Veeva Systems Inc. (VEEV) Stock Rating Lowered by Zacks Investment Research
Veeva Systems Inc. (NYSE:VEEV) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Veeva Systems outperformed the broader industry in the last three months on the back of its splendid earnings surprise history. Notably, the company has delivered positive earnings surprise in all the past four quarters. Further, the company remains on track with its commercial cloud platform, which registered multiple contracts around the world. Veeva has also many core CRM projects on track with large pharma companies around the globe. The company has strengthened the recurring part of its revenue mix by marking significant growth in subscription revenues in the reported quarter. Moreover, the new launches at the Veeva Vault and the Veeva Coomercial Cloud platforms are encouraging. Estimates have been stable ahead of the company's second quarter earnings release. However, intensifying competition, high operating expenses and a saturating lifesciences market are key concerns.”
A number of other research firms also recently issued reports on VEEV. Canaccord Genuity reaffirmed a “buy” rating and issued a $70.00 target price (up previously from $48.00) on shares of Veeva Systems in a research report on Friday, May 26th. Stifel Nicolaus reissued a “buy” rating and set a $67.00 price target on shares of Veeva Systems in a research report on Monday, July 10th. Citigroup Inc. boosted their price target on Veeva Systems from $61.00 to $67.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 30th. Pacific Crest reissued an “overweight” rating and set a $70.00 price target (up previously from $61.00) on shares of Veeva Systems in a research report on Sunday, May 28th. Finally, Needham & Company LLC reissued a “buy” rating and set a $75.00 price target (up previously from $48.00) on shares of Veeva Systems in a research report on Sunday, May 28th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Veeva Systems presently has a consensus rating of “Buy” and a consensus target price of $62.00.
Shares of Veeva Systems (NYSE VEEV) traded up 0.31% on Thursday, reaching $65.25. The company had a trading volume of 82,638 shares. The company’s 50-day moving average is $62.39 and its 200 day moving average is $53.10. Veeva Systems has a 12 month low of $36.06 and a 12 month high of $68.07. The firm has a market capitalization of $9.12 billion, a PE ratio of 105.07 and a beta of 1.63.
Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Thursday, May 25th. The technology company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by $0.04. The firm had revenue of $157.90 million during the quarter, compared to the consensus estimate of $151.82 million. Veeva Systems had a net margin of 15.86% and a return on equity of 12.28%. The business’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.15 earnings per share. Equities analysts forecast that Veeva Systems will post $0.83 earnings per share for the current year.
In other Veeva Systems news, President Matthew J. Wallach sold 24,000 shares of the stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $63.15, for a total transaction of $1,515,600.00. Following the completion of the sale, the president now directly owns 24,000 shares in the company, valued at approximately $1,515,600. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Timothy S. Cabral sold 40,000 shares of the stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $65.91, for a total value of $2,636,400.00. Following the sale, the chief financial officer now owns 30,000 shares of the company’s stock, valued at $1,977,300. The disclosure for this sale can be found here. Insiders have sold 287,158 shares of company stock valued at $17,768,308 over the last 90 days. Corporate insiders own 19.17% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Morgan Stanley boosted its position in Veeva Systems by 113.2% in the first quarter. Morgan Stanley now owns 8,439,930 shares of the technology company’s stock worth $432,800,000 after buying an additional 4,482,021 shares during the last quarter. BlackRock Inc. boosted its position in Veeva Systems by 24,931.6% in the first quarter. BlackRock Inc. now owns 4,011,310 shares of the technology company’s stock worth $205,701,000 after buying an additional 3,995,285 shares during the last quarter. FMR LLC boosted its position in Veeva Systems by 398.1% in the first quarter. FMR LLC now owns 2,290,030 shares of the technology company’s stock worth $117,433,000 after buying an additional 1,830,270 shares during the last quarter. Vanguard Group Inc. boosted its position in Veeva Systems by 16.9% in the first quarter. Vanguard Group Inc. now owns 8,835,128 shares of the technology company’s stock worth $453,066,000 after buying an additional 1,276,901 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in Veeva Systems by 22.8% in the first quarter. Wellington Management Group LLP now owns 4,858,775 shares of the technology company’s stock worth $249,158,000 after buying an additional 902,330 shares during the last quarter. Hedge funds and other institutional investors own 80.52% 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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