Oppenheimer Believes Coupa Software Inc (NASDAQ: COUP) Won’t Stop Here

By Carrie Williams

Oppenheimer analyst Koji Ikeda maintained a Buy rating on Coupa Software Inc (NASDAQ: COUP) today and set a price target of $55. The company’s shares closed yesterday at $49.18, close to its 52-week high of $49.61.

Ikeda said:

“Coupa reported solid F4Q results and improving business fundamentals, in our assessment. There are favorable data points suggesting that the business momentum continues in F1Q including: 1) 40%+ growth across: total revenue, billings, deferred revenue, and spend under management; 2) healthy deal activity; 3) visible model leverage; and 4) expanding partner network. On balance, the FY2019 revenue guidance implies decelerating growth optics, but the target may prove conservative given the sales strength seen in F4Q. Bottom line: We won’t reprise our ~43 page Initiation Report published in December. The key takeaway from the F4Q results is that our thesis that Coupa is successfully disrupting a large spend management category while becoming a much larger and more profitable business in the future is intact. Reiterate Outperform, raise PT to $55 (from $41).”

According to TipRanks.com, Ikeda is a 4-star analyst with an average return of 40.9% and a 100.0% success rate. Ikeda covers the Technology sector, focusing on stocks such as SPS Commerce, Liveperson, and Autodesk.

Currently, the analyst consensus on Coupa Software Inc is Strong Buy and the average price target is $48, representing a -2.4% downside.

In a report issued on March 5, Barclays also reiterated a Buy rating on the stock with a $47 price target.

The company has a one-year high of $49.61 and a one-year low of $22.50. Currently, Coupa Software Inc has an average volume of 672K.

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Coupa Software, Inc. is cloud platform for business spend. It develops software solutions for sourcing; procurement and expense management that help companies control their spending. The company was founded by Noah Eisner and Dave Stephens in 2006 and is headquartered in San Mateo, CA.