Madison buys $3M Procore stake as revenue climbs 15.8%
What's the deal? Madison Asset Management LLC bought a new $3.04 million stake in Procore during the second quarter of 2026, acquiring 74,738 shares, according to its latest SEC filing.
The numbers: Procore reported revenue of $375.21 million in the quarter ended July 29, 2026, up 15.8% year on year and ahead of the $365.82 million consensus. Earnings of $0.47 per share also beat estimates of $0.42.
What Procore does: The company sells cloud software that helps contractors manage construction projects. It carries a market capitalisation of $9.57 billion and a negative net margin of 2.73%.
Who else is buying? Institutional investors own 81.10% of the company's stock. SJS Investment Consulting, Wilmington Savings Fund Society, Allworth Financial, Global Retirement Partners, and the Employees Retirement System of Texas also opened or lifted positions in recent quarters.
What could go wrong? Procore insiders sold shares under pre-arranged Rule 10b5-1 plans, including transactions by Chairman Craig Courtemanche and a director.
Why now? Procore shares opened at $63.01 on August 21, 2026, above the 200-day average of $51.10 but below the 12-month high of $82.32. The stock has ranged from $38.03 to $82.32 over the past year.
The signal: Institutional accumulation alongside double-digit revenue growth points to continued investor interest in construction software, even as Procore remains unprofitable.
Read more: Ticker Report
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