Veeva Systems (NYSE:VEEV), boosted by some big sales, blew past analyst Q2 expectations, and its stock soared to a five-month high.
JPMorgan raised its price target on Veeva stock to 32 from 27 while Canaccord Genuity hiked its target to 33 from 30. Both rate Veeva stock overweight, or buy.
Veeva provides customer relationship management, content management and other software services to the life science industry.
The company continues to capture a share of the $5 billion CRM and content management software market for life sciences, said Brendan Barnicle, an analyst for Pacific Crest Securities, in a report late Thursday. He rates the stock outperform.
"Veeva's billings and subscription revenue accelerated to over 60% year-over-year growth in fiscal Q2, providing strong visibility," he wrote. "The company's large deals also increased."
In its fiscal Q2 ended July 31, Veeva late Thursday reported earnings per share minus items of 9 cents, up 43% from the year-earlier period and 2 cents better than analyst estimates.
Revenue jumped 53% to $75.7 million, where analysts had expected $69 million.
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