Veeva Systems Inc. (VEEV) Upgraded by Zacks Investment Research to Buy
Veeva Systems Inc. (NYSE:VEEV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $65.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 14.64% from the company’s current price.
According to Zacks, “Veeva Systems outperformed the broader industry on a year-to-date basis, 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 last quarter. Moreover, the new launches at the Veeva Vault and the Veeva Coomercial Cloud platforms are encouraging. However, intensifying competition, high operating expenses and a saturating lifesciences market are key concerns.”
Several other analysts also recently commented on the stock. BidaskClub raised shares of Veeva Systems from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 6th. JMP Securities restated a “buy” rating and issued a $70.00 price objective on shares of Veeva Systems in a research note on Saturday, August 26th. Needham & Company LLC restated a “buy” rating and issued a $70.00 price objective on shares of Veeva Systems in a research note on Friday, August 25th. Stifel Nicolaus restated a “buy” rating and issued a $67.00 price objective on shares of Veeva Systems in a research note on Monday, July 10th. Finally, KeyCorp restated a “buy” rating and issued a $70.00 price objective on shares of Veeva Systems in a research note on Friday, August 25th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $65.75.
Veeva Systems (VEEV) traded up 1.25% during trading on Wednesday, reaching $57.41. 695,072 shares of the company’s stock were exchanged. The stock has a market capitalization of $6.57 billion, a price-to-earnings ratio of 92.60 and a beta of 1.62. Veeva Systems has a 52 week low of $36.55 and a 52 week high of $68.07. The company’s 50 day moving average price is $57.65 and its 200-day moving average price is $58.81.
Veeva Systems (NYSE:VEEV) last posted its earnings results on Thursday, August 24th. The technology company reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.03. The company had revenue of $166.59 million during the quarter, compared to the consensus estimate of $164.26 million. Veeva Systems had a net margin of 18.98% and a return on equity of 12.77%. The company’s revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.15 earnings per share. On average, equities analysts expect that Veeva Systems will post $0.87 EPS for the current year.
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In related news, President Matthew J. Wallach sold 24,000 shares of the company’s stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $55.83, for a total transaction of $1,339,920.00. Following the completion of the transaction, the president now directly owns 24,000 shares in the company, valued at approximately $1,339,920. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gordon Ritter sold 10,200 shares of the company’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $63.60, for a total transaction of $648,720.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 290,340 shares of company stock valued at $17,151,474. Corporate insiders own 17.50% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Achmea Investment Management B.V. acquired a new position in Veeva Systems during the 2nd quarter valued at $476,000. Navellier & Associates Inc raised its stake in Veeva Systems by 4.1% during the 2nd quarter. Navellier & Associates Inc now owns 115,578 shares of the technology company’s stock valued at $7,086,000 after purchasing an additional 4,512 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Veeva Systems during the 2nd quarter valued at $825,000. Public Employees Retirement System of Ohio raised its stake in Veeva Systems by 5.0% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 100,659 shares of the technology company’s stock valued at $6,171,000 after purchasing an additional 4,809 shares during the last quarter. Finally, Koch Industries Inc. acquired a new position in Veeva Systems during the 2nd quarter valued at $408,000. Hedge funds and other institutional investors own 71.46% 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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