Procore Technologies , Inc. (NYSE:PCOR), a $12.38 billion construction management software provider with impressive 82.36% gross profit margins, announced on Thursday that its Board of Directors has adopted new amended and restated bylaws effective immediately.
According to InvestingPro data, the company has demonstrated strong momentum with a 41.56% return over the past year. The move comes as an effort to align with recent amendments to the Delaware General Corporation Law and to enable the Board to operate with reduced procedural requirements during an emergency.
The Carpinteria, California-based company, which is incorporated in Delaware and maintains a healthy financial position with more cash than debt on its balance sheet, stated that the updates include modifications to the procedures and rules related to shareholder meetings, nominations of directors, and submissions of proposals for other business at shareholder meetings.
These changes also encompass revisions to the procedural mechanics and disclosure requirements applicable to stockholder nominations and general director eligibility.
In addition to procedural adjustments, the amended bylaws introduce provisions that would allow the Board to function during an emergency as defined by the Delaware law. This includes scenarios where it might be difficult or impossible to maintain normal operations.
The modifications are detailed in the company's Form 8-K filing with the Securities and Exchange Commission (SEC) and were adopted by the Board on Wednesday. The new bylaws are designed to streamline certain corporate governance processes and ensure compliance with the evolving legal landscape.
Procore, which has been publicly traded on the New York Stock Exchange since 2021, has not indicated any changes to its fiscal year end, which remains on December 31st. With the stock trading near its 52-week high of $86.67 and showing strong revenue growth of 24.4%, investors seeking detailed analysis can access comprehensive research reports and additional insights through InvestingPro, which offers extensive coverage of over 1,400 US stocks.
The updated bylaws are available in full text as an exhibit to the company's current report filed with the SEC. This announcement is based on a press release statement and the company's recent SEC filing.
In other recent news, Procore Technologies has seen a series of promising developments. The company reported a 19% increase in Q3 2024 revenue, reaching $296 million, alongside a 26% rise in international earnings. UBS analysts have initiated coverage with a Buy rating, driven by expectations of growth in the construction sector. They predict a 16% increase in growth for the coming year, significantly higher than the 9% growth witnessed this year.
Analyst firms DA Davidson and Mizuho (NYSE:MFG) have maintained a neutral rating on Procore shares, but raised the target from $60.00 to $70.00 and $55 to $65 respectively. BMO Capital Markets and TD Cowen have maintained positive ratings, raising their price targets to $85 and $82, respectively, reflecting Procore's growth prospects.
Procore's strategic plan aims to reaccelerate growth, with FY 2025 revenue projected to reach $1.275 billion, marking an 11% growth rate. The company has also announced a $300 million stock buyback program.
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