Why Veeva Systems Stock Was Plunging This Week
Veeva Systems (NYSE: VEEV) will be happy once this week is over. As of Thursday evening the company's shares were down by nearly 15% week to date, according to data compiled by S&P Global Market Intelligence. A weaker-than-expected earnings report and subsequent analyst downgrades were the culprits in the decline.
Veeva posted encouraging growth on both the top (22% higher on a year-over-year basis) and bottom lines (15%, in terms of non-GAAP, or adjusted, per share net profit) for its fourth quarter of 2021. Both line items also beat the average analyst estimates.
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Source Fool.com
