Is Veeva Systems Stock a Buy Now?
Veeva Systems' (NYSE: VEEV) stock dipped 4% during after-hours trading on Dec. 1, following its latest earnings report. For the third quarter of fiscal 2023, which ended on October 31, the cloud-based software company's revenue rose 16% year over year to $552.4 million, beating analysts' expectations by $6.3 million. Its adjusted net income grew 16% to $183.2 million, or $1.13 per share, also topping analysts' estimates by $0.06.
Those headline numbers looked stable, but they didn't seem to allay the persistent concerns regarding Veeva's slowing growth, exposure to macroeconomic headwinds, and premium valuation. Those issues caused Veeva's stock to shed roughly a quarter of its value this year. But could Veeva actually be a good turnaround play at these prices?
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Source Fool.com
