Veeva Systems Inc. (NYSE:VEEV) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued on Thursday.

A number of other equities research analysts also recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research report on Friday, August 25th. JMP Securities reissued a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research report on Saturday, August 26th. KeyCorp reissued a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research report on Friday, August 25th. Canaccord Genuity reissued a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research report on Tuesday, August 22nd. Finally, Zacks Investment Research downgraded Veeva Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 27th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $64.77.

Veeva Systems (NYSE:VEEV) traded down 1.55% on Thursday, reaching $55.97. 191,007 shares of the company’s stock traded hands. The stock has a market capitalization of $7.87 billion, a price-to-earnings ratio of 71.57 and a beta of 1.65. The firm has a 50-day moving average price of $61.44 and a 200-day moving average price of $57.36. Veeva Systems has a 52 week low of $36.55 and a 52 week high of $68.07.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Thursday, August 24th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.03. Veeva Systems had a return on equity of 12.77% and a net margin of 18.98%. The firm had revenue of $166.59 million during the quarter, compared to the consensus estimate of $164.26 million. During the same quarter in the previous year, the business earned $0.15 earnings per share. The firm’s quarterly revenue was up 26.8% compared to the same quarter last year. On average, analysts predict that Veeva Systems will post $0.87 earnings per share for the current year.

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In related news, President Matthew J. Wallach sold 24,000 shares of the stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $62.82, for a total value of $1,507,680.00. Following the completion of the transaction, the president now owns 24,000 shares of the company’s stock, valued at $1,507,680. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alan Mateo sold 528 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $58.74, for a total value of $31,014.72. Following the completion of the transaction, the executive vice president now directly owns 6,985 shares of the company’s stock, valued at approximately $410,298.90. The disclosure for this sale can be found here. Insiders sold 258,865 shares of company stock valued at $15,729,842 in the last ninety days. Company insiders own 19.17% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Veeva Systems by 3.3% in the second quarter. Vanguard Group Inc. now owns 9,125,993 shares of the technology company’s stock valued at $559,515,000 after purchasing an additional 290,865 shares during the last quarter. Morgan Stanley boosted its holdings in Veeva Systems by 113.2% in the first quarter. Morgan Stanley now owns 8,439,930 shares of the technology company’s stock valued at $432,800,000 after purchasing an additional 4,482,021 shares during the last quarter. BlackRock Inc. boosted its holdings in Veeva Systems by 44.9% in the second quarter. BlackRock Inc. now owns 5,812,749 shares of the technology company’s stock valued at $356,379,000 after purchasing an additional 1,801,439 shares during the last quarter. Wellington Management Group LLP boosted its holdings 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 valued at $249,158,000 after purchasing an additional 902,330 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its holdings in Veeva Systems by 12.7% in the first quarter. William Blair Investment Management LLC now owns 4,376,516 shares of the technology company’s stock valued at $224,428,000 after purchasing an additional 493,514 shares during the last quarter. 71.51% of the stock is 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.

Analyst Recommendations for Veeva Systems (NYSE:VEEV)

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