Shares of Veeva Systems Inc. (NYSE:VEEV) rose in early trading on Thursday after the cloud software company reported upbeat first-quarter results.

Here are some key analyst takeaways:

  • BTIG analyst David Larsen reiterated a Buy rating and price target of $340.
  • Needham analyst Ryan MacDonald maintained a Buy rating and price target of $270.

Check out other analyst stock ratings.

BTIG: Veeva's revenue grew 16% year-on-year to $882.9 million and adjusted operating income by 13% to $395.4 million, topping consensus of $858 million and $382 million, respectively, Larson said in a note. Following the strong quarterly results, management raised fiscal 2027 guidance for all key metrics, including revenue, adjusted operating income, adjusted earnings, and normalized billings, he added.

Larsenis impressed by VEEV’s growth. That’s especially given that “some other pharma services companies report that there are still lingering headwinds in the broader industry," he added.

He further noted that Veeva Systems is "at the forefront of AI innovation," with the following initiatives:

  • Veeva Falcon — An agentic platform and standard agents to provide agentic labor for clinical, regulatory, and safety
  • Veeva Falcon — Scheduled to launch in November and could potentially replace a lot of manual work for the pharma industry
  • Recent acquisition of Ostro — Offers conversational AI to provide patients and doctors with compliant answers over a website chat

Needham: Veeva Systems reported a strong beat and raised its full-year outlook, with AI being a key topic of discussion on the earnings call, MacDonald said. The company added 27 new Vault CRM customers during the quarter, taking the total live customers to more than 150, he added.

Migrations should accelerate through 2027 and 2028. All customers should migrate by the end of 2029. Veeva represents a material long-term revenue opportunity for the company, he further stated.

Price Action: Shares of Veeva Systems had risen by 0.21% to $179.06 at the time of publication on Thursday.

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