Veeva Systems Inc. (VEEV) Receives Buy Rating from Needham & Company LLC
Needham & Company LLC restated their buy rating on shares of Veeva Systems Inc. (NYSE:VEEV) in a research note issued to investors on Saturday. They currently have a $46.00 price objective on the stock.
Other equities analysts have also issued reports about the company. Evercore ISI reiterated a buy rating and issued a $47.00 price objective (up from $45.00) on shares of Veeva Systems in a research report on Saturday. Zacks Investment Research downgraded Veeva Systems from a buy rating to a hold rating in a research report on Monday, September 5th. Stifel Nicolaus upped their price target on Veeva Systems from $43.00 to $45.00 and gave the stock a buy rating in a research report on Friday, September 30th. JMP Securities started coverage on Veeva Systems in a research report on Thursday, October 13th. They set a market perform rating for the company. Finally, Deutsche Bank AG upped their price target on Veeva Systems from $36.00 to $44.00 and gave the stock a hold rating in a research report on Wednesday. Nine analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Veeva Systems currently has an average rating of Hold and an average price target of $43.57.
Veeva Systems (NYSE:VEEV) opened at 46.27 on Friday. The company’s 50-day moving average is $39.47 and its 200-day moving average is $37.23. The company has a market cap of $6.30 billion, a price-to-earnings ratio of 125.05 and a beta of 1.60. Veeva Systems has a 12 month low of $19.97 and a 12 month high of $46.70.
Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Tuesday, November 22nd. The company reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.06. Veeva Systems had a return on equity of 12.84% and a net margin of 12.73%. The business earned $142.80 million during the quarter, compared to analyst estimates of $135.67 million. During the same period in the previous year, the firm earned $0.12 EPS. Veeva Systems’s quarterly revenue was up 33.6% compared to the same quarter last year. On average, equities research analysts anticipate that Veeva Systems will post $0.63 earnings per share for the current year.
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In related news, CFO Timothy S. Cabral sold 42,441 shares of the stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $41.42, for a total value of $1,757,906.22. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Matthew J. Wallach sold 84,000 shares of the stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $41.47, for a total value of $3,483,480.00. Following the completion of the sale, the president now owns 42,000 shares in the company, valued at approximately $1,741,740. The disclosure for this sale can be found here. 19.17% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Huntington National Bank purchased a new position in Veeva Systems during the second quarter valued at $101,000. FineMark National Bank & Trust boosted its position in Veeva Systems by 12.7% in the second quarter. FineMark National Bank & Trust now owns 3,060 shares of the company’s stock valued at $104,000 after buying an additional 346 shares during the last quarter. Advisor Group Inc. boosted its position in Veeva Systems by 105.2% in the third quarter. Advisor Group Inc. now owns 2,772 shares of the company’s stock valued at $115,000 after buying an additional 1,421 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Veeva Systems by 22.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,402 shares of the company’s stock valued at $140,000 after buying an additional 625 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in Veeva Systems during the third quarter valued at $156,000. Hedge funds and other institutional investors own 71.12% of the company’s stock.
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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