Selected stock price news highlights of the day

By: Matthew Otto

Coupa Software

Announced its Third Quarter Fiscal 2023 financial results, showing subscription revenues grew by a remarkable 20%, while quarterly revenue also increased 17% compared to the same time period last year. The company reported calculated billings of $206 million—a staggering growth rate of over 20%. Operating and adjusted free cash flows were up with respective totals at $71 million and $66 million. To top it off, Coupa has entered into an agreement to be acquired by Thoma Bravo for a whopping sum of 8 billion dollars!

• Terry Tillman from Truist Securities lowered the rating from Buy to Hold.
• Brent Bracelin at Piper Sandler stops coverage with the last rate at Underweight.
• Rishi Jaluria of RBC Capital upgraded his price target by from $55 to $81 with a sector perform rating.
• Alex Zukin of Wolfe Research changed both his recommendation from Outperform to Peer Perform while increasing the price target from $55 to $81.
• Joshua Reilly of Needham upgraded from Buy to Hold.
• Brian Peterson of Raymond James downgraded from Outperform to Market Perform.
• William Blair analyst Robert Napoli set a Market Perform rating.
• Credit Suisse’s Fred Lee upgraded from Underperform to Neutral and raised his price target from $60 to $81.

HZNP

On December 13, 2022 Amgen Inc.’s Pillartree Limited is set to make a move – acquiring Horizon Therapeutics or a sum of $28.3 billion in cash. This acquisition will bring over FDA approved Krystexxa (pegloticase), which has had its label expanded through the supplemental biologics license application and can now be used alongside methotrexate against cases of uncontrolled gout. With shares bought at 19% above their closing price on Dec 9th this purchase marks another step forward into establishing itself as one of kidney care’s leading providers.

• BMO Capital’s Gary Nachman downgraded from Outperform to Market Perform
• Guggenhei’s Yatin Suneja upgraded his price target from Buy to Neutral and increased his stock forecast  from $98  to $116.5.
• SVB Leerink’s David Risinger changed his rating from Outperform to Market Perform but raised the price target from $88 to $116.5.
• Wells Fargo analyst Derek Archila shifted his ratings to Equal-Weight and adjusted his price target up to $118.
• Stifel analyst Annabel Samimy dropped her ratings to Hold while altering the target price to $116.5 from $138.

Oracle

Posted a successful second quarter of Fiscal 2023, with Year over year revenue growth across all segments! GAAP and Non-GAAP Earnings per Share were $0.63 and$1.21 respectively demonstrating impactful performance in these challenging times. Cloud Revenue (IaaS plus SaaS) saw powerful increases at 43% & 48 %in USD/constant currency terms to reach $3.8billion while the IaaS segment grew by an impressive 53%. In addition Fusion & NetSuite ERP revenues had very healthy gains increasing 23%-29% YOY.

• Brad Sills raised the target to $95 and set a Neutral rating.
• J. Derrick Wood boosted his price target at $96 with rating of Outperform.
• Brad Reback stated his target price at $75 with a Hold rating.
• Brent Bracelin upgraded his target price from $75 to $85 with Neutral rating.

Universal Technical Institute

Reported results for Fiscal Year 2022 with a 25% growth in revenue and 71.8% increase in adjusted EBITDA(1). Fourth quarter saw an impressive 13.5% rise from the prior year period, while new student starts increased 2.7%. Additionally, Universal Technical Institute met or surpassed its guidance range across all key financial metrics.

• Lake Street analyst Eric Martinuzzi  lowered his price target from $12 to $10 while keeping a  Buy rating,
• Barrington Research analyst Alexander Paris  slashed his price target from $14 to $10 also reiterating an Outperform rating.
• Rosenblatt analyst Steve Frankel  lowered his price target from $10 to $9 and kept his Buy rating