Veeva Systems just reported first-quarter earnings and revenue that beat expectations
Software concern Veeva Systems (NYSE:VEEV) is soaring this morning after the company reported first-quarter earnings and revenue that exceeded analysts' expectations last night. The firm also lifted its guidance for the second quarter, as well as the full year. The shares are up 9.8% at $147.69, trading at fresh record highs and set for their best day since November.
The tech stock has already been hit by a wave of bull notes, with at least 10 price-target hikes on the board, including a lift all the way to $165 from D.A. Davidson, and a $20 price-target hike to $135 from Canaccord Genuity, which praised the company's impressive results and ability to produce new products.
The consensus 12-month target price of $152.47 represents an untouched area on the charts, but seven of the 15 analysts following the security still consider it a "hold," which could bring even more equity-boosting upgrades to the table. As such, the equity could be poised to add to its more than 50% year-to-date lead.
An unwinding of short interest could propel Veeva Systems higher, too. Despite its recent price action, short interest rose 11.2% in the last two reporting periods. The 5.27 million shares sold short represent a healthy 4.1% of the stocks available float, and would take nearly a week to cover at VEEV's current pace of trading.