Veeva Systems Inc. (VEEV) Now Covered by Goldman Sachs Group Inc.
Stock analysts at Goldman Sachs Group Inc. initiated coverage on shares of Veeva Systems Inc. (NYSE:VEEV) in a research note issued on Tuesday. The firm set a “neutral” rating on the stock.
VEEV has been the topic of several other research reports. KeyCorp raised their price target on Veeva Systems from $35.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday, August 31st. Morgan Stanley reaffirmed a “buy” rating and issued a $44.00 price target on shares of Veeva Systems in a report on Tuesday, August 16th. Raymond James Financial Inc. began coverage on Veeva Systems in a report on Wednesday, August 24th. They issued a “market perform” rating on the stock. Zacks Investment Research cut Veeva Systems from a “buy” rating to a “hold” rating in a report on Monday, September 5th. Finally, Stifel Nicolaus raised their price target on Veeva Systems from $43.00 to $45.00 and gave the company a “buy” rating in a report on Friday. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $41.08.
Veeva Systems (NYSE:VEEV) opened at 41.22 on Tuesday. The company has a 50 day moving average price of $40.31 and a 200-day moving average price of $33.70. Veeva Systems has a 1-year low of $19.97 and a 1-year high of $42.58. The firm has a market capitalization of $5.61 billion, a price-to-earnings ratio of 111.41 and a beta of 1.58.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Tuesday, August 30th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate 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 quarter last year, the firm posted $0.13 EPS. The company’s revenue was up 33.8% compared to the same quarter last year. On average, analysts forecast that Veeva Systems will post $0.60 EPS for the current fiscal year.
In other news, insider Eleni Nitsa Zuppas sold 937 shares of Veeva Systems stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $40.50, for a total value of $37,948.50. Following the sale, the insider now directly owns 8,321 shares in the company, valued at approximately $337,000.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President Matthew J. Wallach sold 84,000 shares of Veeva Systems stock in a transaction that occurred on 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 sale, the president now owns 42,000 shares in the company, valued at $1,525,860. The disclosure for this sale can be found here. 19.17% of the stock is owned by insiders.
Several large investors have recently modified their holdings of VEEV. Huntington National Bank acquired a new stake in shares of Veeva Systems during the second quarter worth $101,000. FineMark National Bank & Trust raised its stake 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 stake 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 stake in shares of Veeva Systems during the second quarter worth $170,000. Finally, Denver Investment Advisors LLC acquired a new stake in shares of Veeva Systems during the second quarter worth $204,000. Hedge funds and other institutional investors own 70.67% of the company’s stock.
About Veeva Systems
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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