Evercore ISI Reaffirms “Buy” Rating for Veeva Systems Inc. (VEEV)
Evercore ISI restated their buy rating on shares of Veeva Systems Inc. (NYSE:VEEV) in a research report released on Saturday morning. They currently have a $47.00 target price on the stock, up from their prior target price of $45.00.
A number of other research firms have also weighed in on VEEV. Deutsche Bank AG increased their price objective on Veeva Systems from $36.00 to $44.00 and gave the company a hold rating in a research note on Wednesday. KeyCorp upped their target price on Veeva Systems from $42.00 to $48.00 and gave the company an overweight rating in a report on Wednesday. JMP Securities restated a hold rating on shares of Veeva Systems in a report on Thursday. Canaccord Genuity upped their target price on Veeva Systems from $46.00 to $48.00 and gave the company a buy rating in a report on Wednesday. Finally, Stifel Nicolaus upped their target price on Veeva Systems from $45.00 to $48.00 and gave the company a buy rating in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $43.57.
Veeva Systems (NYSE:VEEV) opened at 46.27 on Friday. Veeva Systems has a 12-month low of $19.97 and a 12-month high of $46.70. The stock has a market capitalization of $6.30 billion, a P/E ratio of 125.05 and a beta of 1.60. The firm’s 50-day moving average is $39.47 and its 200-day moving average is $37.23.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Tuesday, November 22nd. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. The firm earned $142.80 million during the quarter, compared to analyst estimates of $135.67 million. Veeva Systems had a return on equity of 12.84% and a net margin of 12.73%. The business’s quarterly revenue was up 33.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.12 earnings per share. Analysts predict that Veeva Systems will post $0.63 EPS for the current fiscal year.
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In related news, President Matthew J. Wallach sold 23,711 shares of the stock in a transaction on Monday, November 7th. The stock was sold at an average price of $38.70, for a total transaction of $917,615.70. Following the sale, the president now directly owns 23,711 shares of the company’s stock, valued at $917,615.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ronald E. F. Codd sold 3,000 shares of the stock in a transaction on Thursday, November 17th. The shares were sold at an average price of $41.00, for a total value of $123,000.00. The disclosure for this sale can be found here. 19.17% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP boosted its stake in Veeva Systems by 62.7% in the second quarter. Quantbot Technologies LP now owns 16,525 shares of the company’s stock valued at $563,000 after buying an additional 6,369 shares during the period. Riverbridge Partners LLC boosted its stake in Veeva Systems by 1.4% in the second quarter. Riverbridge Partners LLC now owns 1,981,733 shares of the company’s stock valued at $67,617,000 after buying an additional 26,740 shares during the period. California State Teachers Retirement System boosted its stake in Veeva Systems by 34.6% in the second quarter. California State Teachers Retirement System now owns 203,119 shares of the company’s stock valued at $6,930,000 after buying an additional 52,189 shares during the period. Bank of New York Mellon Corp boosted its stake in Veeva Systems by 40.9% in the second quarter. Bank of New York Mellon Corp now owns 513,069 shares of the company’s stock valued at $17,506,000 after buying an additional 148,937 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC acquired a new stake in Veeva Systems during the second quarter valued at approximately $5,249,000. 71.12% of the stock is currently owned by institutional investors.
Veeva Systems Company Profile
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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