Veeva Systems Analysts Cut Their Forecasts After Q3 Results

Veeva Systems Inc. VEEV reported upbeat earnings for its third quarter on Wednesday.

Revenue rose 12% Y/Y to $616.5 million, beating the consensus of $615.98 million. Adjusted EPS of $1.34, topped the consensus of $1.30.

For the fourth quarter, Veeva Systems lowered revenue guidance to $620 million-$622 million (from $621 million-$623 million) vs. consensus of $623.18 million and expects adjusted EPS of around $1.30 vs. $1.28 estimate.

Veeva Systems shares fell 2.5% to trade at $173.91 on Thursday.

These analysts made changes to their price targets on Veeva following earnings announcement.

• Canaccord Genuity cut the price target on Veeva from $210 to $185. Canaccord Genuity analyst David Hynes maintained a Hold rating.
• Barclays lowered the price target on Veeva from $220 to $213. Barclays analyst Saket Kalia maintained an Overweight rating.
• Needham analyst Ryan MacDonald, meanwhile, reiterated Veeva with a Buy and maintained a $220 price target.
• Piper Sandler analyst Brent Bracelin reiterated Veeva with an Overweight and maintained a $200 price target.

Now Read This: 'I Like It Very Much': Jim Cramer Bullish On This Financial Stock Up 75% YTD