Stock Track | Procore Technologies Soars 7.73% on Strong Q3 Results and Raised Guidance

Stock Track11-06

Procore Technologies (NYSE: PCOR) stock is soaring 7.73% in pre-market trading on Thursday, following the company's impressive third-quarter financial results and raised full-year guidance. The construction management software provider demonstrated strong performance, beating analyst expectations and showcasing its market leadership in the rapidly digitalizing construction industry.

Procore reported quarterly earnings of 42 cents per share, surpassing the analyst consensus estimate of 32 cents per share. The company's quarterly sales reached $338.851 million, exceeding the analyst consensus estimate of $328.200 million. In response to these strong results, Procore raised its FY2025 sales guidance from $1.299 billion-$1.302 billion to $1.312 billion-$1.314 billion, further boosting investor confidence.

The positive earnings report has prompted several analysts to raise their price targets for Procore Technologies. Piper Sandler, BMO Capital, Canaccord Genuity, and Jefferies are among the firms that have increased their price targets, with new targets ranging from $85 to $95. This wave of analyst upgrades reflects growing optimism about Procore's future prospects and its ability to capitalize on the increasing adoption of digital solutions in the construction sector. As the company prepares for a CEO transition next week, investors appear bullish on Procore's potential for continued growth and market leadership.

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