Goldman Sachs Group Inc. began coverage on shares of Veeva Systems Inc. (NYSE:VEEV) in a research report released on Tuesday morning. The firm issued a neutral rating and a $43.00 target price on the stock.
Several other research analysts also recently weighed in on the stock. Needham & Company LLC reaffirmed a buy rating and issued a $46.00 target price (up previously from $43.00) on shares of Veeva Systems in a report on Friday, September 30th. Bank of America Corp. reissued a hold rating and set a $44.00 price objective on shares of Veeva Systems in a report on Friday, September 30th. Stifel Nicolaus increased their price objective on shares of Veeva Systems from $43.00 to $45.00 and gave the company a buy rating in a report on Friday, September 30th. Zacks Investment Research downgraded shares of Veeva Systems from a buy rating to a hold rating in a report on Monday, September 5th. Finally, Pacific Crest set a $42.00 price objective on shares of Veeva Systems and gave the company a buy rating in a report on Wednesday, August 31st. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has an average rating of Buy and an average target price of $41.46.
Veeva Systems (NYSE:VEEV) opened at 38.84 on Tuesday. Veeva Systems has a 12-month low of $19.97 and a 12-month high of $42.58. The stock has a market cap of $5.29 billion, a P/E ratio of 104.97 and a beta of 1.58. The stock has a 50 day moving average price of $40.34 and a 200 day moving average price of $33.98.
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. The company earned $131.30 million during the quarter, compared to the consensus estimate of $126.61 million. Veeva Systems had a net margin of 11.33% and a return on equity of 11.26%. Veeva Systems’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.13 EPS. On average, analysts forecast that Veeva Systems will post $0.60 earnings per share for the current fiscal year.
In related news, President Matthew J. Wallach sold 84,000 shares of the stock in a transaction dated Wednesday, July 20th. The shares were sold at an average price of $36.33, for a total value of $3,051,720.00. Following the sale, the president now directly owns 42,000 shares of the company’s stock, valued at approximately $1,525,860. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eleni Nitsa Zuppas sold 937 shares of the stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $40.50, for a total transaction of $37,948.50. Following the completion of the sale, the insider now directly owns 8,321 shares in the company, valued at $337,000.50. 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 bought and sold shares of the company. Vanguard Group Inc. raised its stake in Veeva Systems by 26.0% in the second quarter. Vanguard Group Inc. now owns 6,180,083 shares of the company’s stock worth $210,865,000 after buying an additional 1,276,212 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in Veeva Systems by 21.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,388,888 shares of the company’s stock worth $81,509,000 after buying an additional 413,972 shares during the period. Lord Abbett & CO. LLC raised its stake in Veeva Systems by 124.4% in the second quarter. Lord Abbett & CO. LLC now owns 2,274,863 shares of the company’s stock worth $77,618,000 after buying an additional 1,261,115 shares during the period. William Blair Investment Management LLC purchased a new stake in Veeva Systems during the second quarter worth $75,081,000. Finally, Riverbridge Partners LLC raised its stake in Veeva Systems by 1.4% in the second quarter. Riverbridge Partners LLC now owns 1,981,733 shares of the company’s stock worth $67,617,000 after buying an additional 26,740 shares during the period. 70.67% of the stock is currently owned by institutional investors.
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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