Veeva Systems’ (VEEV) Buy Rating Reiterated at Needham & Company LLC
Veeva Systems Inc. (NYSE:VEEV)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report released on Thursday.
A number of other equities research analysts have also recently commented on VEEV. Stifel Nicolaus restated a “buy” rating and set a $67.00 target price on shares of Veeva Systems in a research note on Monday, July 10th. Zacks Investment Research cut shares of Veeva Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 27th. Canaccord Genuity reiterated a “buy” rating and set a $70.00 price objective on shares of Veeva Systems in a research report on Tuesday, August 22nd. KeyCorp reiterated a “buy” rating and set a $70.00 price objective on shares of Veeva Systems in a research report on Friday, August 25th. Finally, JMP Securities reiterated a “buy” rating and set a $70.00 price objective on shares of Veeva Systems in a research report on Saturday, August 26th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $65.75.
Veeva Systems (NYSE:VEEV) last released its earnings results on Thursday, August 24th. The technology company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $164.26 million. During the same quarter last year, the business earned $0.15 EPS. The firm’s revenue was up 26.8% compared to the same quarter last year.
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In other Veeva Systems news, CFO Timothy S. Cabral sold 40,000 shares of Veeva Systems stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $58.82, for a total transaction of $2,352,800.00. Following the completion of the transaction, the chief financial officer now directly owns 30,000 shares of the company’s stock, valued at $1,764,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gordon Ritter sold 10,200 shares of Veeva Systems stock in a transaction on Friday, July 28th. The stock was 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 three months, insiders sold 281,640 shares of company stock valued at $16,508,535. 19.17% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. BlueMountain Capital Management LLC purchased a new position in Veeva Systems during the second quarter worth $2,497,000. Oppenheimer & Co. Inc. boosted its stake in Veeva Systems by 62.7% during the second quarter. Oppenheimer & Co. Inc. now owns 14,214 shares of the technology company’s stock worth $871,000 after buying an additional 5,478 shares during the period. Rhumbline Advisers boosted its stake in Veeva Systems by 9.2% during the second quarter. Rhumbline Advisers now owns 120,387 shares of the technology company’s stock worth $7,381,000 after buying an additional 10,093 shares during the period. State Street Corp boosted its stake in Veeva Systems by 4.4% during the first quarter. State Street Corp now owns 1,221,052 shares of the technology company’s stock worth $62,616,000 after buying an additional 51,135 shares during the period. Finally, Advisor Group Inc. boosted its stake in Veeva Systems by 44.0% during the second quarter. Advisor Group Inc. now owns 6,785 shares of the technology company’s stock worth $415,000 after buying an additional 2,073 shares during the period. 71.46% of the stock is owned by institutional investors.
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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