Veeva Systems Inc. VEEV reported financial results for its second quarter and issued topline guidance below analyst estimates.
The company said it expects third-quarter revenue to be between $545 million and $547 million versus the estimate of $558.28 million. The company expects third-quarter earnings to be between $1.07 and $1.08 per share.
Veeva Systems shares dipped 12.5% to $174.50 in pre-market trading.
Several analysts made changes to their price targets on Veeva Systems following the release of results.
- Piper Sandler cut price target on Veeva Systems from $275 to $245. Piper Sandler analyst Brent Bracelin maintained the stock with an Overweight.
- SVB Leerink reduced Veeva Systems price target from $268 to $242. SVB Leerink analyst Stephanie Davis maintained the stock with an Outperform rating.
- Barclays cut Veeva Systems price target from $222 to $205. Barclays analyst Saket Kalia maintained an Equal-Weight rating on the stock.
- JMP Securities lowered price target on the stock from $240 to $215. JMP Securities analyst Joe Goodwin maintained Veeva Systems with a Market Outperform.
- Raymond James, however, raised the price target on the stock from $205 to $225. Raymond James analyst Brian Peterson maintained Veeva Systems with an Outperform.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.