Veeva Systems’ (VEEV) Buy Rating Reaffirmed at Needham & Company LLC
Needham & Company LLC reaffirmed their buy rating on shares of Veeva Systems Inc. (NYSE:VEEV) in a research report report published on Saturday. Needham & Company LLC currently has a $46.00 target price on the stock.
A number of other research analysts also recently issued reports on VEEV. KeyCorp boosted their price target on shares of Veeva Systems from $35.00 to $42.00 and gave the company an overweight rating in a research note on Wednesday, August 31st. Morgan Stanley reiterated a buy rating and issued a $44.00 target price on shares of Veeva Systems in a research note on Tuesday, August 16th. Raymond James Financial Inc. started coverage on shares of Veeva Systems in a research note on Wednesday, August 24th. They issued a market perform rating for the company. Zacks Investment Research lowered shares of Veeva Systems from a buy rating to a hold rating in a research note on Monday, September 5th. Finally, Stifel Nicolaus upped their target price on shares of Veeva Systems from $43.00 to $45.00 and gave the stock a buy rating in a research note on Friday, September 30th. Nine investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Veeva Systems has an average rating of Hold and an average price target of $41.46.
Veeva Systems (NYSE:VEEV) traded down 0.08% on Friday, reaching $37.88. 1,092,940 shares of the company’s stock traded hands. The firm has a market capitalization of $5.16 billion, a PE ratio of 102.38 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 firm’s 50 day moving average price is $40.17 and its 200 day moving average price is $34.38.
Veeva Systems (NYSE:VEEV) last posted its earnings results on Tuesday, August 30th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.13 by $0.02. Veeva Systems had a net margin of 11.33% and a return on equity of 11.26%. The business had revenue of $131.30 million for the quarter, compared to the consensus estimate of $126.61 million. During the same period last year, the company earned $0.13 EPS. The firm’s revenue was up 33.8% compared to the same quarter last year. On average, analysts predict that Veeva Systems will post $0.60 EPS for the current fiscal year.
In other Veeva Systems news, President Matthew J. Wallach sold 84,000 shares of the firm’s stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $41.47, for a total transaction of $3,483,480.00. Following the completion of the transaction, the president now owns 42,000 shares of the company’s stock, valued at $1,741,740. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Alan Mateo sold 44,177 shares of the firm’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $40.55, for a total value of $1,791,377.35. Following the transaction, the executive vice president now directly owns 5,805 shares of the company’s stock, valued at approximately $235,392.75. The disclosure for this sale can be found here. 19.17% of the stock is owned by corporate insiders.
Several institutional investors have recently bought and sold shares of VEEV. William Blair Investment Management LLC acquired a new stake in Veeva Systems during the second quarter valued at approximately $75,081,000. Vanguard Group Inc. increased its stake in Veeva Systems by 26.0% in the second quarter. Vanguard Group Inc. now owns 6,180,083 shares of the company’s stock valued at $210,865,000 after buying an additional 1,276,212 shares during the last quarter. Lord Abbett & CO. LLC increased its stake in Veeva Systems by 124.4% in the second quarter. Lord Abbett & CO. LLC now owns 2,274,863 shares of the company’s stock valued at $77,618,000 after buying an additional 1,261,115 shares during the last quarter. 1832 Asset Management L.P. increased its stake in Veeva Systems by 724.3% in the second quarter. 1832 Asset Management L.P. now owns 1,266,900 shares of the company’s stock valued at $42,615,000 after buying an additional 1,113,200 shares during the last quarter. Finally, Baird Financial Group Inc. acquired a new stake in Veeva Systems during the second quarter valued at approximately $36,338,000. 70.67% of the stock is owned by hedge funds and other 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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