Veeva Systems Analysts Boost Their Forecasts After Upbeat Earnings

Veeva Systems Inc. VEEV reported better-than-expected earnings results for its second quarter.

Veeva reported quarterly earnings of $1.21 per share which beat the analyst consensus estimate of $1.13, a 17.48% increase over earnings of $1.03 per share from the same period last year. The company reported quarterly sales of $590.20 million which beat the analyst consensus estimate of $587.11 million, a 10.48% increase over sales of $534.22 million the same period last year.

Full-year 2024 earnings per share is anticipated to be approximately $4.68, versus the $4.53 estimate. Revenue is estimated to be between $2.365 billion and $2.370 billion, versus the $2.37 billion estimate.

Veeva shares rose 8.5% to trade at $209.02 on Thursday.

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

• Piper Sandler increased the price target on Veeva from $232 to $235. Piper Sandler analyst Brent Bracelin maintained an Overweight rating.
• Raymond James boosted the price target on Veeva from $210 to $240. Raymond James analyst Brian Peterson maintained an Outperform rating.
• UBS raised the price target on Veeva from $175 to $205. UBS analyst Karl Keirstead maintained a Neutral rating.
• Stifel raised the price target on Veeva from $205 to $211. Stifel analyst David Grossman maintained a Buy rating.
• Canaccord Genuity boosted the price target on Veeva from $170 to $210. Canaccord Genuity analyst David Hynes maintained a Hold rating.
• Baird raised the price target on Veeva from $235 to $242. Baird analyst Joe Vruwink maintained an Outperform rating.
• Barclays raised the price target on Veeva from $225 to $228. Barclays analyst Saket Kalia maintained an Overweight rating.
• B of A Securities raised the price target on Veeva from $200 to $220. B of A Securities analyst Brad Sills maintained a Neutral rating.

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