Procore was one of the biggest drags on Spyglass Growth Strategy in Q2, even after the construction-software company beat first-quarter revenue and earnings expectations.
Spyglass said the weakness reflected a broader software selloff, with investors demanding clearer signs of accelerating growth rather than reacting to Procore-specific fundamentals.
The firm kept a constructive view on the company, arguing its momentum remains intact as new management settles in, backed by a widening data moat and potential AI monetization.
Procore closed at $53.79 on July 30, carrying an $8.12 billion market value; the stock rebounded 24.47% over one month but was still down 11.78% over 52 weeks.
The setback came in a quarter when Spyglass still gained 24.63%, beating major growth benchmarks as easing geopolitical tensions, lower oil prices and a rebound in software stocks lifted risk assets.