Veeva Systems’ (VEEV) Buy Rating Reiterated at Needham & Company LLC
Veeva Systems Inc (NYSE:VEEV)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a note issued to investors on Sunday. They presently have a $75.00 target price on the technology company’s stock, up from their prior target price of $48.00. Needham & Company LLC’s price target points to a potential upside of 12.24% from the stock’s previous close.
A number of other equities analysts have also weighed in on VEEV. Canaccord Genuity restated a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research report on Friday. Bank of America Corp upgraded shares of Veeva Systems from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $48.00 to $70.00 in a research report on Friday. Pacific Crest restated an “overweight” rating and set a $70.00 price target (up from $61.00) on shares of Veeva Systems in a research report on Sunday. Stifel Nicolaus boosted their price target on shares of Veeva Systems from $60.00 to $67.00 and gave the stock a “buy” rating in a research report on Saturday. Finally, Zacks Investment Research lowered shares of Veeva Systems from a “buy” rating to a “hold” rating in a research report on Monday, January 30th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $55.92.
Veeva Systems (NYSE:VEEV) traded up 8.23% on Friday, hitting $66.82. 6,546,882 shares of the company’s stock traded hands. The stock has a market cap of $9.16 billion, a PE ratio of 107.60 and a beta of 1.67. The stock has a 50-day moving average of $55.18 and a 200-day moving average of $47.02. Veeva Systems has a one year low of $32.17 and a one year high of $67.86. Veeva Systems also was the target of some unusual options trading activity on Friday. Investors purchased 3,054 call options on the stock. This represents an increase of approximately 658% compared to the average volume of 403 call options.
Veeva Systems (NYSE:VEEV) last announced its earnings results on Thursday, May 25th. The technology company reported $0.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.04. Veeva Systems had a net margin of 12.73% and a return on equity of 12.42%. The company had revenue of $157.90 million during the quarter, compared to analyst estimates of $151.82 million. During the same quarter last year, the business earned $0.15 EPS. The firm’s revenue for the quarter was up 31.8% compared to the same quarter last year. On average, equities analysts forecast that Veeva Systems will post $0.80 earnings per share for the current fiscal year.
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In other Veeva Systems news, Director Gordon Ritter sold 10,200 shares of the business’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $58.29, for a total value of $594,558.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Timothy S. Cabral sold 40,000 shares of the business’s stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $44.10, for a total transaction of $1,764,000.00. Following the completion of the transaction, the chief financial officer now owns 30,000 shares in the company, valued at $1,323,000. The disclosure for this sale can be found here. Insiders sold a total of 369,202 shares of company stock worth $18,239,572 over the last quarter. 19.17% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of VEEV. Cim LLC raised its position in Veeva Systems by 1.9% in the first quarter. Cim LLC now owns 10,503 shares of the technology company’s stock valued at $539,000 after buying an additional 196 shares during the last quarter. Avalon Global Asset Management LLC bought a new stake in Veeva Systems during the third quarter worth about $3,715,000. Nicholas Co. Inc. WI increased its stake in Veeva Systems by 0.9% in the fourth quarter. Nicholas Co. Inc. WI now owns 100,060 shares of the technology company’s stock worth $4,072,000 after buying an additional 880 shares during the period. Glen Harbor Capital Management LLC increased its stake in Veeva Systems by 28.8% in the first quarter. Glen Harbor Capital Management LLC now owns 29,524 shares of the technology company’s stock worth $1,514,000 after buying an additional 6,600 shares during the period. Finally, Brown Capital Management LLC increased its stake in Veeva Systems by 3.4% in the first quarter. Brown Capital Management LLC now owns 7,423,513 shares of the technology company’s stock worth $380,678,000 after buying an additional 246,816 shares during the period. Institutional investors own 66.72% of the company’s stock.
Veeva Systems Company Profile
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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