Coupa Software (COUP) Momentum Continues, Goldman Sachs Reiterates Buy
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Goldman Sachs analyst Christopher Merwin reiterated a Buy rating and $413.00 price target on Coupa Software (NASDAQ: COUP) after the company finished FY21 on a high note with Q4 billings revenue and billings growth of 47%/49%, well ahead of GSe at 31%/25% respectively. The revenue beat included $22mn of contribution from the acquisition of Llamasoft while deferred revenue included $15mn of inorganic uplift, to arrive at organic billings in the low 30% range. FY22 revenue guidance of 25% was consistent with management’s typical starting guidance for the fiscal year and appears conservative when considering the organic recovery in demand and at least a $30-35mn contribution from Llamasoft.
The analyst stated "we believe the guidance is mostly de-risked. In the year ahead, we expect to see the benefit of cross-sell for Llamasoft and a scaling up of transaction-based revenue for Coupa Pay – both of which should help drive over-delivery throughout the year. We maintain our Buy-rating (on CL) on COUP shares with a $413 price target (unchanged from prior)."
Shares of Coupa Software closed at $274.48 yesterday.
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