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Investing.com - Raymond James maintained its Outperform rating and $340.00 price target on Veeva Systems (NYSE:VEEV) following Gilead Sciences’ commitment to Vault CRM. The company, currently trading near its 52-week high with a remarkable 34.45% year-to-date return, has demonstrated strong market momentum.Want deeper insights? InvestingPro analysis reveals 13 additional key indicators for Veeva Systems, available in the comprehensive Pro Research Report.
The commitment from Gilead Sciences marks another Top 20 pharmaceutical company selecting Veeva’s Vault CRM platform. This addition was likely included in the nine total commitments (both written and verbal) that Veeva disclosed during its fiscal second-quarter earnings call. The company’s strong market position is reflected in its impressive 75.59% gross profit margin and robust revenue growth of 15.33% over the last twelve months.
Raymond James views this formal commitment as accelerating momentum for Vault CRM. The firm notes that multiple existing examples of Vault CRM implementations with both Top 20 pharmaceutical companies and smaller biopharmas demonstrate Veeva’s growing success in the space.
The research firm believes Veeva has established itself as a "partner of choice" in CRM solutions as Salesforce works to launch a competing product later this year. While Raymond James acknowledges Salesforce has gained some market attention with its Agentforce offering, particularly for heavily customized pharmaceutical sales organizations.
Veeva’s continued focus on embedded verticalized agents provides customers reassurance that the company will maintain innovation specifically within the life sciences sector, according to Raymond James.
In other recent news, Veeva Systems has shown strong financial performance in its latest quarter, surpassing revenue expectations by $20 million, a 2.6% surprise compared to analyst forecasts. Additionally, Veeva raised its full-year guidance by $42 million, reflecting confidence in its ongoing operations. Following this strong quarter, several firms have adjusted their price targets for Veeva Systems. Piper Sandler increased its price target to $355, maintaining an Overweight rating, while UBS raised its target to $310, keeping a Neutral rating. Truist Securities also raised its price target to $275, noting a "Beat & Raise" performance but maintaining a Hold rating. Raymond James reiterated an Outperform rating with a $340 price target, highlighting Veeva’s plans to enhance its Vault platform with AI functionalities. In a strategic development, Gilead Sciences has committed to implementing Veeva’s Vault CRM platform, expanding their partnership in the life sciences industry. These recent developments indicate a positive trajectory for Veeva Systems in both financial performance and strategic partnerships.
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