Veeva Systems Sees Strong Trading Volume on Strong Earnings (VEEV)
Veeva Systems (NASDAQ:VEEV) saw unusually-strong trading volume on Thursday after the company announced better than expected quarterly earnings, AmericanBankingNews.com reports. Approximately 1,575,305 shares were traded during mid-day trading, an increase of 122% from the previous session’s volume of 710,717 shares.The stock last traded at $24.96 and had previously closed at $25.21.
The company reported $0.09 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.07 by $0.02. The company had revenue of $75.70 million for the quarter, compared to the consensus estimate of $69.28 million. The company’s quarterly revenue was up 52.6% on a year-over-year basis.
A number of analysts have recently weighed in on VEEV shares. Analysts at Deutsche Bank cut their price target on shares of Veeva Systems from $34.00 to $30.00 in a research note on Friday, May 30th. They now have a “buy” rating on the stock. Separately, analysts at Pacific Crest cut their price target on shares of Veeva Systems from $44.00 to $30.00 in a research note on Friday, May 30th. They now have an “outperform” rating on the stock. Finally, analysts at Morgan Stanley reiterated a “buy” rating on shares of Veeva Systems in a research note on Friday, May 30th. They now have a $30.00 price target on the stock, down previously from $34.00. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Veeva Systems currently has an average rating of “Buy” and an average price target of $29.40.
In other Veeva Systems news, major shareholder Maja Kristin sold 25,000 shares of the stock on the open market in a transaction dated Friday, August 15th. The stock was sold at an average price of $22.30, for a total transaction of $557,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.
The stock has a 50-day moving average of $23.54 and a 200-day moving average of $25.01. The company has a market cap of $3.190 billion and a P/E ratio of 150.96.
Veeva Systems Inc (NASDAQ:VEEV) which provides industry-specific, cloud-based software solutions for the life sciences industry.
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