Veeva Systems Inc. (NYSE: VEEV) received multiple analyst upgrades on Thursday after the life-sciences software company reported second-quarter results that exceeded Wall Street expectations and highlighted continued strength in its Vault CRM platform.
Piper Sandler raised its price target to $320 from $295, maintaining an overweight rating. The firm cited Veeva’s growing footprint in the pharmaceutical sector, where it now counts 12 of the top 20 global drugmakers as Vault CRM clients, including three new wins this quarter. Management indicated two further pending decisions could push that tally to 14 by year-end.
The company reported adjusted earnings of $2.35 per share, topping the $2.22 estimate, while revenue reached $928 million against a $905.4 million forecast. Subscription revenue growth accelerated to 16% year-over-year from 15% in the prior quarter, while commercial and R&D segments expanded 13% and 19%, respectively.
RBC Capital similarly lifted its target to $325, keeping an outperform rating, while Stifel raised its target to $300 with a buy recommendation. Needham set a $310 target and Jefferies initiated coverage at $295. Veeva’s shares were trading at $293.27, near their 52-week high of $310.50.
Analysts also pointed to the company’s Veeva Falcon initiative, noting the AI-driven platform is gaining traction with five initial adopters expected to go live within the current fiscal year. Piper Sandler emphasized Veeva’s relative insulation from broader AI disruption risks, reinforcing its ability to sustain the so-called Rule of 50 performance metric.
InvestingPro flagged the stock as slightly overvalued relative to its fair-value estimate but assigned a financial health score of "GREAT."
