Veeva Systems, Inc. (NYSE:VEEV) shares are trading higher on Thursday after the company beat earnings expectations and raised its financial guidance for fiscal year 2024.
The Details:
Veeva Systems reported first-quarter earnings per share (EPS) of 91 cents, which beat the estimated EPS of 79 cents. The company’s sales for the quarter amounted to $526.33 million, above the projected sales of $515.81 million.
Looking ahead to the second quarter, Veeva anticipates adjusted EPS in the range of $1.12 to $1.13 compared to the estimated $1.07. Additionally, the company forecasted total revenue between $580 million and $582 million versus the estimated figure of $580.31 million.
For the fiscal year 2024, Veeva projected that adjusted EPS will be approximately $4.59 versus the estimated EPS of $4.32. The company’s total revenues for the year are expected to range from $2.36 billion to $2.37 billion versus the estimated figure of $2.36 billion.
Following the company’s quarterly results, several analysts raised price targets, ranging from $203 to $235.
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VEEV Price Action: According to Benzinga Pro, Veeva Systems shares were up over 18% at $196.57 at the time of publication.
Photo: Lorenzo Cafaro from Pixabay
