Veeva Systems Shares Gap Up Following Earnings Beat (VEEV)
Veeva Systems (NASDAQ:VEEV) shares gapped up prior to trading on Friday after the company announced better than expected quarterly earnings, AnalystRatingsNetwork reports. The stock had previously closed at $23.16, but opened at $24.96. Veeva Systems shares last traded at $29.36, with a volume of 5,548,745 shares trading hands.
The company reported $0.09 earnings per share (EPS) for the quarter, beating the 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 revenue for the quarter was up 52.6% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at Canaccord Genuity raised their price target on shares of Veeva Systems from $30.00 to $33.00 in a research note on Friday. They now have a “buy” rating on the stock. Separately, analysts at Deutsche Bank reiterated a “buy” rating on shares of Veeva Systems in a research note on Friday. They now have a $32.00 price target on the stock, up previously from $30.00. Finally, analysts at JPMorgan Chase & Co. raised their price target on shares of Veeva Systems from $27.00 to $32.00 in a research note on Friday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $31.40.
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 shares were 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. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.
The stock’s 50-day moving average is $23.56 and its 200-day moving average is $25.01. The company has a market cap of $3.789 billion and a price-to-earnings ratio of 149.46.
Veeva Systems Inc (NASDAQ:VEEV) which provides industry-specific, cloud-based software solutions for the life sciences industry.
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