Veeva Systems Inc. (NYSE:VEEV)‘s stock had its “buy” rating reissued by research analysts at Canaccord Genuity in a research report issued on Tuesday. They presently have a $46.00 price objective on the stock, up from their prior price objective of $43.00. Canaccord Genuity’s target price would suggest a potential upside of 14.23% from the stock’s current price.
VEEV has been the subject of a number of other research reports. KeyCorp lifted their target price on Veeva Systems from $35.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, August 31st. Morgan Stanley restated a “buy” rating and issued a $44.00 price target on shares of Veeva Systems in a research note on Tuesday, August 16th. Raymond James Financial Inc. began coverage on Veeva Systems in a research note on Wednesday, August 24th. They issued a “market perform” rating on the stock. Zacks Investment Research downgraded Veeva Systems from a “buy” rating to a “hold” rating in a research note on Monday, September 5th. Finally, Stifel Nicolaus raised their price target on Veeva Systems from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, September 30th. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $41.46.
Veeva Systems (NYSE:VEEV) opened at 40.27 on Tuesday. The firm has a 50-day moving average price of $40.37 and a 200-day moving average price of $33.85. The company has a market capitalization of $5.48 billion, a price-to-earnings ratio of 108.84 and a beta of 1.58. Veeva Systems has a 52 week low of $19.97 and a 52 week high of $42.58.
Veeva Systems (NYSE:VEEV) last posted its earnings results on Tuesday, August 30th. The company reported $0.15 EPS for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.02. The business earned $131.30 million during the quarter, compared to analyst estimates of $126.61 million. Veeva Systems had a return on equity of 11.26% and a net margin of 11.33%. The company’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.13 EPS. Analysts anticipate that Veeva Systems will post $0.60 EPS for the current fiscal year.
In other news, CFO Timothy S. Cabral sold 42,441 shares of Veeva Systems stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $41.42, for a total value of $1,757,906.22. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Matthew J. Wallach sold 84,000 shares of Veeva Systems stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $41.47, for a total value of $3,483,480.00. Following the completion of the sale, the president now directly owns 42,000 shares in the company, valued at $1,741,740. The disclosure for this sale can be found here. Company insiders own 19.17% of the company’s stock.
Several large investors have recently modified their holdings of VEEV. Emerald Mutual Fund Advisers Trust boosted its stake in shares of Veeva Systems by 3.8% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 1,038,773 shares of the company’s stock valued at $35,443,000 after buying an additional 37,926 shares during the period. Teachers Advisors Inc. boosted its stake 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 valued at $1,663,000 after buying an additional 13,946 shares during the period. Norges Bank purchased a new stake in shares of Veeva Systems during the fourth quarter valued at about $11,094,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Veeva Systems during the second quarter valued at about $1,486,000. Finally, William Blair Investment Management LLC purchased a new stake in shares of Veeva Systems during the second quarter valued at about $75,081,000. 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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