Coupa Software Incorporated (NASDAQ:COUP) reported strong Q2 results, with quarterly total revenue of $179.2 million, a year-over-year growth of 42%, coming in ~16.3 million above the consensus estimate.

The company provided its guidance for Q3, expecting the total revenue to range between $177 million and 178 million (~33.5% growth year-over-year), which is higher than the Street estimate of $168.9 million.

For the full 2022-year, the company expects the total revenue to be between $706 million and 708 million (~31% increase year-over-year), better than the consensus estimate of $687.8 million.

Analysts at Oppenheimer raised their price target on the company’s shares to $300 from $260 following the quarterly results, highlighting that the revenue guidance was raised well above the Q2 beat, organic billings reaccelerated to ~30% year-over-year growth in the quarter, and Q3 guidance implies further reacceleration in organic billings growth.