Several Analysts Cut Price Targets On Veeva Systems Following Q2 Results, But This Analyst Raises PT

Veeva Systems Inc. VEEV reported financial results for its second quarter and issued topline guidance below analyst estimates.

The company said it expects third-quarter revenue to be between $545 million and $547 million versus the estimate of $558.28 million. The company expects third-quarter earnings to be between $1.07 and $1.08 per share.

Veeva Systems shares dipped 12.5% to $174.50 in pre-market trading.

Several analysts made changes to their price targets on Veeva Systems following the release of results.

• Piper Sandler cut price target on Veeva Systems from $275 to $245. Piper Sandler analyst Brent Bracelin maintained the stock with an Overweight.
• SVB Leerink reduced Veeva Systems price target from $268 to $242. SVB Leerink analyst Stephanie Davis maintained the stock with an Outperform rating.
• Barclays cut Veeva Systems price target from $222 to $205. Barclays analyst Saket Kalia maintained an Equal-Weight rating on the stock.
• JMP Securities lowered price target on the stock from $240 to $215. JMP Securities analyst Joe Goodwin maintained Veeva Systems with a Market Outperform.
• Raymond James, however, raised the price target on the stock from $205 to $225. Raymond James analyst Brian Peterson maintained Veeva Systems with an Outperform.