Raymond James Raises Veeva Systems Inc. (NYSE:VEEV) Target Price by $ 50 To $ 335.00

Veeva Systems Inc. (NYSE:VEEV) shares have more than 12.85 percent upside potential from the existing levels. This is based on the revised price target of Raymond James at $ 335.00 on the stock. Incidentally, the brokerage raised its price objective by $ 50 from its earlier level of $ 285.00. However, Raymond James has maintained its Outperform rating on the stock, Benzinga reported.

Shares of Veeva Systems Inc. traded up $ 6.10 or 2.10 percent on Friday, reaching $ 296.85 with volume of 709.20 thousand shares. Veeva Systems Inc. has traded high as $ 302.11 and has cracked $ 291.81 on the downward trend According to the previous trading day, closing price of $ 296.85, representing a 146.17 % increase from the 52 week low of $ 118.11 and a 7.4 % decrease over the 52 week high of $ 313.99.

With respect to the key metrics, Veeva Systems Inc. stock has advanced $ 54.55 or 23.00 percent, reaching $ 242.30 during the simple moving average (SMA) period of 200 days. Similarly, the stock has increased $ 14.02 or 5.00 percent, before arriving at $ 282.83 during the SMA50-day period.

Veeva Systems Inc. recently reported second quarter financial results on August 27, 2020, after market close, the Pleasanton based company reported income for the second quarter of $ 0.72 per share, from the revenue of $ 353.68 million. The quarterly earnings boosted 30.91 percent compared with the same quarter last year. The consensus estimates are income of $ 0.64 per share from $ 340.12 million in revenue. The bottom line results beat street analysts by $ 0.08 or 12.50 percent, at the same time, top line results outshined analysts by $ 13.56 million or 3.99 percent.

Moving ahead, the consensus estimates from Thomson Reuters for the third quarter are income of $ 0.68 per share from $ 361.40 million in revenue. For the full year, analysts predict revenues of $ 1419.50 million, while looking forward to income of $ 2.67 per share.

Veeva Systems Inc. provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.