Coupa Software Incorporated COUP posted better-than-expected results for its second quarter and issued strong forecast for FY23. The company also announced a $100 million buyback program.
Coupa said it sees full-year revenue in a range of $838 million to $844 million versus the estimate of $840.31 million. The company expects full-year earnings to be between 37 cents and 44 cents per share versus the estimate of 26 cents per share.
Coupa shares jumped 12.2% to trade at $62.65 on Wednesday.
Several analysts made changes to their price targets on Coupa Software following the release of results.
- Piper Sandler raised price target on Coupa Software from $65 to $67. Piper Sandler analyst Brent Bracelin maintained the stock with a Neutral.
- Barclays reduced Coupa Software price target from $85 to $71. Barclays analyst Raimo Lenschow maintained the stock with an Equal-Weight rating.
- Citigroup boosted Coupa Software price target from $77 to $82. Citigroup analyst Steven Enders maintained a Buy rating on the stock.
- Raymond James lowered price target on the stock from $90 to $75. Raymond James analyst Brian Peterson maintained Coupa Software with an Outperform.
- Wells Fargo cut the price target on the stock from $80 to $65. Wells Fargo analyst Michael Turrin maintained Coupa Software with an Equal-Weight.
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