Needham & Company LLC reissued their buy rating on shares of Veeva Systems Inc. (NYSE:VEEV) in a research note released on Friday morning. The firm currently has a $46.00 target price on the stock, up from their prior target price of $43.00.

A number of other research firms have also recently commented on VEEV. Stifel Nicolaus increased their target price on Veeva Systems from $43.00 to $45.00 and gave the stock a buy rating in a research note on Friday. Bank of America Corp. reaffirmed a hold rating and set a $44.00 price objective on shares of Veeva Systems in a research report on Friday. Pacific Crest set a $42.00 price objective on Veeva Systems and gave the company a buy rating in a research report on Wednesday, August 31st. Zacks Investment Research cut Veeva Systems from a buy rating to a hold rating in a research report on Monday, September 5th. Finally, Raymond James Financial Inc. started coverage on Veeva Systems in a research report on Wednesday, August 24th. They set a market perform rating on the stock. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Veeva Systems has an average rating of Buy and an average target price of $41.08.

Shares of Veeva Systems (NYSE:VEEV) opened at 41.28 on Friday. The company has a market capitalization of $5.62 billion, a PE ratio of 111.57 and a beta of 1.58. The stock’s 50 day moving average price is $40.26 and its 200 day moving average price is $33.46. Veeva Systems has a 12 month low of $19.97 and a 12 month high of $42.58.

Veeva Systems (NYSE:VEEV) last released its earnings results on Tuesday, August 30th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Veeva Systems had a return on equity of 11.26% and a net margin of 11.33%. The firm had revenue of $131.30 million for the quarter, compared to analysts’ expectations of $126.61 million. During the same period in the prior year, the firm posted $0.13 earnings per share. The company’s quarterly revenue was up 33.8% on a year-over-year basis. On average, analysts forecast that Veeva Systems will post $0.60 EPS for the current year.

In other news, Director Gordon Ritter sold 44,800 shares of the firm’s stock in a transaction dated Tuesday, July 12th. The stock was sold at an average price of $37.26, for a total value of $1,669,248.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Matthew J. Wallach sold 84,000 shares of the firm’s stock in a transaction dated Wednesday, July 20th. The stock was sold at an average price of $36.33, for a total value of $3,051,720.00. Following the completion of the transaction, the president now directly owns 42,000 shares in the company, valued at approximately $1,525,860. The disclosure for this sale can be found here. 19.17% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. FineMark National Bank & Trust increased its position in Veeva Systems by 12.7% in the second quarter. FineMark National Bank & Trust now owns 3,060 shares of the company’s stock valued at $104,000 after buying an additional 346 shares during the period. Legal & General Group Plc increased its position in Veeva Systems by 6.8% in the second quarter. Legal & General Group Plc now owns 6,800 shares of the company’s stock valued at $232,000 after buying an additional 433 shares during the period. Public Employees Retirement Association of Colorado increased its position in Veeva Systems by 4.0% in the second quarter. Public Employees Retirement Association of Colorado now owns 20,681 shares of the company’s stock valued at $706,000 after buying an additional 803 shares during the period. Teacher Retirement System of Texas increased its position in Veeva Systems by 9.6% in the second quarter. Teacher Retirement System of Texas now owns 10,218 shares of the company’s stock valued at $349,000 after buying an additional 898 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its position in Veeva Systems by 35.7% in the second quarter. Metropolitan Life Insurance Co. NY now owns 7,221 shares of the company’s stock valued at $246,000 after buying an additional 1,898 shares during the period. 70.67% of the stock is currently owned by hedge funds and other institutional investors.

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.

5 Day Chart for NYSE:VEEV

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