Veeva Systems Inc (VEEV) Expected to Post Quarterly Sales of $216.19 Million

Wall Street brokerages expect Veeva Systems Inc (NYSE:VEEV) to announce sales of $216.19 million for the current quarter, according to Zacks. Eight analysts have provided estimates for Veeva Systems’ earnings, with the highest sales estimate coming in at $219.46 million and the lowest estimate coming in at $215.44 million. Veeva Systems reported sales of $176.15 million during the same quarter last year, which would suggest a positive year over year growth rate of 22.7%. The business is scheduled to report its next earnings results after the market closes on Wednesday, November 28th.

On average, analysts expect that Veeva Systems will report full year sales of $843.19 million for the current fiscal year, with estimates ranging from $841.69 million to $850.14 million. For the next financial year, analysts expect that the firm will report sales of $995.17 million, with estimates ranging from $978.90 million to $1.01 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Veeva Systems.

Veeva Systems (NYSE:VEEV) last released its earnings results on Thursday, August 23rd. The technology company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.05. Veeva Systems had a net margin of 21.23% and a return on equity of 13.58%. The business had revenue of $209.60 million during the quarter, compared to analysts’ expectations of $203.50 million. During the same period last year, the business earned $0.23 earnings per share. The firm’s revenue was up 24.9% on a year-over-year basis.

VEEV has been the subject of several analyst reports. Zacks Investment Research raised shares of Veeva Systems from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research note on Tuesday, July 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 price target (up previously from $90.00) on shares of Veeva Systems in a report on Friday, August 24th. DA Davidson raised their price target on Veeva Systems to $105.00 and gave the company a “buy” rating in a report on Friday, August 24th. Canaccord Genuity raised their price target on Veeva Systems from $85.00 to $98.00 and gave the company a “buy” rating in a report on Friday, August 24th. They noted that the move was a valuation call. Finally, Stifel Nicolaus raised their price target on Veeva Systems from $80.00 to $95.00 and gave the company a “buy” rating in a report on Friday, August 24th. Six research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $99.07.

In other news, President Matthew J. Wallach sold 12,000 shares of Veeva Systems stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $84.57, for a total transaction of $1,014,840.00. Following the completion of the sale, the president now owns 12,000 shares of the company’s stock, valued at $1,014,840. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Alan Mateo sold 46,547 shares of Veeva Systems stock in a transaction on Monday, August 13th. The stock was sold at an average price of $85.42, for a total value of $3,976,044.74. The disclosure for this sale can be found here. Insiders have sold a total of 172,476 shares of company stock valued at $16,528,424 in the last ninety days. Insiders own 15.97% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Rockefeller Capital Management L.P. acquired a new stake in shares of Veeva Systems during the third quarter worth $134,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Veeva Systems during the second quarter worth $149,000. Global Trust Asset Management LLC acquired a new stake in shares of Veeva Systems during the third quarter worth $163,000. Mutual of America Capital Management LLC acquired a new stake in shares of Veeva Systems during the second quarter worth $169,000. Finally, Parallel Advisors LLC acquired a new stake in shares of Veeva Systems during the third quarter worth $198,000. 75.37% of the stock is owned by institutional investors.

NYSE:VEEV opened at $93.60 on Friday. Veeva Systems has a 1-year low of $52.17 and a 1-year high of $109.05. The firm has a market capitalization of $13.20 billion, a P/E ratio of 101.74, a PEG ratio of 4.33 and a beta of 1.64.

Veeva Systems Company Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.

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