Veeva Systems Inc. (VEEV) Receives Buy Rating from Canaccord Genuity
Canaccord Genuity reiterated their buy rating on shares of Veeva Systems Inc. (NYSE:VEEV) in a research note released on Tuesday. They currently have a $46.00 target price on the stock, up from their previous target price of $43.00.
Several other equities research analysts also recently weighed in on VEEV. Bank of America Corp. initiated coverage on shares of Veeva Systems in a research report on Friday, June 17th. They issued a neutral rating and a $40.00 target price for the company. Needham & Company LLC reissued a buy rating and issued a $38.00 target price on shares of Veeva Systems in a research report on Thursday, June 30th. Zacks Investment Research downgraded shares of Veeva Systems from a hold rating to a sell rating in a research report on Tuesday, July 26th. Morgan Stanley reissued a buy rating and issued a $44.00 target price on shares of Veeva Systems in a research report on Tuesday, August 16th. Finally, Citigroup Inc. boosted their target price on shares of Veeva Systems from $31.00 to $40.00 and gave the stock a neutral rating in a research report on Tuesday, August 23rd. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of Buy and an average target price of $41.46.
Veeva Systems (NYSE:VEEV) opened at 40.39 on Tuesday. The stock has a market cap of $5.50 billion, a price-to-earnings ratio of 109.16 and a beta of 1.58. Veeva Systems has a 52 week low of $19.97 and a 52 week high of $42.58. The company has a 50 day moving average price of $40.33 and a 200 day moving average price of $33.80.
Veeva Systems (NYSE:VEEV) last released its earnings results on Tuesday, August 30th. The company reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.02. The company earned $131.30 million during the quarter, compared to the consensus estimate of $126.61 million. Veeva Systems had a net margin of 11.33% and a return on equity of 11.26%. The company’s revenue was up 33.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.13 EPS. Analysts expect that Veeva Systems will post $0.60 EPS for the current fiscal year.
In related news, EVP Alan Mateo sold 44,177 shares of the stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $40.55, for a total transaction of $1,791,377.35. Following the completion of the sale, the executive vice president now directly owns 5,805 shares of the company’s stock, valued at $235,392.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Matthew J. Wallach sold 84,000 shares of the stock in a transaction that occurred on Wednesday, July 20th. The shares were sold at an average price of $36.33, for a total transaction of $3,051,720.00. Following the sale, the president now directly owns 42,000 shares of the company’s stock, valued at $1,525,860. The disclosure for this sale can be found here. 19.17% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Veeva Systems during the fourth quarter valued at approximately $11,094,000. Glenmede Trust Co. NA purchased a new stake in Veeva Systems during the first quarter worth about $2,003,000. Pacad Investment Ltd. purchased a new stake in Veeva Systems during the first quarter worth about $821,000. Teachers Advisors Inc. raised its stake in Veeva Systems by 26.6% in the first quarter. Teachers Advisors Inc. now owns 66,421 shares of the company’s stock worth $1,663,000 after buying an additional 13,946 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in Veeva Systems by 2.7% in the first quarter. Franklin Resources Inc. now owns 513,417 shares of the company’s stock worth $12,856,000 after buying an additional 13,400 shares in the last quarter. 70.67% of the stock is owned by institutional investors and hedge funds.
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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