Veeva Systems Inc. (VEEV) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS
Veeva Systems Inc. (NYSE:VEEV) issued its earnings results on Tuesday. The company reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.06. Veeva Systems had a return on equity of 11.26% and a net margin of 11.33%. The company earned $142.80 million during the quarter, compared to the consensus estimate of $135.67 million. During the same quarter in the prior year, the business earned $0.12 earnings per share. The company’s revenue was up 33.6% compared to the same quarter last year. Veeva Systems updated its Q4 guidance to $0.17 EPS.
Shares of Veeva Systems (NYSE:VEEV) opened at 41.56 on Wednesday. Veeva Systems has a 52 week low of $19.97 and a 52 week high of $42.58. The firm has a market cap of $5.66 billion, a PE ratio of 112.32 and a beta of 1.60. The firm’s 50-day moving average price is $39.12 and its 200 day moving average price is $37.03.
Several equities research analysts have recently weighed in on the company. Stifel Nicolaus upped their target price on Veeva Systems from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, September 30th. Bank of America Corp. reaffirmed a “hold” rating and issued a $44.00 target price on shares of Veeva Systems in a research report on Friday, September 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $46.00 target price (up previously from $43.00) on shares of Veeva Systems in a research report on Friday, September 30th. Goldman Sachs Group Inc. assumed coverage on Veeva Systems in a research report on Tuesday, October 4th. They issued a “neutral” rating and a $43.00 target price for the company. Finally, Pacific Crest set a $42.00 target price on Veeva Systems and gave the stock a “buy” rating in a research report on Wednesday, August 31st. Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $41.46.
In other news, President Matthew J. Wallach sold 84,000 shares of the firm’s stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $41.47, for a total value of $3,483,480.00. Following the sale, the president now directly owns 42,000 shares of the company’s stock, valued at $1,741,740. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Timothy S. Cabral sold 42,441 shares of the firm’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $41.42, for a total value of $1,757,906.22. The disclosure for this sale can be found here. Company insiders own 19.17% of the company’s stock.
Several large investors have recently modified their holdings of the stock. William Blair Investment Management LLC acquired a new stake in shares of Veeva Systems during the second quarter valued at about $75,081,000. Vanguard Group Inc. increased its stake in shares of 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 in the last quarter. Lord Abbett & CO. LLC increased its stake in shares of 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 in the last quarter. 1832 Asset Management L.P. increased its stake in shares of 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 in the last quarter. Finally, Baird Financial Group Inc. acquired a new stake in shares of Veeva Systems during the second quarter valued at about $36,338,000. 71.12% 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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