Veeva Systems (NYSE:VEEV) Updates Q3 2022 Earnings Guidance

Veeva Systems (NYSE:VEEV) issued an update on its third quarter 2022 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.870-$0.880 for the period, compared to the Thomson Reuters consensus estimate of $0.860. The company issued revenue guidance of $464 million-$466 million, compared to the consensus revenue estimate of $459.94 million.Veeva Systems also updated its FY 2022 guidance to $3.570-$3.570 EPS.

A number of equities research analysts recently issued reports on VEEV shares. Royal Bank of Canada initiated coverage on shares of Veeva Systems in a report on Wednesday, July 21st. They issued an outperform rating and a $400.00 price objective for the company. Bank of America increased their price objective on Veeva Systems from $340.00 to $350.00 and gave the company a buy rating in a report on Thursday, September 2nd. Cowen started coverage on Veeva Systems in a report on Wednesday, July 21st. They issued an outperform rating and a $400.00 target price for the company. Robert W. Baird increased their price target on Veeva Systems from $340.00 to $349.00 and gave the company an outperform rating in a report on Thursday, September 2nd. Finally, Citigroup boosted their price objective on shares of Veeva Systems from $340.00 to $356.00 and gave the stock a buy rating in a research note on Thursday, September 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Buy and a consensus price target of $344.11.

Shares of VEEV stock traded down $1.12 during mid-day trading on Friday, reaching $303.88. The stock had a trading volume of 4,049 shares, compared to its average volume of 815,520. The firm’s 50 day simple moving average is $321.74 and its 200 day simple moving average is $292.24. Veeva Systems has a one year low of $235.74 and a one year high of $343.96. The firm has a market cap of $46.62 billion, a PE ratio of 116.41, a P/E/G ratio of 6.74 and a beta of 0.73.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Tuesday, August 31st. The technology company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.07. Veeva Systems had a return on equity of 16.35% and a net margin of 25.51%. The business had revenue of $455.59 million during the quarter, compared to analyst estimates of $450.93 million. During the same period in the prior year, the company posted $0.72 earnings per share. Veeva Systems’s revenue was up 28.8% on a year-over-year basis. As a group, sell-side analysts expect that Veeva Systems will post 2.47 earnings per share for the current year.

In related news, EVP Alan Mateo sold 2,347 shares of Veeva Systems stock in a transaction dated Friday, September 10th. The shares were sold at an average price of $306.50, for a total transaction of $719,355.50. Following the completion of the transaction, the executive vice president now directly owns 5,476 shares of the company’s stock, valued at approximately $1,678,394. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 1,666 shares of the firm’s stock in a transaction that occurred on Tuesday, September 7th. The stock was sold at an average price of $316.46, for a total transaction of $527,222.36. Following the sale, the senior vice president now directly owns 6,017 shares of the company’s stock, valued at approximately $1,904,139.82. The disclosure for this sale can be found here. Insiders have sold a total of 19,928 shares of company stock valued at $6,308,735 over the last ninety days. 13.18% of the stock is owned by insiders.

About Veeva Systems

Veeva Systems, Inc engages in the provision of industry cloud solutions for the global life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.

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

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