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Investing.com - Raymond James has raised its price target on Veeva Systems (NYSE:VEEV) to $340 from $310 while maintaining an Outperform rating on the stock. The new target represents potential upside from the current price of $293.59, with the stock already showing impressive momentum, having gained nearly 40% year-to-date.
The firm cited Veeva’s second-quarter results, which demonstrated "solid progress on a number of key initiatives," including several large wins among top 20 pharmaceutical companies, with two specifically adopting Vault CRM. According to InvestingPro data, the company maintains strong profitability with a 75.5% gross margin and excellent financial health, earning a "GREAT" overall score in InvestingPro’s comprehensive analysis.
Raymond James noted that while the company’s in-line billings figure might not drive immediate stock appreciation, especially considering VEEV shares have already gained approximately 40% year-to-date, the firm remains confident in Veeva’s revenue and billings trajectory for the second half of the year.
The research firm highlighted Veeva’s recent Vault CRM wins and suite wins across its R&D portfolio as evidence of the company’s "increased strategic presence with customers."
Veeva Systems provides cloud-based software solutions for the global life sciences industry, with products spanning clinical, regulatory, quality, and commercial operations.
In other recent news, Veeva Systems reported impressive financial results for its fiscal second quarter, with revenue reaching $789.1 million. This figure represents a 17% increase year-over-year and surpasses both BTIG and consensus estimates of $769.9 million and $768 million, respectively. The company’s adjusted operating income rose to $352.6 million, marking a 26% increase from the previous year. Analysts have responded positively to these results, with BTIG raising its price target for Veeva Systems to $340 and maintaining a Buy rating. Similarly, Baird increased its price target to $314, keeping an Outperform rating based on the company’s strong outlook. In addition to revenue growth, Veeva Systems reported second-quarter billings growth of 10% year-over-year, aligning with expectations. The company’s earnings per share (EPS) for Q2 2025 also exceeded forecasts, coming in at $1.99 compared to the anticipated $1.90. These developments reflect a positive sentiment among investors and analysts regarding Veeva Systems’ financial performance.
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