DA Davidson Begins Coverage on Veeva Systems (VEEV)

DA Davidson started coverage on shares of Veeva Systems (NYSE:VEEV) in a report released on Friday. The brokerage set a “buy” rating and a $75.00 price target on the technology company’s stock. DA Davidson’s price target would indicate a potential upside of 24.92% from the stock’s previous close.

VEEV has been the topic of a number of other reports. Zacks Investment Research cut Veeva Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, October 24th. Needham & Company LLC reissued a “buy” rating on shares of Veeva Systems in a research note on Thursday, October 12th. Stifel Nicolaus reissued a “buy” rating and issued a $67.00 target price on shares of Veeva Systems in a research note on Friday, October 13th. Canaccord Genuity reissued a “buy” rating and issued a $70.00 target price on shares of Veeva Systems in a research note on Wednesday, December 6th. Finally, Morgan Stanley raised Veeva Systems from an “equal weight” rating to an “overweight” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $68.08.

Veeva Systems (NYSE VEEV) traded down $0.98 during midday trading on Friday, hitting $60.04. The stock had a trading volume of 837,743 shares, compared to its average volume of 854,055. Veeva Systems has a 52-week low of $41.30 and a 52-week high of $68.07. The stock has a market capitalization of $8,624.75, a PE ratio of 69.81, a P/E/G ratio of 4.49 and a beta of 1.66.

Veeva Systems (NYSE:VEEV) last released its earnings results on Tuesday, December 5th. The technology company reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.09. Veeva Systems had a return on equity of 12.21% and a net margin of 19.97%. The firm had revenue of $176.10 million for the quarter, compared to analysts’ expectations of $171.99 million. During the same period in the prior year, the firm posted $0.22 earnings per share. The company’s quarterly revenue was up 23.3% on a year-over-year basis. equities analysts expect that Veeva Systems will post 0.68 earnings per share for the current year.

In other Veeva Systems news, CFO Timothy S. Cabral sold 50,000 shares of the stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $55.74, for a total value of $2,787,000.00. Following the transaction, the chief financial officer now owns 50,000 shares of the company’s stock, valued at $2,787,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Matthew J. Wallach sold 24,000 shares of the stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $60.98, for a total value of $1,463,520.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 176,017 shares of company stock worth $10,171,895. Corporate insiders own 19.17% of the company’s stock.

A number of hedge funds have recently bought and sold shares of VEEV. Principal Financial Group Inc. lifted its holdings in Veeva Systems by 9.1% in the second quarter. Principal Financial Group Inc. now owns 20,150 shares of the technology company’s stock valued at $1,235,000 after acquiring an additional 1,688 shares during the period. Alliancebernstein L.P. lifted its holdings in Veeva Systems by 9.7% in the second quarter. Alliancebernstein L.P. now owns 59,951 shares of the technology company’s stock valued at $3,676,000 after acquiring an additional 5,320 shares during the period. ProShare Advisors LLC bought a new position in Veeva Systems in the second quarter valued at about $239,000. PNC Financial Services Group Inc. lifted its holdings in Veeva Systems by 28.7% in the second quarter. PNC Financial Services Group Inc. now owns 12,245 shares of the technology company’s stock valued at $751,000 after acquiring an additional 2,727 shares during the period. Finally, Northern Trust Corp lifted its holdings in Veeva Systems by 17.8% in the second quarter. Northern Trust Corp now owns 701,393 shares of the technology company’s stock valued at $43,002,000 after acquiring an additional 105,992 shares during the period. 70.80% of the stock is currently owned by institutional investors.

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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.

Analyst Recommendations for Veeva Systems (NYSE:VEEV)

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