Veeva Systems Inc. (VEEV) Price Target Increased to $48.00 by Analysts at Canaccord Genuity
Veeva Systems Inc. (NYSE:VEEV) had its target price upped by Canaccord Genuity from $46.00 to $48.00 in a research report sent to investors on Wednesday morning. They currently have a buy rating on the stock.
A number of other equities research analysts also recently weighed in on the company. Needham & Company LLC reaffirmed a buy rating and issued a $46.00 target price on shares of Veeva Systems in a report on Saturday, October 15th. JMP Securities assumed coverage on Veeva Systems in a report on Thursday, October 13th. They issued a market perform rating on the stock. Goldman Sachs Group Inc. began coverage on Veeva Systems in a report on Tuesday, October 4th. They issued a neutral rating and a $43.00 target price on the stock. Bank of America Corp. reissued a hold rating and set a $44.00 price objective on shares of Veeva Systems in a report on Friday, September 30th. Finally, Stifel Nicolaus raised their price objective on Veeva Systems from $43.00 to $45.00 and gave the company a buy rating in a report on Friday, September 30th. Nine investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $43.31.
Veeva Systems (NYSE:VEEV) opened at 46.29 on Wednesday. The firm has a market capitalization of $6.30 billion, a PE ratio of 125.11 and a beta of 1.60. The firm has a 50-day moving average price of $39.29 and a 200-day moving average price of $37.09. Veeva Systems has a 1-year low of $19.97 and a 1-year high of $46.70.
Veeva Systems (NYSE:VEEV) last issued its earnings results on Tuesday, November 22nd. The company reported $0.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.06. The firm had revenue of $142.80 million for the quarter, compared to the consensus estimate of $135.67 million. Veeva Systems had a return on equity of 12.84% and a net margin of 12.73%. The company’s revenue was up 33.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 EPS. Equities analysts expect that Veeva Systems will post $0.63 earnings per share for the current fiscal year.
In other news, Director Ronald E. F. Codd sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $41.00, for a total value of $123,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Matthew J. Wallach sold 84,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 8th. The stock was sold at an average price of $38.61, for a total value of $3,243,240.00. Following the completion of the transaction, the president now owns 23,711 shares in the company, valued at approximately $915,481.71. The disclosure for this sale can be found here. Company insiders own 19.17% of the company’s stock.
Several institutional investors have recently made changes to their positions in VEEV. Vanguard Group Inc. increased its position 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 worth $210,865,000 after buying an additional 1,276,212 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Veeva Systems by 2.4% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 2,445,258 shares of the company’s stock worth $100,940,000 after buying an additional 56,370 shares during the last quarter. First Trust Advisors LP increased its position in shares of Veeva Systems by 41.3% in the third quarter. First Trust Advisors LP now owns 2,285,878 shares of the company’s stock worth $94,361,000 after buying an additional 668,595 shares during the last quarter. Riverbridge Partners LLC increased its position in shares of Veeva Systems by 15.0% in the third quarter. Riverbridge Partners LLC now owns 2,279,422 shares of the company’s stock worth $94,095,000 after buying an additional 297,689 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its position 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 worth $77,618,000 after buying an additional 1,261,115 shares during the last quarter. Hedge funds and other institutional investors own 71.12% of the company’s stock.
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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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