Procore Technologies Analysts Boost Their Forecasts After Better-Than-Expected Q3 Earnings

Core Insights - Procore Technologies Inc reported better-than-expected third-quarter financial results, with earnings of 42 cents per share, surpassing the analyst consensus estimate of 32 cents per share [1] - The company achieved quarterly sales of $338.851 million, exceeding the analyst consensus estimate of $328.200 million [1] - Procore raised its FY2025 sales guidance from a range of $1.299 billion-$1.302 billion to $1.312 billion-$1.314 billion [2] Management Commentary - The founder and outgoing CEO, Tooey Courtemanche, expressed confidence in the company's market leadership and its platform's potential to leverage AI for customer benefits, highlighting the positive returns from their go-to-market model [3] - Ajei Gopal is set to take over as CEO, with expectations that his operational expertise will further drive growth and shareholder value [3] Analyst Reactions - Following the earnings announcement, analysts adjusted their price targets for Procore Technologies, with Piper Sandler maintaining an Overweight rating and raising the target from $82 to $91 [6] - BMO Capital also maintained an Outperform rating, increasing the price target from $82 to $87 [6]