Selected stock price target news of the day - December 10th, 2024

By: Matthew Otto

Veeva Systems Reports Q3 FY2025 Performance with Revenue Growth

Veeva Systems posted results for its fiscal third quarter ended October 31, 2024, reporting earnings per share (EPS) of $1.75, exceeding the analyst consensus estimate of $1.58 by $0.17. Revenue for the quarter reached $699.2 million, surpassing the consensus forecast of $684.34 million and marking a 13% increase compared to $616.5 million in Q3 FY2024. Subscription services revenues rose 17% year over year to $580.9 million.

Operating income grew to $181.4 million, a 41% increase from $128.5 million a year ago, while non-GAAP operating income climbed 30% to $304.0 million. Net income for the quarter was $185.8 million, a 37% year-over-year increase, with non-GAAP net income of $288.3 million.

For the upcoming fiscal Q4 2025, Veeva provided guidance of EPS at $1.57, above the consensus estimate of $1.53, and revenues between $696 million and $699 million, in line with the $697.7 million consensus. Full-year FY2025 guidance includes EPS of $6.44, exceeding the consensus of $6.24, and revenues of $2.722 to $2.725 billion, ahead of the $2.708 billion consensus.

Analyst Ratings Reflect Confidence Following Q3 Results

Citigroup analyst Tyler Radke maintained a Buy rating while raising the price target from $281 to $307.
Mizuho analyst Steven Valiquette kept an Outperform rating and lifted the price target from $275 to $280.
Scotiabank analyst Allan Verkhovski maintained a Sector Perform rating yet increased the price target from $235 to $240.
Barclays analyst Saket Kalia reiterated an Overweight rating and raised the price target from $260 to $275.
Evercore ISI Group analyst Kirk Materne held an In-Line rating but boosted the price target from $220 to $245.
BofA Securities analyst Brad Sills retained a Neutral rating while increasing the price target from $280 to $290.
RBC Capital analyst Rishi Jaluria upheld an Outperform rating and elevated the price target from $275 to $285.

Which Analyst has the best track record to show on VEEV?

Analyst Saket Kalia (BARCLAYS) currently has the highest performing score on VEEV with 21/24 (87.5%) price target fulfillment ratio. His price targets carry an average of $20.67 (8.13%) potential upside. Veeva Systems stock price reaches these price targets on average within 149 days.

Asana Reports Q3 FY2025 Results and Raises Fiscal Guidance

Asana delivered its third-quarter fiscal 2025 results, with revenue of $183.9 million exceeding the consensus estimate of $180.61 million. Additionally reported adjusted net loss per share of $0.02, $0.05 better than analysts’ forecast of $0.07.

GAAP operating loss improved to $60.2 million, representing 33% of revenue, down from 38% in the prior year. On a non-GAAP basis, operating loss narrowed to $7.6 million, or 4% of revenue, compared to $9.8 million, or 6% of revenue, in Q3 FY2024.

Looking ahead, Asana raised its fiscal 2025 outlook, projecting Q4 EPS of $0.02 to $0.01, beating the consensus of $0.02. Revenue guidance for Q4 is $187.5 to $188.5 million, aligning closely with the $187.8 million consensus estimate. For FY2025, Asana now expects EPS of $0.15 to $0.14, outperforming the prior consensus of $0.19, and revenue of $723 to $724 million, above the $720.2 million consensus.

Core customer growth continued, with an 11% increase to 23,609, while high-value customers spending $100,000 or more annually rose 18% to 683. Dollar-based net retention rates for these groups were 98% and 99%, respectively.

Analyst Reactions Highlight Mixed Sentiment Amid Upbeat Q3 Results

Scotiabank analyst Allan Verkhovski maintained a Sector Perform rating yet increased the price target from $15 to $18.
DA Davidson analyst Lucky Schreiner retained a Neutral stance but raised the price target from $13 to $20.
Morgan Stanley analyst Josh Baer kept an Equal-Weight rating while lifting the price target from $14 to $18.
Oppenheimer analyst Ittai Kidron reaffirmed an Outperform rating and adjusted the price target from $20 to $22.
JP Morgan analyst Pinjalim Bora held an Underweight rating and raised the price target from $13 to $15.
RBC Capital analyst Rishi Jaluria reiterated an Underperform rating and the price target at $10.
Jefferies analyst Brent Thill maintained a Hold rating and boosted the price target from $13 to $16.
KeyBanc analyst Jackson Ader upgraded from Underweight to Sector Weight but maintained the $10 price target.

Which Analyst has the best track record to show on ASAN?

Analyst Brent Thill (JEFFERIES) currently has the highest performing score on ASAN with 13/14 (92.86%) price target fulfillment ratio. His price targets carry an average of $-5.94 (-27.07%) potential downside. Asana stock price reaches these price targets on average within 30 days.

Docusign Exceeds Q3 Expectations, Raises Revenue Guidance for FY2025

Docusign reported third-quarter fiscal 2024 earnings per share (EPS) of $0.90, surpassing analyst estimates of $0.87 by $0.03. Total revenue for the quarter reached $754.8 million, exceeding the consensus estimate of $745.26 million.

Key growth drivers included an 8% year-over-year increase in subscription revenue to $734.7 million and an 11% rise in professional services revenue to $20.1 million. Billings at $752.3 million, reflecting a 9% year-over-year increase. Profitability improved, with GAAP net income per diluted share rising to $0.30, compared to $0.19 in the same period last year. Docusign ended the quarter with $1.1 billion in cash and equivalents and executed $172.7 million in stock repurchases, more than doubling the $75 million repurchased in Q3 FY2023.

Looking ahead, Docusign forecast Q4 FY2025 revenue of $758 to $762 million, ahead of the $756.2 million consensus. For the full fiscal year 2025, Docusign projects revenue of $2.959 to $2.963 billion, above the consensus estimate of $2.947 billion.

Analysts React to Q3 Results with Raised Price Targets

Citigroup analyst Tyler Radke maintained a Buy rating while raising the price target from $87 to $113.
Morgan Stanley analyst Josh Baer kept an Equal-Weight rating yet lifted the price target from $62 to $97.
UBS analyst Karl Keirstead maintained a Neutral rating but increased the price target from $60 to $100.
RBC Capital analyst Rishi Jaluria reiterated a Sector Perform rating and raised the price target from $57 to $90.
Wells Fargo analyst Michael Turrin upheld an Underweight rating although raising the price target from $50 to $70.
Piper Sandler analyst Rob Owens maintained a Neutral rating and elevated the price target from $60 to $90.
Jefferies analyst Brent Thill reaffirmed a Buy rating while lifting the price target from $95 to $115.

Which Analyst has the best track record to show on DOCU?

Analyst Brent Thill (JEFFERIES) currently has the highest performing score on DOCU with 4/5 (80%) price target fulfillment ratio. His price targets carry an average of $11.47 (11.08%) potential upside. DocuSign stock price reaches these price targets on average within 320 days.