Veeva Systems, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Ryan MacDonald from Needham reiterated a Buy rating on the stock and has a $355.00 price target.
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Ryan MacDonald has given his Buy rating due to a combination of factors including Veeva Systems’ impressive second-quarter performance, where both revenue and earnings per share surpassed expectations. A significant aspect of Veeva’s current strategy is its ongoing CRM migration, which has seen successful implementation with two major clients and commitments from additional top pharmaceutical companies.
Despite some market concerns reflected in after-hours trading, MacDonald remains optimistic about Veeva’s capacity to retain a leading position in the CRM space during this transition. Furthermore, the potential resurgence of Veeva’s Nitro and Network products, following the resolution of a legal issue with IQV, is seen as a promising growth opportunity for the company in the coming years.
According to TipRanks, MacDonald is a 4-star analyst with an average return of 5.6% and a 47.99% success rate. MacDonald covers the Technology sector, focusing on stocks such as Yext, Liveperson, and Docebo.
In another report released today, Oppenheimer also reiterated a Buy rating on the stock with a $325.00 price target.