Hulk Hogan, wrestling icon, dies at 71 in Florida home
On Thursday, Truist Securities increased its price target for Veeva Systems (NYSE:VEEV) shares to $230 from the previous target of $217, while maintaining a Hold rating on the stock. The adjustment follows Veeva Systems’ announcement of strong first-quarter results for the fiscal year, which the company described as a "Beat and Raise" performance. According to InvestingPro data, Veeva maintains excellent financial health with a "GREAT" overall score, supported by impressive gross margins of 74.5%.
Veeva Systems, a cloud-computing company focused on pharmaceutical and life sciences industry applications, has demonstrated resilience amidst a climate of uncertainty, achieving 16.2% revenue growth over the last twelve months. According to Truist Securities, Veeva’s guidance for fiscal year 2026 is predicated on the assumption that the current market conditions will persist, with ongoing deal activities, contract renewals, and project executions. For deeper insights into Veeva’s financial performance, InvestingPro subscribers can access comprehensive analysis and over 10 additional ProTips.
The company’s Vault CRM recently experienced a setback when Takeda Pharmaceutical (TADAWUL:2070) Company (NYSE:TAK) decided to opt for a custom-built solution instead of continuing with Veeva’s offering. Despite this loss, Truist Securities believes that the overall positive results and the reaffirmation of the company’s guidance are likely to be received well by the market. Based on current market analysis, the stock appears to be trading above its Fair Value, with analyst targets ranging from $210 to $330.
In their commentary, Truist Securities noted that the increase in the price target to $230 reflects the solid quarterly performance and the expectation that the company will continue to navigate the current macroeconomic environment successfully. The analyst emphasized that while the stock had been anticipated to deliver stable results, the better-than-expected outcomes warrant a revision of the price target, although the Hold rating has been reiterated. The stock currently trades at a P/E ratio of 53.14, reflecting investor confidence in its growth potential.
In other recent news, Veeva Systems has reported a strong first quarter, with earnings per share (EPS) of $1.97, surpassing analyst predictions by $0.23. Revenue reached $759 million, exceeding the consensus estimate of $728.32 million, marking a 17% increase compared to the same quarter last year. Subscription services, which make up a significant portion of Veeva’s revenue, grew by 19% year-over-year. The company has also raised its revenue growth guidance for fiscal year 2026 from 11% to 13%, with an EPS growth forecast elevated from 11% to 15%. Analysts have responded positively to these results, with Piper Sandler raising Veeva’s stock price target to $325, citing a surge in commercial growth and an increase in Vault CRM customers. Stifel and Needham have also increased their price targets to $295 and $300, respectively, while maintaining a Buy rating. Additionally, Veeva introduced new initiatives such as Veeva AI and expanded its commercial data offerings, reflecting ongoing innovation in the life sciences sector. Despite some market concerns, Veeva’s strategic moves and robust execution have reinforced analysts’ confidence in the company’s growth prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.