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

Veeva Systems (NYSE:VEEVGet Rating) updated its FY 2023 earnings guidance on Wednesday. The company provided EPS guidance of $4.16-$4.16 for the period, compared to the consensus EPS 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.

Several equities analysts have commented on the stock. Raymond James decreased their price objective on shares of Veeva Systems from $260.00 to $205.00 in a report on Thursday, June 2nd. JMP Securities decreased their price objective on Veeva Systems from $265.00 to $240.00 and set a market outperform rating on the stock in a research note on Thursday, June 2nd. Robert W. Baird lowered their price objective on shares of Veeva Systems from $303.00 to $288.00 in a report on Thursday, March 3rd. Piper Sandler decreased their price target on Veeva Systems from $300.00 to $290.00 and set an overweight rating for the company in a research note on Thursday, March 3rd. Finally, Truist Financial decreased their price objective on shares of Veeva Systems from $275.00 to $225.00 and set a buy rating for the company in a report on Thursday, June 2nd. Six 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 company currently has a consensus rating of Buy and a consensus price target of $261.28.

Shares of VEEV opened at $192.06 on Wednesday. Veeva Systems has a one year low of $152.04 and a one year high of $343.96. The stock has a market capitalization of $29.65 billion, a price-to-earnings ratio of 75.61, a PEG ratio of 3.96 and a beta of 0.86. The stock has a 50 day moving average price of $182.96 and a 200 day moving average price of $215.78.

Veeva Systems (NYSE:VEEVGet Rating) last issued its quarterly earnings results on Wednesday, June 1st. The technology company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.07. Veeva Systems had a return on equity of 14.99% and a net margin of 21.43%. The firm had revenue of $505.10 million for the quarter, compared to analyst estimates of $495.88 million. During the same period last year, the company earned $0.67 EPS. The firm’s quarterly revenue was up 16.5% on a year-over-year basis. Sell-side analysts predict that Veeva Systems will post 2.76 EPS for the current year.

In related news, CAO Michele O’connor sold 371 shares of the business’s stock in a transaction dated Friday, June 3rd. The stock was sold at an average price of $189.37, for a total transaction of $70,256.27. Following the transaction, the chief accounting officer now owns 15,833 shares in the company, valued at approximately $2,998,295.21. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ronald E. F. Codd sold 20,000 shares of the business’s stock in a transaction dated Wednesday, April 6th. The shares were sold at an average price of $207.14, for a total value of $4,142,800.00. Following the sale, the director now owns 442 shares of the company’s stock, valued at $91,555.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 31,371 shares of company stock worth $6,567,276. 13.23% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the stock. Proficio Capital Partners LLC lifted its stake in shares of Veeva Systems by 24.5% in 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 in the last quarter. Beacon Pointe Advisors LLC acquired a new position in shares of Veeva Systems during the first quarter worth approximately $238,000. Sequoia Financial Advisors LLC acquired a new stake in Veeva Systems in the fourth quarter worth approximately $233,000. Forum Financial Management LP grew its position in Veeva Systems by 6.6% during the 1st quarter. Forum Financial Management LP now owns 1,038 shares of the technology company’s stock worth $220,000 after purchasing an additional 64 shares in the last quarter. Finally, Maverick Capital Ltd. boosted its position in Veeva Systems by 274.3% during the first 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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