Veeva Systems slips on soft outlook

Veeva Systems

07/12/2023 14:31

** Shares of medical device maker  VEEV.N  down ~3% at
$172.4
    ** Company forecasts Q4 revenue between $620 mln to $622 mln
vs consensus of $623.5 mln
    ** FY guidance for sales of $2.353 bln to $2.355 bln, below
expectations of $2.362 bln
    ** Company posts Q3 revenue of $616.5 mln, in line with avg.
estimate of $615.1 mln
    ** At least four brokerages cut PT on VEEV after results,
outlook
    ** 17 out of 27 brokerages rate stock "buy" or higher, nine
"hold" and one "sell"; median PT: $212
    ** Up to last close, VEEV up ~11% YTD

 (Reporting by Pavithra S in Bengaluru)
 ((pavithra.s@thomsonreuters.com))