Coupa Software Inc. (NASDAQ: COUP) reported its most recent quarterly results after the markets closed on Tuesday. The posted $0.07 in earnings per share (EPS) and $95.1 million in revenue compared with consensus estimates that called for a net loss of $0.10 per share and $85.4 million in revenue. The fiscal second quarter of last year reportedly had $0.05 in EPS and $61.65 million in revenue.

This past quarter saw revenues increase by 54% year over year. Subscription revenues made up $83.5 million of total revenues and grew 51% from last year. At the same time, quarterly billings increased 57% to $107.7 million.

Looking ahead to the fiscal third quarter, the company expects to see EPS in the range of $0.05 to $0.08 and revenue between $95.5 million and $96.5 million. Consensus estimates call for $0.06 in EPS and $86.9 million in revenue for the quarter.

Rob Bernshteyn, board chair and chief executive at Coupa, commented:

We delivered a strong second quarter with record revenues of $95 million, up 54% year-over-year, and calculated billings of $108 million, up $57% year-over-year. These results demonstrate our continued momentum in delivering measurable and repeatable value to our customers. By extending our leadership standing in Business Spend Management (BSM), we feel well positioned on our path to $1 billion in revenue.

Here’s what analysts had to say following earnings:

• Barclays reiterated an Equal Weight rating and raised its price target to $139 from $101.
• Oppenheimer reiterated an Outperform rating and raised its target to $170 from $160.
• Morgan Stanley reiterated it as Equal Weight and raised its price target to $146 from $122.
• Merrill Lynch reiterated a Buy rating and raised its target price from $168 to $178.
• Raymond James reiterated it as Outperform and raised its price target to $180 from $168.
• Wedbush reiterated an Outperform rating and raised its target price to $180 from $168.
• Needham reiterated a Buy rating and raised its price target from $140 to $160.
• Goldman Sachs reiterated a Buy rating and raised its target to $174 from $140.
• RBC reiterated an Outperform rating and raised its price target to $165 from $135.
• KeyCorp reiterated a Buy rating and raised its price target from $171 to $178.

Shares of Coupa traded up about 14% on Wednesday to $153.51, in a 52-week range of $52.01 to $153.29. The consensus price target is $139.33.

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