Veeva Systems Inc. (NYSE:VEEV) had its target price lifted by Stifel Nicolaus from $43.00 to $45.00 in a report issued on Friday. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective points to a potential upside of 9.17% from the company’s previous close.
Several other analysts have also commented on VEEV. Bank of America Corp. began coverage on shares of Veeva Systems in a research report on Friday, June 17th. They issued a “neutral” rating and a $40.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $38.00 price target on shares of Veeva Systems in a research report on Thursday, June 30th. Zacks Investment Research lowered shares of Veeva Systems from a “hold” rating to a “sell” rating in a research report on Tuesday, July 26th. Morgan Stanley reiterated a “buy” rating and issued a $44.00 price target on shares of Veeva Systems in a research report on Tuesday, August 16th. Finally, Citigroup Inc. increased their price target on shares of Veeva Systems from $31.00 to $40.00 and gave the company a “neutral” rating in a research report on Tuesday, August 23rd. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $41.08.
Shares of Veeva Systems (NYSE:VEEV) opened at 41.22 on Friday. The firm has a market capitalization of $5.61 billion, a P/E ratio of 111.41 and a beta of 1.58. Veeva Systems has a 12 month low of $19.97 and a 12 month high of $42.58. The firm’s 50-day moving average price is $40.31 and its 200 day moving average price is $33.70.
Veeva Systems (NYSE:VEEV) last issued its earnings results on Tuesday, August 30th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. Veeva Systems had a net margin of 11.33% and a return on equity of 11.26%. The company had revenue of $131.30 million for the quarter, compared to analyst estimates of $126.61 million. During the same period in the prior year, the business posted $0.13 earnings per share. The firm’s revenue for the quarter was up 33.8% compared to the same quarter last year. Analysts anticipate that Veeva Systems will post $0.60 earnings per share for the current fiscal year.
In other Veeva Systems news, President Matthew J. Wallach sold 84,000 shares of the stock in a transaction that occurred on Wednesday, September 28th. The shares were sold at an average price of $41.47, for a total transaction of $3,483,480.00. Following the transaction, the president now owns 42,000 shares of the company’s stock, valued at $1,741,740. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Eleni Nitsa Zuppas sold 937 shares of the firm’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $40.50, for a total transaction of $37,948.50. Following the completion of the transaction, the insider now directly owns 8,321 shares in the company, valued at approximately $337,000.50. The disclosure for this sale can be found here. Company insiders own 19.17% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Teachers Advisors Inc. increased its position in shares of Veeva Systems by 26.6% in the first quarter. Teachers Advisors Inc. now owns 66,421 shares of the company’s stock worth $1,663,000 after buying an additional 13,946 shares in the last quarter. Norges Bank acquired a new position in shares of Veeva Systems during the fourth quarter worth approximately $11,094,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Veeva Systems during the second quarter worth approximately $1,486,000. William Blair Investment Management LLC acquired a new position in shares of Veeva Systems during the second quarter worth approximately $75,081,000. Finally, Quantitative Investment Management LLC increased its position in shares of Veeva Systems by 161.2% in the second quarter. Quantitative Investment Management LLC now owns 75,500 shares of the company’s stock worth $2,576,000 after buying an additional 46,600 shares in the last quarter. 70.67% of the stock is currently owned by institutional investors and hedge funds.
About Veeva Systems
Veeva Systems Inc (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data.
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