Veeva Systems (VEEV): Analyst Day Notes, Raising PT - Needham
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Needham & Company analyst, Scott Berg, reiterated his Buy rating on shares of Veeva Systems (NYSE: VEEV) and raised his price target to $46.00 from $43.00 after attending Veeva's analyst day in NYC.
While much of the company's strategy discussion and intermediate goals remain unchanged from last year's event, the analyst believes enthusiasm for stronger near-term sales opportunities are high, led by Vault adoption that remains ahead of prior expectations.
The analyst believes the biggest take-away was how the company continues to build arguably the deepest and broadest platform in all of the public vertical SaaS applications and how incremental module adoption feeds on itself, driving consistent upsell rates to customers as additional products are introduced.
The company acknowledged it is tracking ahead of its CY20 operating model goals, which could drive operating margins to the high end of the model if revenue continues to outperform.
Shares of Veeva Systems closed at $41.41 yesterday.
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