Veeva Systems Inc VEEV shares are trading lower Thursday after the company reported financial results and issued topline guidance below analyst estimates.
Q2 Results: Veeva Systems reported fiscal second-quarter revenue of $534.2 million, which beat average analyst estimates of $530.61 million, according to Benzinga Pro. Veeva’s topline results jumped 17% year-over-year.
The company reported second-quarter earnings of $1.03 per share, which was up from 94 cents per share year-over-year.
“We are very confident in our competitive position and we are performing well financially as we track ahead of our 2025 targets,” said Brent Bowman, CFO of Veeva Systems.
Outlook: Veeva Systems expects third-quarter revenue to be between $545 million and $547 million versus the estimate of $558.28 million. The company expects third-quarter earnings to be between $1.07 and $1.08 per share.
Veeva Systems sees full-year revenue between $2.14 billion and $2.145 billion versus the estimate of $2.17 billion. The company expects full-year earnings of approximately $4.17 per share.
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Analyst Assessment: Several analysts adjusted price targets on the stock following the company’s quarterly results.
- Piper Sandler analyst Brent Bracelin maintained Veeva with an Overweight and lowered the price target from $275 to $245.
- Barclays analyst Saket Kalia maintained Veeva with an Equal-Weight and lowered the price target from $222 to $205.
- UBS analyst Karl Keirstead maintained Veeva with a Neutral and lowered the price target from $220 to $185.
- Baird analyst Joe Vruwink maintained Veeva with an Outperform and lowered the price target from $267 to $250.
- Raymond James analyst Brian Peterson maintained Veeva with an Outperform and raised the price target from $205 to $225.
VEEV Price Action: Veeva Systems has a 52-week high of $257.68 and a 52-week low of $152.04.
The stock was down 16.1% at $167.17 at time of publication.
Image and article originally from www.benzinga.com. Read the original article here.