Veeva Systems’ (VEEV) Buy Rating Reiterated at Needham & Company LLC
Needham & Company LLC restated their buy rating on shares of Veeva Systems Inc. (NYSE:VEEV) in a research report sent to investors on Saturday morning. They currently have a $46.00 price target on the stock.
Other equities analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Veeva Systems from a buy rating to a hold rating in a research note on Monday, September 5th. Evercore ISI restated a buy rating and issued a $47.00 price target (up from $45.00) on shares of Veeva Systems in a research note on Saturday. Stifel Nicolaus upped their price target on shares of Veeva Systems from $43.00 to $45.00 and gave the company a buy rating in a research note on Friday, September 30th. JMP Securities assumed coverage on shares of Veeva Systems in a research note on Thursday, October 13th. They issued a market perform rating on the stock. Finally, Deutsche Bank AG upped their price target on shares of Veeva Systems from $36.00 to $44.00 and gave the company a hold rating in a research note on Wednesday. Nine analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company 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. Veeva Systems has a 52 week low of $19.97 and a 52 week high of $46.70. The firm has a 50 day moving average of $39.47 and a 200-day moving average of $37.23. The company has a market capitalization of $6.30 billion, a P/E ratio of 125.05 and a beta of 1.60.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Tuesday, November 22nd. The company reported $0.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.06. Veeva Systems had a net margin of 12.73% and a return on equity of 12.84%. The business had revenue of $142.80 million for the quarter, compared to the consensus estimate of $135.67 million. During the same period in the prior year, the company posted $0.12 earnings per share. Veeva Systems’s revenue was up 33.6% compared to the same quarter last year. On average, analysts forecast 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 firm’s stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $41.42, for a total value of $1,757,906.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Matthew J. Wallach sold 84,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The shares were 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 approximately $1,741,740. The disclosure for this sale can be found here. 19.17% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of VEEV. Envestnet Asset Management Inc. raised its position in shares of Veeva Systems by 48.6% in the first quarter. Envestnet Asset Management Inc. now owns 46,029 shares of the company’s stock worth $1,153,000 after buying an additional 15,050 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Veeva Systems during the first quarter worth about $982,000. First Republic Investment Management Inc. raised its position in shares of Veeva Systems by 54.0% in the first quarter. First Republic Investment Management Inc. now owns 43,730 shares of the company’s stock worth $1,095,000 after buying an additional 15,335 shares during the period. IBM Retirement Fund acquired a new position in shares of Veeva Systems during the second quarter worth about $331,000. Finally, Pembroke Management LTD acquired a new position in shares of Veeva Systems during the second quarter worth about $6,714,000. Institutional investors and hedge funds 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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