Veeva Systems (NYSE:VEEV) Issues FY 2023 Earnings Guidance

Veeva Systems (NYSE:VEEVGet Rating) issued an update on its FY 2023 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $4.16-$4.16 for the period, compared to the consensus estimate of $4.02. The company issued revenue guidance of $2.17 billion-$2.17 billion, compared to the consensus revenue estimate of $2.17 billion.Veeva Systems also updated its Q2 2023 guidance to $1.00-$1.01 EPS.

Shares of NYSE VEEV traded down $2.42 during mid-day trading on Wednesday, reaching $167.84. 1,741,246 shares of the company’s stock were exchanged, compared to its average volume of 1,087,251. The firm has a market capitalization of $25.91 billion, a price-to-earnings ratio of 64.74, a price-to-earnings-growth ratio of 3.45 and a beta of 0.85. Veeva Systems has a 52 week low of $152.04 and a 52 week high of $343.96. The firm has a 50-day moving average price of $184.49 and a two-hundred day moving average price of $220.21.

Veeva Systems (NYSE:VEEVGet Rating) last announced its quarterly earnings data on Wednesday, March 2nd. The technology company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.01. The company had revenue of $485.50 million during the quarter, compared to analyst estimates of $479.98 million. Veeva Systems had a return on equity of 15.61% and a net margin of 23.09%. During the same quarter last year, the firm posted $0.54 EPS. On average, analysts expect that Veeva Systems will post 2.76 earnings per share for the current fiscal year.

VEEV has been the subject of several recent analyst reports. Royal Bank of Canada cut their price objective on Veeva Systems from $400.00 to $300.00 and set an outperform rating for the company in a report on Thursday, March 3rd. Bank of America lowered Veeva Systems from a buy rating to a neutral rating and cut their price objective for the stock from $300.00 to $220.00 in a report on Thursday, March 3rd. Piper Sandler cut their price objective on Veeva Systems from $300.00 to $290.00 and set an overweight rating for the company in a report on Thursday, March 3rd. Barclays dropped their target price on Veeva Systems from $237.00 to $195.00 and set an equal weight rating for the company in a research report on Tuesday, May 24th. Finally, StockNews.com upgraded Veeva Systems from a hold rating to a buy rating in a research report on Friday, May 13th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Buy and a consensus target price of $279.06.

In other news, Director Ronald E. F. Codd sold 20,000 shares of the business’s stock in a transaction on Wednesday, April 6th. The shares were sold at an average price of $207.14, for a total transaction of $4,142,800.00. Following the sale, the director now owns 442 shares in the company, valued at approximately $91,555.88. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Paul J. Sekhri sold 11,000 shares of the stock in a transaction dated Thursday, March 31st. The stock was sold at an average price of $214.02, for a total transaction of $2,354,220.00. The disclosure for this sale can be found here. Insiders own 13.23% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Proficio Capital Partners LLC grew its position in Veeva Systems by 24.5% during the 1st quarter. Proficio Capital Partners LLC now owns 1,132 shares of the technology company’s stock valued at $241,000 after purchasing an additional 223 shares during the last quarter. Beacon Pointe Advisors LLC purchased a new stake in shares of Veeva Systems in the 1st quarter worth $238,000. Sequoia Financial Advisors LLC purchased a new stake in Veeva Systems in the 4th quarter worth $233,000. Forum Financial Management LP increased its stake in Veeva Systems by 6.6% in the 1st quarter. Forum Financial Management LP now owns 1,038 shares of the technology company’s stock worth $220,000 after buying an additional 64 shares in the last quarter. Finally, Maverick Capital Ltd. boosted its holdings in shares of Veeva Systems by 274.3% during the 1st quarter. Maverick Capital Ltd. now owns 962 shares of the technology company’s stock valued at $204,000 after purchasing an additional 705 shares during the last quarter.

About Veeva Systems (Get Rating)

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety.

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Earnings History and Estimates for Veeva Systems (NYSE:VEEV)

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