Veeva Systems (NYSE:VEEV)
Veeva Systems (NYSE:VEEV), whose shares have increased by approximately 200% over the previous five years, has become a favorite of Wall Street. But following the company’s most recent earnings report, it appears like the bloom is off the rose.
Baird delisted Veeva Systems (NYSE:VEEV) shares from its best ideas list but kept the outperforming rating on the stock, noting that the company’s commercial opportunity was delayed by the ongoing deterioration of the world economy. Baird delisted Veeva Systems (NYSE:VEEV) shares from its best ideas list but kept the outperforming rating on the stock, noting that the company’s commercial opportunity was delayed by the ongoing deterioration of the world economy.
Fiscal Q2 snapshot
Veeva (NYSE:VEEV) has reduced its full-year sales forecast, with the third quarter accounting for the majority of the shortfall. It has decreased its previous expectation of $2.17B and now anticipates revenue to be between $2.14B and $2.145B.
Despite this, the company is still optimistic about the future.
At present prices, Veeva’s (NYSE:VEEV) shares could provide a “favorable return,” according to Vruwink, but the reward will probably take longer as investors wait for future results to be sure there won’t be another shoe to drop.
Late in June, the macro effects, particularly in the programming sections of Crossix, as well as minor user additions for small and medium-sized organizations, particularly in the lower end of the spectrum, began to be “noticeable.” Deals are being scrutinized harder, but Veeva’s (NYSE:VEEV) R&D Solutions division hasn’t been affected.
Even though it seems like the macro turbulence is getting worse, Veeva Systems (NYSE:VEEV) is optimistic, according to Vruwink, citing bullish commentary about its clinical data management suite, a speeding up of hiring, and the fact that its business consulting group now has 150 members and can introduce and influence its products.
According to investment firm RBC’s statement from last month, VEEV, one of the most defensive names in software, is thought to benefit from a market slump.
Featured Image- Megapixl @Designer491
Author Jowi Kwasu 
