Veeva Systems Inc. (VEEV) Coverage Initiated by Analysts at JMP Securities
Analysts at JMP Securities started coverage on shares of Veeva Systems Inc. (NYSE:VEEV) in a research note issued on Thursday. The brokerage set a “market perform” rating on the stock.
A number of other equities analysts have also commented on VEEV. Bank of America Corp. began coverage on Veeva Systems in a research note on Friday, June 17th. They set a “neutral” rating and a $40.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and set a $38.00 price objective on shares of Veeva Systems in a research note on Thursday, June 30th. Zacks Investment Research lowered Veeva Systems from a “hold” rating to a “sell” rating in a research note on Tuesday, July 26th. Morgan Stanley restated a “buy” rating and set a $44.00 price objective on shares of Veeva Systems in a research note on Tuesday, August 16th. Finally, Citigroup Inc. raised their price objective on Veeva Systems from $31.00 to $40.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 23rd. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $41.46.
Veeva Systems (NYSE:VEEV) opened at 37.75 on Thursday. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of 102.03 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 stock’s 50 day moving average price is $40.22 and its 200 day moving average price is $34.26.
Veeva Systems (NYSE:VEEV) last announced its earnings results on Tuesday, August 30th. The company reported $0.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.02. The company had revenue of $131.30 million for the quarter, compared to analyst estimates of $126.61 million. Veeva Systems had a return on equity of 11.26% and a net margin of 11.33%. The firm’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.13 earnings per share. On average, equities research analysts predict that Veeva Systems will post $0.60 EPS for the current year.
In other Veeva Systems news, President Matthew J. Wallach sold 84,000 shares of Veeva Systems stock in a transaction dated Wednesday, July 20th. The stock was sold at an average price of $36.33, for a total transaction of $3,051,720.00. Following the transaction, the president now directly owns 42,000 shares of the company’s stock, valued at approximately $1,525,860. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eleni Nitsa Zuppas sold 937 shares of Veeva Systems stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $40.50, for a total value of $37,948.50. Following the transaction, the insider now directly owns 8,321 shares in the company, valued at $337,000.50. The disclosure for this sale can be found here. Corporate insiders own 19.17% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Huntington National Bank acquired a new position in shares of Veeva Systems during the second quarter worth about $101,000. FineMark National Bank & Trust increased 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. DIAM Co. Ltd. acquired a new position in shares of Veeva Systems during the second quarter worth about $170,000. Denver Investment Advisors LLC acquired a new position in shares of Veeva Systems during the second quarter worth about $204,000. Finally, Legal & General Group Plc increased its position in shares of Veeva Systems by 6.8% in the second quarter. Legal & General Group Plc now owns 6,800 shares of the company’s stock worth $232,000 after buying an additional 433 shares in the last quarter. 70.67% of the stock is currently owned by institutional investors.
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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