Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>Procore is a market-leading provider of cloud-based construction management software, capitalizing on the significant and ongoing digital transformation of the global construction industry.</li>
 <li>The company exhibits a strong growth profile, with a 3-year revenue CAGR of over 30% and a rapidly improving cash flow position, demonstrating the scalability of its SaaS business model.</li>
 <li>While still not consistently GAAP profitable, margins are on a clear positive trajectory, though the company's high valuation and exposure to the cyclical construction market remain key considerations for investors.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Procore is a market-leading provider of cloud-based construction management software, capitalizing on the significant and ongoing digital transformation of the global construction industry.
  The company exhibits a strong growth profile, with a 3-year revenue CAGR of over 30% and a rapidly improving cash flow position, demonstrating the scalability of its SaaS business model.
  While still not consistently GAAP profitable, margins are on a clear positive trajectory, though the company's high valuation and exposure to the cyclical construction market remain key considerations for investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Procore Technologies  (PCOR US) - Nov 2025

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Procore Technologies, Inc. reported its fiscal 2025 Q2 earnings, showcasing a mix of positive performance metrics and ongoing strategic efforts to position itself for future growth in the construction technology industry.</li><li>The company's revenue grew by 14% year-over-year, reaching $324 million, accompanied by a 13% non-GAAP operating margin.</li><li>This demonstrates solid top-line growth and improvement in efficiency.</li></ul>

Procore Technologies, Inc. reported its fiscal 2025 Q2 earnings, showcasing a mix of positive performance metrics and ongoing strategic efforts to position itself for future growth in the construction technology industry.The company's revenue grew by 14% year-over-year, reaching $324 million, accompanied by a 13% non-GAAP operating margin.This demonstrates solid top-line growth and improvement in efficiency.

Procore Technologies: Initiation of Coverage- Could Helix Redefine the Future of Construction?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>ServiceTitan, a provider of field service management software for home service businesses, priced its IPO at $71.00/share and raised ~$625M.  </li>
<li>ServiceTitan IPO has seen robust demand among institutional investors. The company boosted its initial price range to $65.00 to $67.00 per share.</li>
<li>The offering was priced above the price range, valuing ServiceTitan at ~$6.5B. The stock jumped ~42% on first day as a public company and closed at $101.00 on Thursday.</li>
</ul>


ServiceTitan, a provider of field service management software for home service businesses, priced its IPO at $71.00/share and raised ~$625M.  
ServiceTitan IPO has seen robust demand among institutional investors. The company boosted its initial price range to $65.00 to $67.00 per share.
The offering was priced above the price range, valuing ServiceTitan at ~$6.5B. The stock jumped ~42% on first day as a public company and closed at $101.00 on Thursday.


ServiceTitan IPO: Pricing and First Trading-Day, The Stock Jumped ~42% As A Public Company

<ul>
<li>ServiceTitan, a founder-led market leader for trades businesses in the United States and Canada, is expected to IPO this week.</li>
<li>The company’s amended S-1 puts the initial price range per share at $52.00 to $57.00, implying a market cap of roughly $5B at the midpoint.  </li>
<li>I have a positive view of upcoming ServiceTitan IPO and expect an attractive first trading-day return. The stock will begin trading on the Nasdaq on Thursday.  </li>
</ul>


ServiceTitan, a founder-led market leader for trades businesses in the United States and Canada, is expected to IPO this week.
The company’s amended S-1 puts the initial price range per share at $52.00 to $57.00, implying a market cap of roughly $5B at the midpoint.  
I have a positive view of upcoming ServiceTitan IPO and expect an attractive first trading-day return. The stock will begin trading on the Nasdaq on Thursday.  


ServiceTitan Valuation Analysis: Attractive First-Day Return, Initial Price Range: $52.00-$57.00

Algosun Global

<ul>
<li>
<a href="https://www.smartkarma.com/entities/splunk-inc" target="_blank" data-smartkarma-citation="entities:12849:1" rel="noopener">Splunk Inc (SPLK US)</a> , a leading American provider of machine-generated data platform and established software vendor, announced strong 1QFY23 earnings results. </li>
<li>Total revenues grew to $674M, up 34% YoY, the highest revenue growth rate for the last 3 years. Cloud revenues jumped by 66%, reflecting customer adoption of the cloud platform.</li>
<li>WSJ reported that Cisco made a $20B+ takeover offer for Splunk. However, no deal was on the table, but if talks resume, Cisco could pay $20B+, according to The NYT.   </li>
</ul>



Splunk Inc (SPLK US) , a leading American provider of machine-generated data platform and established software vendor, announced strong 1QFY23 earnings results. 
Total revenues grew to $674M, up 34% YoY, the highest revenue growth rate for the last 3 years. Cloud revenues jumped by 66%, reflecting customer adoption of the cloud platform.
WSJ reported that Cisco made a $20B+ takeover offer for Splunk. However, no deal was on the table, but if talks resume, Cisco could pay $20B+, according to The NYT.   


1QFY23 Revenue Growth Accelerated As Cloud-Driven Transformation Goes Well

United States

Procore Technologies, Inc. provides software solutions. The Company develops cloud-based construction management software. Procore Technologies serves customers worldwide.

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Procore Technologies (PCOR US)

Primer: Procore Technologies (PCOR US) - Nov 2025

Procore is a market-leading provider of cloud-based construction management software, capitalizing on the significant and ongoing digital...

αSK

Procore Technologies: Initiation of Coverage- Could Helix Redefine the Future of Construction?

Procore Technologies, Inc. reported its fiscal 2025 Q2 earnings, showcasing a mix of positive performance metrics and ongoing strategic efforts to...

Baptista Research

ServiceTitan IPO: Pricing and First Trading-Day, The Stock Jumped ~42% As A Public Company

ServiceTitan successfully completed its IPO and raised ~$625M. In my insight, I discuss pricing, post-listing valuation and trading dynamics.

Andrei Zakharov

ServiceTitan Valuation Analysis: Attractive First-Day Return, Initial Price Range: $52.00-$57.00

ServiceTitan will go public this week in the United States. In my insight, I discuss valuation analysis and set a 2025e price target for ServiceTitan.

Andrei Zakharov

1QFY23 Revenue Growth Accelerated As Cloud-Driven Transformation Goes Well

Cloud ARR growth has accelerated, and we expect Splunk shares may outperform Nasdaq Composite and publicly listed peers in 2022

Andrei Zakharov

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