Needham Maintains Buy Rating on Veeva Systems (VEEV), Sets $300 PT

On May 29, Needham analyst Ryan MacDonald reiterated a Buy rating on Veeva Systems Inc. (NYSE:VEEV) and set a price target of $300.00. The rating update followed the company’s fiscal Q1 2026 earnings release on May 28, reporting strong performance that allowed it to raise guidance across all areas.

Veeva Systems Inc. (NYSE:VEEV) reported a 17% year-over-year growth in total revenues to $759.0 million in the quarter. Subscription services revenue also rose 19% year-over-year, reaching $634.8 million.

Why Veeva Systems Inc. (VEEV) Surged On Thursday

A team of IT experts monitoring a network of computers managing the medical content and communications.

While the analyst acknowledged that Veeva Systems Inc. (NYSE:VEEV) is facing competitive pressures from Salesforce Inc., especially with its acquisition of Takeda, he reasoned that Veeva’s ongoing customer transition to its Vault platform is proving successful, and more than 200 are anticipated to be operational by its summit next spring.

In addition, management is confident about the company’s ability to regain clients for whom custom solutions, such as those from competitors like Salesforce, may prove too costly. The analyst also opined that in addition to its strong earnings, Veeva Systems Inc.’s (NYSE:VEEV) other business segments, like many components of the R&D suite and Crossix, are exhibiting exceptional performance.

The analyst believes that any negative news from its competitors may pave the way for additional buying opportunities for Veeva Systems Inc. (NYSE:VEEV), thereby supporting a positive outlook for the company’s long-term strategy.

Veeva Systems Inc. (NYSE:VEEV) provides industry cloud solutions for the global life science industry. Its offerings include cloud software, data, and business consulting. The company’s product categories are Veeva Development Cloud, Veeva Quality Cloud, Veeva Commercial Cloud, and Veeva Data Cloud.

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Disclosure: None.