A number of other research firms also recently issued reports on VEEV. Zacks Investment Research downgraded Veeva Systems from a hold rating to a sell rating in a research report on Tuesday, July 26th. Canaccord Genuity restated a hold rating and set a $43.00 price objective (up from $35.00) on shares of Veeva Systems in a research note on Monday, August 29th. Bank of America Corp. began coverage on Veeva Systems in a research note on Friday, June 17th. They set a neutral rating and a $40.00 price objective for the company. Pacific Crest set a $42.00 price objective on Veeva Systems and gave the stock a buy rating in a research note on Wednesday, August 31st. Finally, Citigroup Inc. upped their price objective on Veeva Systems from $40.00 to $42.00 and gave the stock a neutral rating in a research note on Wednesday, August 31st. Nine research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Veeva Systems currently has an average rating of Hold and an average price target of $41.46.
Veeva Systems (NYSE:VEEV) traded down 0.08% during midday trading on Friday, hitting $37.88. The company’s stock had a trading volume of 1,092,940 shares. The company has a market cap of $5.16 billion, a price-to-earnings ratio of 102.38 and a beta of 1.58. Veeva Systems has a one year low of $19.97 and a one year high of $42.58. The company’s 50-day moving average is $40.17 and its 200 day moving average is $34.38.
Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Tuesday, August 30th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Veeva Systems had a return on equity of 11.26% and a net margin of 11.33%. The business had revenue of $131.30 million for the quarter, compared to the consensus estimate of $126.61 million. During the same quarter in the prior year, the company earned $0.13 EPS. The business’s revenue was up 33.8% compared to the same quarter last year. On average, analysts predict that Veeva Systems will post $0.60 EPS for the current year.
In related news, CFO Timothy S. Cabral sold 42,441 shares of the firm’s stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $41.42, for a total transaction of $1,757,906.22. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Matthew J. Wallach sold 84,000 shares of the firm’s stock in a transaction dated Wednesday, July 20th. The stock was 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 in the company, valued at $1,525,860. The disclosure for this sale can be found here. 19.17% of the stock is owned by insiders.
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 valued at $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 valued at $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 valued at $77,618,000 after buying an additional 1,261,115 shares during the period. William Blair Investment Management LLC bought a new stake in Veeva Systems during the second quarter valued at approximately $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 valued at $67,617,000 after buying an additional 26,740 shares during the period. 70.67% of the stock is currently owned by hedge funds and other 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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