Veeva Systems’ (VEEV) Hold Rating Reaffirmed at Bank of America Corp.
Bank of America Corp. restated their hold rating on shares of Veeva Systems Inc. (NYSE:VEEV) in a research note issued to investors on Friday. Bank of America Corp. currently has a $44.00 target price on the stock.
Several other research analysts have also recently issued reports on VEEV. Needham & Company LLC reaffirmed a buy rating and set a $38.00 price objective on shares of Veeva Systems in a research report on Thursday, June 30th. Zacks Investment Research cut Veeva Systems from a hold rating to a sell rating in a research report on Tuesday, July 26th. Morgan Stanley reaffirmed a buy rating and set a $44.00 price objective on shares of Veeva Systems in a research report on Tuesday, August 16th. Citigroup Inc. boosted their target price on Veeva Systems from $31.00 to $40.00 and gave the company a neutral rating in a report on Tuesday, August 23rd. Finally, Raymond James Financial Inc. assumed coverage on Veeva Systems in a report on Wednesday, August 24th. They issued a market perform rating for the company. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $41.08.
Veeva Systems (NYSE:VEEV) traded up 0.10% during mid-day trading on Friday, reaching $41.32. The company had a trading volume of 206,419 shares. The firm’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. The company has a market capitalization of $5.63 billion, a price-to-earnings ratio of 111.68 and a beta of 1.58.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Tuesday, August 30th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.02. The business earned $131.30 million during the quarter, compared to analysts’ expectations of $126.61 million. Veeva Systems had a return on equity of 11.26% and a net margin of 11.33%. The business’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.13 EPS. Equities research analysts anticipate that Veeva Systems will post $0.60 earnings per share for the current year.
In other Veeva Systems news, President Matthew J. Wallach sold 84,000 shares of the stock in a transaction on Friday, August 5th. The stock was sold at an average price of $37.79, for a total transaction of $3,174,360.00. Following the transaction, the president now owns 23,711 shares of the company’s stock, valued at approximately $896,038.69. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gordon Ritter sold 35,200 shares of the stock in a transaction on Monday, July 11th. The stock was sold at an average price of $37.26, for a total value of $1,311,552.00. The disclosure for this sale can be found here. Company insiders own 19.17% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of VEEV. Huntington National Bank acquired a new position in shares of Veeva Systems during the second quarter worth $101,000. FineMark National Bank & Trust raised its position in shares of Veeva Systems by 12.7% in the second quarter. FineMark National Bank & Trust now owns 3,060 shares of the company’s stock worth $104,000 after buying an additional 346 shares in the last quarter. Legal & General Group Plc raised its position in shares of Veeva Systems by 38.0% in the first quarter. Legal & General Group Plc now owns 6,367 shares of the company’s stock worth $160,000 after buying an additional 1,752 shares in the last quarter. DIAM Co. Ltd. acquired a new position in shares of Veeva Systems during the second quarter worth $170,000. Finally, Denver Investment Advisors LLC acquired a new position in shares of Veeva Systems during the second quarter worth $204,000. 70.67% of the stock is currently owned by 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.
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