Hot Tech stock to watch: Veeva Systems Inc (NYSE: VEEV)

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Veeva Systems Inc (NYSE: VEEV) stock surged over 3.5% in the pre-market session of March 4th, 2020 (Source: Google finance) after the company posted better than expected results for the fourth quarter of FY 19. Veeva Commercial Cloud and Veeva CRM bookings grew compared to the last year and the pace of new CRM customer wins also accelerated as the company added 53 new customers Subscription revenue retention was 121% for the year 2019 and customer count rose to 861, up from 719 the year prior. Veeva Commercial. Fourth quarter marked the company’s largest commercial SMB win to date, a seven-figure deal to expand CRM and add five Commercial Cloud applications. Further, the company introduced Veeva Vault Safety in the year 2019 and now has 14 early adopters. Continued innovation also increased the momentum in Vault CDMS, which has supported more than 60 clinical studies to date. Overall, Vault showed strong performance across all markets in the quarter and year.

The company has reported fourth-quarter net income of $66.2 million, compared to $71.2 million, in the year-ago period. Cloud rose to 390 customers, up from 335. VEEV in the fourth quarter of FY 19 has reported the adjusted earnings per share of 54 cents, beating the analysts’ estimates for the adjusted earnings per share of 52 cents, according to analysts surveyed by FactSet. The company had reported the adjusted revenue growth of 34 percent to $311.3 million in the fourth quarter of FY 19, beating the analysts’ estimates for revenue of $298.4 million. The company delivered the Non-GAAP operating income for the fourth quarter of $103.4 million, compared to $84.4 million one year ago, which reflects an increase of 22% year-over-year.

Veeva expects adjusted earnings to be in the range of 59 cents to 60 cents a share on revenue expected to be in the range of $327 million to $328 million for the first quarter, and about $2.50 a share on revenue of $1.4 billion to $1.41 billion for the year. Analysts had projected the earnings to be of 56 cents a share on revenue of $314.4 million for the first quarter, and projects $2.51 a share on revenue of $1.39 billion for the year. For the first quarter 2020, Non-GAAP operating income is expected to be in the range of $117 and $118 million for FY 20, the company expects Non-GAAP operating income to be of roughly $500 million

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