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 earnings per share (EPS) guidance of $4.17-$4.17 for the period, compared to the consensus estimate of $4.15. The company issued revenue guidance of $2.14 billion-$2.15 billion, compared to the consensus revenue estimate of $2.17 billion. Veeva Systems also updated its Q3 2023 guidance to $1.07-$1.08 EPS.

Veeva Systems Stock Performance

VEEV traded down $1.96 on Friday, reaching $160.92. The company had a trading volume of 26,194 shares, compared to its average volume of 1,213,843. The company’s fifty day moving average is $202.74 and its 200 day moving average is $193.13. Veeva Systems has a fifty-two week low of $152.04 and a fifty-two week high of $327.78. The stock has a market cap of $24.99 billion, a P/E ratio of 67.03, a P/E/G ratio of 3.95 and a beta of 0.76.

Veeva Systems (NYSE:VEEVGet Rating) last issued its quarterly earnings data on Wednesday, August 31st. The technology company reported $1.03 EPS for the quarter, beating the consensus estimate of $1.01 by $0.02. Veeva Systems had a net margin of 19.67% and a return on equity of 13.40%. The business had revenue of $534.20 million during the quarter, compared to the consensus estimate of $530.70 million. During the same quarter in the prior year, the firm earned $0.64 EPS. The firm’s revenue was up 17.3% compared to the same quarter last year. On average, sell-side analysts expect that Veeva Systems will post 2.55 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Canaccord Genuity Group dropped their price target on shares of Veeva Systems from $200.00 to $185.00 and set a hold rating on the stock in a research report on Thursday, September 1st. SVB Leerink reduced their price objective on shares of Veeva Systems from $268.00 to $242.00 and set an outperform rating for the company in a research note on Thursday, September 1st. Citigroup boosted their price target on shares of Veeva Systems to $232.00 in a research note on Friday, June 3rd. Needham & Company LLC cut their price objective on shares of Veeva Systems from $270.00 to $205.00 and set a buy rating for the company in a research note on Thursday, June 2nd. Finally, Barclays lowered their price target on shares of Veeva Systems from $222.00 to $205.00 and set an equal weight rating for the company in a report on Thursday, September 1st. Seven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $223.05.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Paul Edward Chamberlain sold 260 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $179.99, for a total value of $46,797.40. Following the completion of the sale, the director now owns 16,443 shares in the company, valued at $2,959,575.57. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Matthew J. Wallach sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $169.27, for a total transaction of $1,692,700.00. Following the transaction, the director now owns 2,546 shares of the company’s stock, valued at $430,961.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul Edward Chamberlain sold 260 shares of the company’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $179.99, for a total value of $46,797.40. Following the transaction, the director now directly owns 16,443 shares in the company, valued at approximately $2,959,575.57. The disclosure for this sale can be found here. 13.23% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. MetLife Investment Management LLC acquired a new stake in Veeva Systems in the first quarter valued at $1,906,000. Dimensional Fund Advisors LP grew its holdings in Veeva Systems by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 190,289 shares of the technology company’s stock valued at $40,430,000 after purchasing an additional 3,286 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in Veeva Systems by 11.5% in the first quarter. Sequoia Financial Advisors LLC now owns 1,018 shares of the technology company’s stock valued at $216,000 after purchasing an additional 105 shares during the last quarter. National Pension Service lifted its position in shares of Veeva Systems by 3.0% in the first quarter. National Pension Service now owns 195,170 shares of the technology company’s stock valued at $41,466,000 after acquiring an additional 5,607 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Veeva Systems by 1.0% in the first quarter. Vanguard Group Inc. now owns 12,888,204 shares of the technology company’s stock valued at $2,738,229,000 after acquiring an additional 132,560 shares in the last quarter. Institutional investors and hedge funds own 80.14% of the company’s stock.

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.

Read More

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

Receive News & Ratings for Veeva Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeva Systems and related companies with MarketBeat.com's FREE daily email newsletter.