Veeva Systems (NYSE:VEEV) Issues Q2 Earnings Guidance

Veeva Systems (NYSE:VEEVGet Rating) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided EPS guidance of $1.00-1.01 for the period, compared to the consensus EPS estimate of $0.99. The company issued revenue guidance of $529-531 million, compared to the consensus revenue estimate of $529.20 million.Veeva Systems also updated its FY 2023 guidance to $4.16-$4.16 EPS.

A number of brokerages have recently issued reports on VEEV. Robert W. Baird reduced their price objective on shares of Veeva Systems from $303.00 to $288.00 in a report on Thursday, March 3rd. StockNews.com raised shares of Veeva Systems from a hold rating to a buy rating in a research report on Friday, May 13th. Guggenheim decreased their target price on shares of Veeva Systems from $350.00 to $255.00 and set a buy rating on the stock in a report on Thursday, March 3rd. SVB Leerink reaffirmed a buy rating and set a $268.00 target price on shares of Veeva Systems in a report on Monday, March 14th. Finally, Barclays decreased their price target on shares of Veeva Systems from $237.00 to $195.00 and set an equal weight rating on the stock in a report on Tuesday, May 24th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Buy and a consensus price target of $279.06.

Shares of NYSE:VEEV traded down $2.42 during midday trading on Wednesday, reaching $167.84. 1,717,364 shares of the company’s stock traded hands, compared to its average volume of 1,087,416. Veeva Systems has a 1 year low of $152.04 and a 1 year high of $343.96. The company has a market cap of $25.91 billion, a P/E ratio of 63.82, a PEG ratio of 3.45 and a beta of 0.85. The company has a fifty day simple moving average of $183.90 and a two-hundred day simple moving average of $219.85.

Veeva Systems (NYSE:VEEVGet Rating) last posted its quarterly earnings data on Wednesday, June 1st. The technology company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.92 by $0.07. Veeva Systems had a return on equity of 15.61% and a net margin of 23.09%. The firm had revenue of $505.10 million during the quarter, compared to the consensus estimate of $495.88 million. During the same period in the prior year, the company earned $0.67 EPS. The firm’s revenue was up 16.5% compared to the same quarter last year. On average, sell-side analysts forecast that Veeva Systems will post 2.76 earnings per share for the current fiscal year.

In other Veeva Systems news, Director Paul J. Sekhri sold 11,000 shares of the firm’s stock in a transaction on Thursday, March 31st. The stock was sold at an average price of $214.02, for a total value of $2,354,220.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ronald E. F. Codd sold 20,000 shares of the firm’s stock in a transaction on Wednesday, April 6th. The stock was sold at an average price of $207.14, for a total value of $4,142,800.00. Following the completion of the sale, the director now directly owns 442 shares of the company’s stock, valued at $91,555.88. The disclosure for this sale can be found here. 13.23% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC purchased a new position in Veeva Systems during the 4th quarter valued at about $38,000. Global Wealth Management Investment Advisory Inc. boosted its holdings in Veeva Systems by 63.9% during the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 218 shares of the technology company’s stock valued at $46,000 after acquiring an additional 85 shares during the period. Carroll Investors Inc purchased a new position in Veeva Systems during the 4th quarter valued at about $70,000. Neo Ivy Capital Management purchased a new position in Veeva Systems during the 4th quarter valued at about $131,000. Finally, Covestor Ltd boosted its holdings in Veeva Systems by 150.6% during the 1st quarter. Covestor Ltd now owns 624 shares of the technology company’s stock valued at $133,000 after acquiring an additional 375 shares during the period.

Veeva Systems Company Profile (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.

See Also

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

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