Oppenheimer Raises Coupa Software (COUP) Price Target to $77.00
Coupa Software (NASDAQ:COUP) had its price objective increased by equities research analysts at Oppenheimer from $62.00 to $77.00 in a report issued on Wednesday, The Fly reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price objective indicates a potential upside of 6.94% from the company’s previous close.
Several other equities analysts have also recently commented on the stock. Zacks Investment Research raised shares of Coupa Software from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Monday, August 6th. Royal Bank of Canada boosted their price objective on shares of Coupa Software from $61.00 to $71.00 and gave the company an “outperform” rating in a research note on Wednesday, July 18th. Morgan Stanley boosted their price objective on shares of Coupa Software from $52.00 to $57.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 5th. SunTrust Banks boosted their price objective on shares of Coupa Software to $65.00 and gave the company a “buy” rating in a research note on Tuesday, June 5th. Finally, Barclays boosted their price objective on shares of Coupa Software from $53.00 to $58.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 15th. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $56.44.
NASDAQ:COUP traded up $0.29 during mid-day trading on Wednesday, hitting $72.00. 1,275,683 shares of the stock traded hands, compared to its average volume of 770,832. The stock has a market cap of $4.09 billion, a P/E ratio of -93.58 and a beta of 1.07. Coupa Software has a 12-month low of $29.37 and a 12-month high of $72.36. The company has a current ratio of 3.27, a quick ratio of 3.27 and a debt-to-equity ratio of 0.67.
In other Coupa Software news, CFO Todd R. Ford sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $66.73, for a total value of $834,125.00. Following the completion of the transaction, the chief financial officer now owns 24,036 shares of the company’s stock, valued at approximately $1,603,922.28. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Ravi Thakur sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $70.00, for a total transaction of $2,800,000.00. Following the completion of the transaction, the senior vice president now directly owns 45,350 shares of the company’s stock, valued at approximately $3,174,500. The disclosure for this sale can be found here. In the last three months, insiders sold 391,200 shares of company stock valued at $23,036,851. Corporate insiders own 6.50% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in Coupa Software in the 2nd quarter worth approximately $153,000. StepStone Group LP purchased a new position in Coupa Software in the 1st quarter worth approximately $186,000. GAM Holding AG purchased a new position in Coupa Software in the 2nd quarter worth approximately $204,000. Quantitative Systematic Strategies LLC purchased a new position in Coupa Software in the 2nd quarter worth approximately $211,000. Finally, Great West Life Assurance Co. Can grew its stake in Coupa Software by 50.5% in the 2nd quarter. Great West Life Assurance Co. Can now owns 4,064 shares of the technology company’s stock worth $253,000 after buying an additional 1,364 shares in the last quarter. 99.60% of the stock is owned by institutional investors and hedge funds.
About Coupa Software
Coupa Software Incorporated provides cloud-based spend management platform. The company's platform connects organization with suppliers globally; and provides visibility into and control over how companies spend money, as well as enables businesses to achieve savings that drive profitability. Its platform consists of procurement, invoicing, and expense management modules that form its transactional engine and capture a company's spend; and offers supporting modules, including sourcing, spend analysis, contract management, supplier management, and inventory management.
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