Veeva's Best CRM Quarter Ever Sparks Analyst Price Target Hikes
VEEV sits 93% above its 52-week low of $148.05.
Summary
Veeva reported its strongest CRM quarter ever, with Q2 revenue of $927.96M beating consensus by $22.7M and adjusted EPS of $2.35 topping estimates by $0.13. Management raised full-year guidance above analyst expectations. The earnings call revealed 12 of the top 20 biopharma companies are committed to Vault CRM, including new wins at Lilly, Biogen, and Regeneron. Analysts responded with price target increases: Needham to $310, Guggenheim to $310, and RBC to $325. This follows the Q2 report released yesterday; today's move reflects the market digesting the CRM momentum and guidance raise.
At the time of this announcement, VEEV was trading at $285.46 on NYSE in the Technology sector, with a market capitalization of approximately $46.4B. The 52-week trading range was $148.05 to $310.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Benzinga.