Veeva Systems Analysts Cut Their Forecasts After Q3 Results
Portfolio Pulse from Avi Kapoor
Veeva Systems Inc. (NYSE:VEEV) reported Q3 earnings with a 12% Y/Y revenue increase to $616.5 million, surpassing the consensus of $615.98 million. Adjusted EPS was $1.34, beating the $1.30 consensus. However, the company lowered Q4 revenue guidance to $620-$622 million, below the consensus of $623.18 million, with an adjusted EPS forecast of $1.30, slightly above the $1.28 estimate. Following the earnings report, VEEV shares dropped 2.5%. Analysts from Canaccord Genuity, Barclays, Needham, and Piper Sandler adjusted their price targets and ratings for VEEV.
December 07, 2023 | 5:35 pm
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Veeva Systems exceeded Q3 earnings expectations but lowered Q4 revenue guidance, leading to a 2.5% decline in stock price. Analysts have revised their price targets with varying degrees of adjustments.
The reduction in Q4 revenue guidance is likely to concern investors, despite the Q3 earnings beat, as it may indicate potential challenges ahead. The stock price decline reflects immediate market reaction. Analysts' price target adjustments suggest a recalibration of expectations, which could influence investor sentiment and stock performance in the short term.
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