Veeva Systems (NYSE:VEEV) Releases Q3 2023 Earnings Guidance

Veeva Systems (NYSE:VEEV – Get Rating) issued an update on its third quarter 2023 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $1.07-$1.08 for the period, compared to the consensus estimate of $1.08. The company issued revenue guidance of $545.00 million-$547.00 million, compared to the consensus revenue estimate of $558.28 million. Veeva Systems also updated its FY 2023 guidance to $4.17-$4.17 EPS.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on VEEV. SVB Leerink reduced their price objective on shares of Veeva Systems from $268.00 to $242.00 and set an outperform rating on the stock in a research note on Thursday, September 1st. Truist Financial reduced their price objective on shares of Veeva Systems from $275.00 to $225.00 and set a buy rating on the stock in a research note on Thursday, June 2nd. Robert W. Baird reduced their price objective on shares of Veeva Systems from $267.00 to $250.00 and set an outperform rating on the stock in a research note on Thursday, September 1st. Royal Bank of Canada dropped their target price on shares of Veeva Systems from $250.00 to $225.00 and set an outperform rating for the company in a report on Thursday, September 1st. Finally, The Goldman Sachs Group dropped their target price on shares of Veeva Systems to $235.00 in a report on Tuesday, September 6th. Seven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Veeva Systems has an average rating of Moderate Buy and a consensus target price of $223.05.

Veeva Systems Stock Performance

Veeva Systems stock opened at $168.04 on Wednesday. Veeva Systems has a 52-week low of $152.04 and a 52-week high of $327.78. The firm has a 50 day moving average price of $204.12 and a two-hundred day moving average price of $193.45. The firm has a market cap of $26.09 billion, a price-to-earnings ratio of 69.15, a PEG ratio of 4.07 and a beta of 0.76.

Veeva Systems (NYSE:VEEV – Get Rating) last released its quarterly earnings results on Wednesday, August 31st. The technology company reported $1.03 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $534.20 million during the quarter, compared to analyst estimates of $530.70 million. During the same quarter last year, the business earned $0.64 EPS. The company’s revenue was up 17.3% compared to the same quarter last year. As a group, equities research analysts predict that Veeva Systems will post 2.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other Veeva Systems news, Director Paul Edward Chamberlain sold 260 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $179.99, for a total transaction of $46,797.40. Following the completion of the transaction, the director now owns 16,443 shares in the company, valued at approximately $2,959,575.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Timothy S. Cabral sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $200.03, for a total transaction of $1,000,150.00. Following the completion of the sale, the director now owns 113,114 shares of the company’s stock, valued at approximately $22,626,193.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Paul Edward Chamberlain sold 260 shares of the firm’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 transaction of $46,797.40. Following the sale, the director now directly owns 16,443 shares of the company’s stock, valued at approximately $2,959,575.57. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,260 shares of company stock worth $2,739,647. 13.23% of the stock is currently owned by insiders.

Institutional Trading of Veeva Systems

Several hedge funds have recently bought and sold shares of the business. Captrust Financial Advisors grew its position in Veeva Systems by 1.8% in the 2nd quarter. Captrust Financial Advisors now owns 4,810 shares of the technology company’s stock valued at $953,000 after purchasing an additional 83 shares during the period. ExodusPoint Capital Management LP acquired a new stake in Veeva Systems in the 2nd quarter valued at $2,265,000. Point72 Asset Management LP acquired a new stake in Veeva Systems in the 2nd quarter valued at $2,254,000. The Manufacturers Life Insurance Company grew its position in Veeva Systems by 141.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 128,729 shares of the technology company’s stock valued at $27,544,000 after purchasing an additional 75,513 shares during the period. Finally, Toroso Investments LLC grew its position in Veeva Systems by 10.1% in the 1st quarter. Toroso Investments LLC now owns 1,708 shares of the technology company’s stock valued at $363,000 after purchasing an additional 156 shares during the period. Institutional investors and hedge funds own 80.14% of the company’s stock.

Veeva Systems Company Profile

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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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