Leerink Partners reiterated a Market Perform rating on Veeva Systems (NYSE: VEEV), and cut the price target to $28.00 (from $35.00), following the company's 2Q16 earnings report. Veeva reported revenue of $98.1m in the quarter, beating FactSet consensus by $2m. EPS for the quarter came in at $0.13, beating consensus by $0.02. Management raised EPS guidance for the year by $0.02.

Analyst Steven Wardell commented, "After the market close on Thursday, August 27, Veeva reported solid F2Q16 results with revenue 2% above Street consensus, and y/y growth of 30%. Non-GAAP EPS grew 46% y/y and beat by $0.02."

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Shares of Veeva Systems closed at $24.16 yesterday.