Veeva Systems’ (VEEV) “Buy” Rating Reiterated at Canaccord Genuity
Veeva Systems (NYSE:VEEV)‘s stock had its “buy” rating reiterated by Canaccord Genuity in a research note issued on Wednesday. They currently have a $70.00 target price on the technology company’s stock. Canaccord Genuity’s price objective would indicate a potential upside of 29.63% from the stock’s previous close.
A number of other equities analysts have also recently weighed in on the company. Zacks Investment Research cut Veeva Systems from a “buy” rating to a “hold” rating in a report on Tuesday, October 24th. BidaskClub upgraded Veeva Systems from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 20th. Stifel Nicolaus restated a “buy” rating and set a $67.00 price target on shares of Veeva Systems in a research report on Friday, October 13th. Needham & Company LLC restated a “buy” rating on shares of Veeva Systems in a research report on Thursday, October 12th. Finally, JMP Securities restated a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research report on Saturday, August 26th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $67.45.
Shares of Veeva Systems (NYSE:VEEV) traded down $3.77 during midday trading on Wednesday, hitting $54.00. The company had a trading volume of 5,454,300 shares, compared to its average volume of 1,321,948. The stock has a market cap of $8,012.70, a PE ratio of 97.92, a price-to-earnings-growth ratio of 4.73 and a beta of 1.60. Veeva Systems has a 52 week low of $40.50 and a 52 week high of $68.07.
In other news, CFO Timothy S. Cabral sold 8,750 shares of Veeva Systems stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $57.24, for a total value of $500,850.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Frederic Lequient sold 2,875 shares of Veeva Systems stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $57.32, for a total value of $164,795.00. Following the completion of the sale, the senior vice president now owns 3,399 shares in the company, valued at $194,830.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 240,182 shares of company stock worth $13,898,852. 19.17% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of VEEV. BlackRock Inc. grew its position in shares of Veeva Systems by 44.9% in the 2nd quarter. BlackRock Inc. now owns 5,812,749 shares of the technology company’s stock worth $356,379,000 after buying an additional 1,801,439 shares during the last quarter. FMR LLC grew its position in shares of Veeva Systems by 50.9% in the 2nd quarter. FMR LLC now owns 3,456,402 shares of the technology company’s stock worth $211,912,000 after buying an additional 1,166,372 shares during the last quarter. State Street Corp grew its position in shares of Veeva Systems by 52.1% in the 2nd quarter. State Street Corp now owns 1,856,894 shares of the technology company’s stock worth $113,851,000 after buying an additional 635,842 shares during the last quarter. Koch Industries Inc. bought a new stake in shares of Veeva Systems in the 2nd quarter worth approximately $408,000. Finally, Janus Henderson Group PLC grew its position in shares of Veeva Systems by 202.7% in the 3rd quarter. Janus Henderson Group PLC now owns 594,544 shares of the technology company’s stock worth $33,538,000 after buying an additional 398,149 shares during the last quarter. Hedge funds and other institutional investors own 72.38% 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.
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