Cliff Asness Is Selling These 5 Stocks

3. Coupa Software Incorporated (NASDAQ:COUP)

Number of Hedge Fund Holders: 52

Based in California, Coupa Software Incorporated (NASDAQ:COUP) is a global technology company offering a platform to assist customers with business spend management. Initially investing in Coupa Software Incorporated (NASDAQ:COUP) back in Q2 2018, Cliff Asness held 5,379 shares of the company in the third quarter of 2021, worth $1.17 million, which he disposed of completely in Q4 2021. 

BMO Capital analyst Daniel Jester initiated coverage of Coupa Software Incorporated (NASDAQ:COUP) on January 31 with a Market Perform rating and a $135 price target. According to the analyst, Coupa Software Incorporated (NASDAQ:COUP)’s growth has slowed over the past year, which he attributes to some solutions falling lower on the digital transformation priority list as workers shifted to hybrid work environments with “little to no” corporate travel. While the analyst believes this dynamic will shift, he thinks the tactical set-up into Q4 results “still looks difficult”.

Stephen Mandel’s Lone Pine Capital held the largest stake in Coupa Software Incorporated (NASDAQ:COUP) as of Q3 2021, with 4.5 million shares worth over $1 billion. Overall, 52 hedge funds monitored by Insider Monkey were bullish on Coupa Software Incorporated (NASDAQ:COUP), with stakes amounting to $4.5 billion. 

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.”