Veeva Systems Inc. (NYSE:VEEV)‘s stock had its “buy” rating restated by research analysts at Canaccord Genuity in a note issued to investors on Tuesday. They presently have a $70.00 target price on the technology company’s stock. Canaccord Genuity’s price objective indicates a potential upside of 6.76% from the company’s previous close.
VEEV has been the topic of a number of other reports. Zacks Investment Research lowered shares of Veeva Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 27th. Stifel Nicolaus reaffirmed a “buy” rating and set a $67.00 target price on shares of Veeva Systems in a research report on Monday, July 10th. BidaskClub lowered shares of Veeva Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 13th. Morgan Stanley lowered shares of Veeva Systems from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $53.00 to $68.00 in a research report on Monday, June 5th. They noted that the move was a valuation call. Finally, Citigroup Inc. raised their target price on shares of Veeva Systems from $61.00 to $67.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 30th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Veeva Systems currently has a consensus rating of “Buy” and an average target price of $62.00.
Veeva Systems (VEEV) traded up 3.78% during mid-day trading on Tuesday, reaching $65.57. The company’s stock had a trading volume of 1,351,576 shares. The firm’s 50 day moving average is $63.02 and its 200-day moving average is $55.68. The stock has a market cap of $9.16 billion, a P/E ratio of 105.59 and a beta of 1.63. Veeva Systems has a one year low of $36.55 and a one year high of $68.07.
Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Thursday, May 25th. The technology company reported $0.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.04. Veeva Systems had a return on equity of 12.28% and a net margin of 15.86%. The firm had revenue of $157.90 million during the quarter, compared to analysts’ expectations of $151.82 million. During the same period last year, the company earned $0.15 earnings per share. The business’s revenue for the quarter was up 31.8% compared to the same quarter last year. Equities analysts expect that Veeva Systems will post $0.83 earnings per share for the current fiscal year.
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In other news, CFO Timothy S. Cabral sold 40,000 shares of the stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $65.91, for a total transaction of $2,636,400.00. Following the transaction, the chief financial officer now directly owns 30,000 shares in the company, valued at $1,977,300. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Jonathan Faddis sold 34,065 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $66.67, for a total transaction of $2,271,113.55. Following the transaction, the senior vice president now owns 35,139 shares in the company, valued at $2,342,717.13. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 279,958 shares of company stock worth $17,821,591. Insiders own 17.50% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. ETF Managers Group LLC acquired a new position in Veeva Systems during the second quarter worth about $101,000. Robeco Institutional Asset Management B.V. purchased a new stake in shares of Veeva Systems during the second quarter valued at $102,000. LS Investment Advisors LLC purchased a new stake in shares of Veeva Systems during the second quarter valued at $105,000. Huntington National Bank increased its stake in shares of Veeva Systems by 10.6% in the second quarter. Huntington National Bank now owns 2,668 shares of the technology company’s stock valued at $164,000 after buying an additional 256 shares during the period. Finally, C M Bidwell & Associates Ltd. increased its stake in shares of Veeva Systems by 460.0% in the second quarter. C M Bidwell & Associates Ltd. now owns 2,800 shares of the technology company’s stock valued at $172,000 after buying an additional 2,300 shares during the period. Hedge funds and other institutional investors own 78.58% of the company’s stock.
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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