Needham analyst Ryan MacDonald raised his price target on Coupa Software to $171 and kept his Buy rating after its Q3 results, with revenue, billings, and earnings all topping expectations. The analyst notes that while investors may question the "scale" of the beat, he believes that the 53% growth in billings show that the fundamentals of the business remain strong as Coupa Software showcases its net new customer adoption combined with expansions within the existing customer base. MacDonald adds that the company is seeing "nice early traction" with its Coupa Pay product.