Veeva Systems Inc. (NYSE:VEEV) is an American cloud-computing company focused on pharmaceutical and life sciences industry applications. Headquartered in Pleasanton, California. It was founded in 2007 by Peter Gassnet and Matt Wallach. It works with software as a service (SaaS) in the life-science industry. The company went public in 2013. On February 1, 2021, Veeva became a public benefit corporation. This made it the first publicly traded company to convert to a public benefit corporation.
With the VEEV stock dropping 33.75% this year, amid the market sell-off that in particular knocked SaaS stocks like this one significantly lower, you may be doubting that it still holds “hot stock” status. However, VEEV differs from many SaaS stocks. Namely, while many other similarly sized SaaS companies remain unprofitable, Veeva is already consistently profitable.
Since it is operating in a sector more likely to stay resilient during an economic downturn, revenue and earnings growth could carry on in the years ahead. Analyst forecasts call for earnings of $5.33 per share by FY 2025 (fiscal year ending January 2025). That’s more than double the reported earnings from the preceding fiscal year.