Veeva Systems Inc. (NYSE:VEEV) reported better-than-expected earnings for the second quarter on Wednesday.
The company posted quarterly earnings of $1.99 per share which beat the analyst consensus estimate of $1.90 per share. The company reported quarterly sales of $789.081 million which beat the analyst consensus estimate of $768.417 million.
Veeva Systems raised its FY2026 adjusted EPS guidance from $7.63 to $7.78 and also increased its sales guidance from $3.090 billion-$3.100 billion to $3.134 billion-$3.140 billion.
“It’s exciting to see our vision of connected software, data, and business consulting for life sciences becoming a reality,” said CEO Peter Gassner. “I am especially excited about the power of Veeva AI and Veeva Data Cloud to enable transformational change for life sciences from clinical to commercial.”
Veeva shares fell 5.5% to $277.31 on Thursday.
These analysts made changes to their price targets on Veeva following earnings announcement.
- Piper Sandler analyst Brent Bracelin maintained Veeva Systems with an Overweight rating and raised the price target from $325 to $355.
- Needham analyst Ryan MacDonald maintained Veeva with a Buy and raised the price target from $300 to $355.
- Evercore ISI Group analyst Kirk Materne maintained the stock with an In-Line rating and raised the price target from $285 to $295.
- Truist Securities analyst Joe Meares maintained Veeva with a Hold and raised the price target from $268 to $275.
- Stifel analyst David Grossman maintained the stock with a Buy and raised the price target from $295 to $320.
- BTIG analyst David Larsen maintained Veeva with a Buy and raised the price target from $335 to $340.
- UBS analyst Karl Keirstead maintained the stock with a Neutral and raised the price target from $285 to $310.
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