A number of analysts cut their price targets on the stock of the San Mateo, Calif., company, even after it reported a surprise profit and better-than-expected revenue forecasts.
Coupa shares at last check were dropping 8.4% to $216.87.
Analysts at Morgan Stanley maintained an overweight rating on the stock while reducing the price target to $381 a share from $395. The investment firm said that while billings were ahead in guidance, "organic growth disappointed due to the weaker base of renewal billings."
Morgan Stanley is still "highly encouraged" by the pace of total bookings and sees "plenty of upside" for the stock.
Oppenheimer maintained an outperform rating while lowering its price target to $260 from $320. The firm also sees solid results that may be overshadowed by "a deceleration in organic billings growth below 30% for the second straight quarter," and by a "prudent" full-year forecast.
Citi maintained a neutral rating while lowering its price target to $254 from $272.
The investment firm says the results "are unlikely to settle the debate about the path for organic growth reacceleration and the outlook for Coupa Pay."
Billings growth didn't improve as much as hoped, Citi said, and the company's valuation could come under pressure until "normalized' growth" comes clear.
RBC Capital Markets maintained an outperform rating and $300 price target.
"Coupa once again outperformed its guidance handily, and once again provided guidance that will divide investors," the firm wrote.
RBC expects a negative near-term reaction to the stock based on the report, but it said demand "is approaching normal levels."