Needham & Company LLC reissued their buy rating on shares of Veeva Systems Inc. (NYSE:VEEV) in a research report report published on Friday morning. The firm currently has a $46.00 price objective on the stock, up from their previous price objective of $43.00.
A number of other research analysts have also recently weighed in on the stock. Stifel Nicolaus lifted their price target on shares of Veeva Systems from $43.00 to $45.00 and gave the company a buy rating in a research report on Friday, September 30th. Bank of America Corp. reaffirmed a hold rating and set a $44.00 price target on shares of Veeva Systems in a research report on Friday, September 30th. Pacific Crest set a $42.00 price target on shares of Veeva Systems and gave the company a buy rating in a research report on Wednesday, August 31st. Zacks Investment Research cut shares of Veeva Systems from a buy rating to a hold rating in a research report on Monday, September 5th. Finally, Raymond James Financial Inc. began coverage on shares of Veeva Systems in a research report on Wednesday, August 24th. They set a market perform rating on the stock. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of Buy and an average target price of $41.46.
Veeva Systems (NYSE:VEEV) opened at 40.31 on Friday. The firm has a market cap of $5.49 billion, a PE ratio of 108.95 and a beta of 1.58. The stock has a 50 day moving average of $40.33 and a 200 day moving average of $33.80. Veeva Systems has a one year low of $19.97 and a one year high of $42.58.
Veeva Systems (NYSE:VEEV) last released its earnings results on Tuesday, August 30th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 business had revenue of $131.30 million for the quarter, compared to analysts’ expectations of $126.61 million. During the same period last year, the company earned $0.13 earnings per share. The company’s quarterly revenue was up 33.8% on a year-over-year basis. On average, equities analysts forecast that Veeva Systems will post $0.60 earnings per share for the current year.
In other Veeva Systems news, EVP Alan Mateo sold 44,177 shares of the business’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $40.55, for a total transaction of $1,791,377.35. Following the completion of the sale, the executive vice president now owns 5,805 shares in the company, valued at $235,392.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Timothy S. Cabral sold 42,441 shares of the business’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $41.42, for a total transaction of $1,757,906.22. The disclosure for this sale can be found here. 19.17% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Huntington National Bank acquired a new stake in Veeva Systems during the second quarter valued at $101,000. FineMark National Bank & Trust raised its stake in Veeva Systems by 12.7% in the second quarter. FineMark National Bank & Trust now owns 3,060 shares of the company’s stock valued at $104,000 after buying an additional 346 shares during the last quarter. Legal & General Group Plc raised its stake in Veeva Systems by 38.0% in the first quarter. Legal & General Group Plc now owns 6,367 shares of the company’s stock valued at $160,000 after buying an additional 1,752 shares during the last quarter. DIAM Co. Ltd. acquired a new stake in Veeva Systems during the second quarter valued at $170,000. Finally, Denver Investment Advisors LLC acquired a new stake in Veeva Systems during the second quarter valued at $204,000. Hedge funds and other institutional investors own 70.67% of the company’s stock.
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.
Receive News & Ratings for Veeva Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeva Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.