Why Veeva Systems Shares Are Moving Higher Thursday

Veeva Systems, Inc. VEEV shares are trading higher on Thursday after the company beat earnings expectations and raised its financial guidance for fiscal year 2024.

The Details:

Veeva Systems reported first-quarter earnings per share (EPS) of 91 cents, which beat the estimated EPS of 79 cents. The company's sales for the quarter amounted to $526.33 million, above the projected sales of $515.81 million.

Looking ahead to the second quarter, Veeva anticipates adjusted EPS in the range of $1.12 to $1.13 compared to the estimated $1.07. Additionally, the company forecasted total revenue between $580 million and $582 million versus the estimated figure of $580.31 million.

For the fiscal year 2024, Veeva projected that adjusted EPS will be approximately $4.59 versus the estimated EPS of $4.32. The company's total revenues for the year are expected to range from $2.36 billion to $2.37 billion versus the estimated figure of $2.36 billion.

Following the company's quarterly results, several analysts raised price targets, ranging from $203 to $235.

Related Link: Why Carvana Shares Are Trading Higher Thursday

VEEV Price Action: According to Benzinga Pro, Veeva Systems shares were up over 18% at $196.57 at the time of publication.

Photo: Lorenzo Cafaro from Pixabay