Veeva Systems Inc. (VEEV) Given Consensus Recommendation of “Buy” by Analysts
Shares of Veeva Systems Inc. (NYSE:VEEV) have earned a consensus recommendation of “Buy” from the fourteen analysts that are presently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $65.45.
A number of research analysts have recently weighed in on VEEV shares. Deutsche Bank AG reissued a “hold” rating and set a $55.00 price objective on shares of Veeva Systems in a research note on Tuesday, May 30th. Citigroup Inc. raised their price objective on shares of Veeva Systems from $61.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 30th. Needham & Company LLC reissued a “buy” rating and set a $75.00 price objective (up from $48.00) on shares of Veeva Systems in a research note on Sunday, May 28th. Pacific Crest reissued an “overweight” rating and set a $70.00 price objective (up from $61.00) on shares of Veeva Systems in a research note on Sunday, May 28th. Finally, Stifel Nicolaus raised their price objective on shares of Veeva Systems from $60.00 to $67.00 and gave the stock a “buy” rating in a research note on Saturday, May 27th.
In other news, Director Gordon Ritter sold 10,200 shares of the company’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $63.60, for a total value of $648,720.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Alan Mateo sold 528 shares of the company’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $58.74, for a total transaction of $31,014.72. Following the completion of the sale, the executive vice president now owns 6,985 shares in the company, valued at approximately $410,298.90. The disclosure for this sale can be found here. Insiders have sold a total of 258,865 shares of company stock worth $15,729,842 in the last 90 days. Company insiders own 19.17% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Rhumbline Advisers raised its stake in shares of Veeva Systems by 9.2% in the 2nd quarter. Rhumbline Advisers now owns 120,387 shares of the technology company’s stock valued at $7,381,000 after purchasing an additional 10,093 shares in the last quarter. State Street Corp grew its position in shares of Veeva Systems by 4.4% during the 1st quarter. State Street Corp now owns 1,221,052 shares of the technology company’s stock valued at $62,616,000 after buying an additional 51,135 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Veeva Systems by 645.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,850 shares of the technology company’s stock valued at $2,075,000 after buying an additional 29,308 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of Veeva Systems during the 2nd quarter valued at about $21,806,000. Finally, Creative Planning grew its position in shares of Veeva Systems by 1.5% during the 2nd quarter. Creative Planning now owns 15,422 shares of the technology company’s stock valued at $946,000 after buying an additional 232 shares during the last quarter. Institutional investors and hedge funds own 71.51% of the company’s stock.
Shares of Veeva Systems (VEEV) opened at 55.74 on Friday. The firm’s 50-day moving average price is $60.77 and its 200 day moving average price is $57.43. The stock has a market capitalization of $7.84 billion, a price-to-earnings ratio of 71.28 and a beta of 1.65. Veeva Systems has a 1-year low of $36.55 and a 1-year 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 net margin of 18.98% and a return on equity of 12.77%. The company had revenue of $166.59 million during the quarter, compared to the consensus estimate of $164.26 million. During the same period last year, the firm earned $0.15 EPS. The company’s revenue for the quarter was up 26.8% on a year-over-year basis. Equities research analysts expect that Veeva Systems will post $0.87 earnings per share for the current fiscal year.
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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