Veeva Systems Analysts Lower Their Forecasts Following Q1 Results

Veeva Systems Inc VEEV posted better-than-expected earnings for its first quarter, but issued weak revenue guidance on Thursday.

Veeva Systems reported quarterly earnings of $1.50 per share which beat the analyst consensus estimate of $1.43. The company reported quarterly sales of $650.35 million which beat the analyst consensus estimate of $642.02 million, according to data from Benzinga Pro.

“Thanks to our customers and the Veeva team we had an excellent start to the year,” said CEO Peter Gassner. “We made major progress in Development Cloud, Commercial Cloud, and Data Cloud.”

Veeva Systems said it sees second-quarter earnings of $1.53 to $1.54 per share, versus market estimates of $1.52 per share. The company projects revenue of $666 million to $669 million versus expectations of $675.29 million.

Veeva Systems shares fell 3.2% to close at $194.19 on Thursday.

These analysts made changes to their price targets on Veeva Systems after the company reported quarterly results.

• Piper Sandler cut the price target on Veeva Systems from $245 to $235. Piper Sandler analyst Brent Bracelin maintained an Overweight rating.
• B of A Securities lowered Veeva Systems price target from $240 to $204. B of A Securities analyst Brad Sills maintained a Neutral rating on the stock.
• Needham analyst Ryan MacDonald, meanwhile, reiterated Veeva Systems with a Buy and maintained a $260 price target.

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