Why Veeva Systems Is Trading Higher Today

Veeva Systems Inc (NYSE: VEEV) is trading higher Friday morning after the company announced better-than-expected earnings results and received price target increases from multiple analysts.

What Happened: Veeva Systems reported first-quarter earnings of 91 cents per share, which beat the estimate of 78 cents per share. The company reported quarterly revenue of $433.6 million, which beat the estimate of $410.03 million. 

“The team’s focus on customer success and product excellence continues to drive Veeva’s outstanding results. Our innovations in data, software, and services are helping the industry move to a new digital-first model," said Peter Gassner, CEO of Veeva Systems.

Related Link: Veeva Systems: Q1 Earnings Insights

Analyst Assessment: On Friday, multiple analysts maintained their ratings and raised price targets on the stock:

• Piper Sandler analyst Brent Bracelin maintained Veeva Systems with an Overweight rating and raised the price target from $350 to $360.
• Morgan Stanley analyst Stan Zlotsky maintained Veeva Systems with an Overweight rating and raised the price target from $340 to $350.
• Barclays analyst Saket Kalia maintained Veeva Systems with an Equal-Weight rating and raised the price target from $310 to $320.
• Citigroup analyst Tyler Radke maintained Veeva Systems with a Buy rating and raised the price target from $335 to $340.

Price Action: Veeva Systems traded as high as $325.54 and as low as $183.24 over a 52-week period. 

At last check Friday, the stock was up 11.20% at $294.18.