Veeva Systems (NYSE:VEEV) Releases 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.

Shares of VEEV opened at $299.01 on Wednesday. The company has a 50 day moving average of $322.55 and a 200-day moving average of $292.10. The stock has a market capitalization of $45.87 billion, a P/E ratio of 114.13, a P/E/G ratio of 6.74 and a beta of 0.73. Veeva Systems has a twelve month low of $235.74 and a twelve month high of $343.96.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Tuesday, August 31st. The technology company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.07. Veeva Systems had a net margin of 25.51% and a return on equity of 16.35%. The firm had revenue of $455.59 million for the quarter, compared to analyst estimates of $450.93 million. During the same period in the previous year, the business earned $0.72 EPS. The company’s revenue was up 28.8% compared to the same quarter last year. Equities research analysts forecast that Veeva Systems will post 2.47 EPS for the current year.

VEEV has been the subject of a number of analyst reports. Guggenheim restated a buy rating on shares of Veeva Systems in a research note on Tuesday, August 31st. Needham & Company LLC raised their target price on shares of Veeva Systems from $336.00 to $385.00 and gave the company a buy rating in a research note on Thursday, September 2nd. Cowen initiated coverage on shares of Veeva Systems in a research report on Wednesday, July 21st. They set an outperform rating and a $400.00 price target on the stock. Zacks Investment Research downgraded shares of Veeva Systems from a buy rating to a hold rating and set a $277.00 price objective for the company. in a research report on Thursday, May 20th. Finally, SVB Leerink upped their target price on shares of Veeva Systems from $294.00 to $296.00 and gave the company a market perform rating in a report on Thursday, September 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Buy and an average target price of $344.11.

In other Veeva Systems news, Director Matthew J. Wallach sold 5,000 shares of the firm’s stock in a transaction dated Thursday, July 15th. The shares were sold at an average price of $312.52, for a total value of $1,562,600.00. Following the transaction, the director now directly owns 1,742 shares of the company’s stock, valued at approximately $544,409.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Michele O’connor sold 3,568 shares of the stock in a transaction that occurred on Friday, September 3rd. The stock was sold at an average price of $318.80, for a total transaction of $1,137,478.40. Following the sale, the chief accounting officer now owns 3,790 shares in the company, valued at approximately $1,208,252. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,928 shares of company stock valued at $6,308,735. 13.18% of the stock is currently owned by insiders.

Veeva Systems Company Profile

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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