Procore Technologies (NYSE:PCOR) Shares Gap Up Following Strong Earnings

Procore Technologies, Inc. (NYSE:PCOR)’s stock price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $50.16, but opened at $56.00. Procore Technologies shares last traded at $50.3510, with a volume of 754,686 shares.

The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06. The company had revenue of $375.21 million during the quarter, compared to the consensus estimate of $365.82 million. Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The company’s revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 earnings per share.

Key Headlines Impacting Procore Technologies

Here are the key news stories impacting Procore Technologies this week:

• Positive Sentiment: Q2 earnings and revenue beat estimates: Procore reported adjusted earnings of $0.47 per share, above the $0.41 consensus estimate, while revenue rose 15.8% year over year to approximately $375.2 million, exceeding expectations. The company also generated $87.9 million in operating cash flow, up sharply from a year earlier. Procore Announces Second Quarter 2026 Financial Results
• Positive Sentiment: DroneDeploy acquisition expands Procore’s platform: Procore agreed to acquire DroneDeploy for approximately $845 million in cash. DroneDeploy’s visual intelligence and robotics technology is used across more than 3 million jobsites in over 180 countries, potentially strengthening Procore’s artificial-intelligence and jobsite-monitoring capabilities. Procore to Acquire DroneDeploy
• Positive Sentiment: Analyst sentiment remains constructive: Recent coverage includes buy or overweight ratings, with reported price targets generally ranging from the low $60s to $75, above the stock’s recent trading level. Analysts Offer Insights on Procore Technologies
• Neutral Sentiment: Third-quarter outlook was broadly in line: Procore forecast revenue of $382 million to $384 million, compared with the $382.6 million consensus estimate. The absence of a sizable guidance raise may limit additional upside after the earnings beat.
• Negative Sentiment: Acquisition creates execution and cash-use risks: The $845 million all-cash DroneDeploy purchase is sizable relative to Procore’s approximately $494 million in cash and equivalents, potentially requiring financing or substantially reducing liquidity. Investors may also remain concerned about slowing growth, AI-related disruption, and continued insider selling.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PCOR shares. TD Cowen cut their price objective on shares of Procore Technologies from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday. Barclays dropped their price target on shares of Procore Technologies from $65.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday, July 13th. Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 target price for the company in a research report on Wednesday, April 29th. Citigroup reaffirmed a “market outperform” rating on shares of Procore Technologies in a research note on Tuesday, July 21st. Finally, Wall Street Zen downgraded shares of Procore Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $69.59.

Insider Activity

In other Procore Technologies news, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the transaction, the insider owned 96,723 shares in the company, valued at $4,836,150. The trade was a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the business’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $43.90, for a total value of $2,463,755.80. Following the transaction, the chairman directly owned 919,704 shares of the company’s stock, valued at approximately $40,375,005.60. The trade was a 5.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 189,621 shares of company stock worth $8,791,847. Insiders own 16.80% of the company’s stock.

Hedge Funds Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Procore Technologies by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 13,158,506 shares of the company’s stock worth $957,150,000 after buying an additional 804,920 shares during the last quarter. Wasatch Advisors LP lifted its stake in shares of Procore Technologies by 6.8% in the 3rd quarter. Wasatch Advisors LP now owns 4,972,025 shares of the company’s stock valued at $362,560,000 after acquiring an additional 315,604 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Procore Technologies by 95.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,398,163 shares of the company’s stock valued at $178,653,000 after acquiring an additional 2,146,182 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Procore Technologies by 4.0% during the 4th quarter. Wellington Management Group LLP now owns 3,539,062 shares of the company’s stock valued at $257,431,000 after acquiring an additional 137,171 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Procore Technologies by 3.9% during the 4th quarter. Principal Financial Group Inc. now owns 3,428,825 shares of the company’s stock valued at $249,416,000 after acquiring an additional 127,256 shares in the last quarter. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Price Performance

The firm has a market cap of $7.71 billion, a P/E ratio of -100.14 and a beta of 0.75. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. The business has a 50-day moving average of $44.55 and a two-hundred day moving average of $52.02.

About Procore Technologies

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.