline in after-hours trading. The company provided a conservative outlook for the second quarter of fiscal year 2025, with revenue guidance between $310 million and $312 million, representing a 9-10% growth. Procore’s management remains confident in meeting their full-year revenue guidance, anticipating a 12% growth.
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