Veeva Systems Inc. (VEEV) Downgraded to Hold at Zacks Investment Research
Veeva Systems Inc. (NYSE:VEEV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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.”
A number of other equities research analysts also recently weighed in on VEEV. Stifel Nicolaus reissued a “buy” rating and set a $67.00 target price on shares of Veeva Systems in a research report on Monday, July 10th. Canaccord Genuity restated a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research note on Tuesday, August 22nd. KeyCorp restated a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research note on Friday, August 25th. JMP Securities restated a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research note on Saturday, August 26th. Finally, Needham & Company LLC restated a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research note on Friday, August 25th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $65.75.
Shares of Veeva Systems (NYSE VEEV) traded up 1.10% during mid-day trading on Tuesday, reaching $60.93. The company’s stock had a trading volume of 1,087,305 shares. The company has a 50 day moving average price of $57.44 and a 200 day moving average price of $59.35. Veeva Systems has a 12 month low of $37.34 and a 12 month high of $68.07. The stock has a market capitalization of $8.57 billion, a P/E ratio of 77.92 and a beta of 1.63.
Veeva Systems (NYSE:VEEV) last released its earnings results on Thursday, August 24th. The technology company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.03. Veeva Systems had a return on equity of 12.77% and a net margin of 18.98%. The business had revenue of $166.59 million for the quarter, compared to the consensus estimate of $164.26 million. During the same period last year, the business earned $0.15 earnings per share. The firm’s revenue for the quarter was up 26.8% compared to the same quarter last year. On average, equities research analysts anticipate that Veeva Systems will post $0.87 earnings per share for the current fiscal year.
In other news, CFO Timothy S. Cabral sold 40,000 shares of Veeva Systems stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $58.82, for a total value of $2,352,800.00. Following the completion of the transaction, the chief financial officer now owns 30,000 shares in the company, valued at $1,764,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gordon Ritter sold 10,200 shares of Veeva Systems stock in a transaction that occurred 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. Insiders sold 314,625 shares of company stock valued at $18,425,712 in the last quarter. 17.50% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. Huntington National Bank bought a new position in Veeva Systems in the 2nd quarter worth approximately $101,000. ETF Managers Group LLC bought a new position in Veeva Systems in the 2nd quarter worth approximately $101,000. Robeco Institutional Asset Management B.V. bought a new position in Veeva Systems in the 2nd quarter worth approximately $102,000. FineMark National Bank & Trust raised its position in Veeva Systems by 12.7% in the 2nd quarter. FineMark National Bank & Trust now owns 3,060 shares of the technology company’s stock worth $104,000 after purchasing an additional 346 shares during the last quarter. Finally, LS Investment Advisors LLC bought a new position in Veeva Systems in the 2nd quarter worth approximately $105,000. Hedge funds and other institutional investors own 71.61% 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Veeva Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeva Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.