Veeva Systems Inc. (NYSE:VEEV) has received a consensus rating of “Hold” from the sixteen brokerages that are covering the company. Nine analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $41.45.
A number of brokerages recently weighed in on VEEV. Citigroup Inc. boosted their price objective 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. Canaccord Genuity reaffirmed a “hold” rating and set a $43.00 price objective (up previously from $35.00) on shares of Veeva Systems in a research report on Monday, August 29th. Bank of America Corp. reaffirmed a “hold” rating and set a $44.00 price objective on shares of Veeva Systems in a research report on Friday, September 30th. 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 for the company. Finally, Morgan Stanley boosted their price objective on shares of Veeva Systems from $44.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, August 31st.
Shares of Veeva Systems (NYSE:VEEV) opened at 37.88 on Tuesday. Veeva Systems has a 52-week low of $19.97 and a 52-week high of $42.58. The stock’s 50 day moving average is $40.17 and its 200-day moving average is $34.38. The firm has a market capitalization of $5.16 billion, a P/E ratio of 102.38 and a beta of 1.58.
Veeva Systems (NYSE:VEEV) last issued its earnings results on Tuesday, August 30th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The business had revenue of $131.30 million for the quarter, compared to analyst estimates of $126.61 million. Veeva Systems had a net margin of 11.33% and a return on equity of 11.26%. The company’s revenue for the quarter was up 33.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.13 EPS. On average, equities 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 company’s stock in a transaction that occurred on 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 completion of the sale, the president now owns 42,000 shares in the company, valued at approximately $1,525,860. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Alan Mateo sold 44,177 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $235,392.75. The disclosure for this sale can be found here. 19.17% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of VEEV. Creative Planning increased its stake in shares of Veeva Systems by 265.3% in the third quarter. Creative Planning now owns 22,282 shares of the company’s stock valued at $920,000 after buying an additional 16,182 shares during the period. Cupps Capital Management LLC raised its position in Veeva Systems by 36.5% in the third quarter. Cupps Capital Management LLC now owns 38,309 shares of the company’s stock valued at $1,581,000 after buying an additional 10,239 shares in the last quarter. First American Bank bought a new position in Veeva Systems during the third quarter valued at $293,000. Royal Bank of Canada raised its position in Veeva Systems by 35.3% in the second quarter. Royal Bank of Canada now owns 33,573 shares of the company’s stock valued at $1,146,000 after buying an additional 8,752 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in Veeva Systems by 49.8% in the second quarter. Public Employees Retirement System of Ohio now owns 35,034 shares of the company’s stock valued at $1,195,000 after buying an additional 11,644 shares in the last quarter. Institutional investors and hedge funds 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.
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