Analysts Are Cutting Price Targets Of These 5 Stocks

Page 1 of 5

In this article, we discuss 5 stocks that analysts are cutting price targets of. If you want to see some more stocks that analysts slashed the price targets of, click Analysts Are Cutting Price Targets Of These 10 Stocks.

5. Coupa Software Incorporated (NASDAQ:COUP)

Number of Hedge Fund Holders: 59

Headquartered in San Mateo, California, Coupa Software Incorporated (NASDAQ:COUP) operates a cloud-based business spend management platform. Elite hedge funds hold large stakes in Coupa Software Incorporated (NASDAQ:COUP). In Q4 2021, 59 hedge funds were bullish on the stock, up from 52 funds in the last quarter. 

On March 14, shares of Coupa Software Incorporated (NASDAQ:COUP) tanked 28.5% post-market in lieu of the company’s 2023 guidance, which missed Wall Street consensus majorly, although Coupa Software Incorporated (NASDAQ:COUP) reported better-than-expected Q4 results. The company provided an estimate for the 2023 non-GAAP EPS of $0.15-$0.19, way lower than the market consensus of $0.73. Similarly, total revenue in 2023 is expected to range between $836 million to $840 million, compared to a consensus estimate of $878.89 million.

UBS analyst Taylor McGinnis lowered the price target on Coupa Software Incorporated (NASDAQ:COUP) on March 17 to $105 from $130 and kept a Neutral rating on the shares. The analyst observed that Coupa Software Incorporated (NASDAQ:COUP)’s Q4 results and FY23 outlook was below expectations on most key metrics. However, the growth guidance for billions in Q1 2022 was 18% stronger, which is a positive indicator for Coupa Software Incorporated (NASDAQ:COUP). 

Among the hedge funds tracked by Insider Monkey at the end of December 2021, billionaire Andreas Halvorsen’s Viking Global is the leading shareholder of Coupa Software Incorporated (NASDAQ:COUP), with more than 4 million shares worth $658.75 million. 

Here is what ClearBridge Investments has to say about Coupa Software Incorporated (NASDAQ:COUP) in its Q2 2021 investor letter:

“Within IT, we added positions in Coupa Software, a leader in the fast growing Business Spend Management market with opportunity to double its total addressable market by harnessing B2B payments with its Coupa Pay product; and AppLovin, a leading mobile gaming advertising network in a unique position to utilize its ad expertise to grow its own mobile game business at low user acquisition costs.”

Page 1 of 5