Veeva Systems Inc. (VEEV) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Veeva Systems Inc. (NYSE:VEEV) from a hold rating to a buy rating in a report issued on Tuesday morning. They currently have $52.00 target price on the stock.
According to Zacks, “In the past 6 months, Veeva Systems had outperformed the broader industry trend with respect to price performance. Additionally, a positive estimate revision trend in the last seven days instills confidence on the stock. Veeva Systems ended the third quarter of 2017 on an impressive note, beating the Zacks Consensus Estimate on both lines. Further, the company’s raised the guidance for fiscal 2017. Veeva Systems has strengthened the recurring part of its revenue mix by marking significant growth in subscription revenues in the reported quarter. Moreover, the new launches at the Veeva Vault and the Veeva Coomercial Cloud platforms are encouraging. The company is also supported by considerable strength in its CRM platform. However, intensifying competition, high operating expenses and a saturating lifesciences market are key concerns.”
Several other research firms also recently issued reports on VEEV. Needham & Company LLC reaffirmed a buy rating and set a $46.00 price target on shares of Veeva Systems in a research note on Saturday. Canaccord Genuity reiterated a hold rating and set a $43.00 price objective (up from $35.00) on shares of Veeva Systems in a research report on Monday, August 29th. JMP Securities reiterated a hold rating on shares of Veeva Systems in a research report on Thursday, November 24th. Stifel Nicolaus increased their price objective on shares of Veeva Systems from $45.00 to $48.00 and gave the stock a buy rating in a research report on Wednesday, November 23rd. Finally, Evercore ISI reiterated a buy rating and set a $47.00 price objective (up from $45.00) on shares of Veeva Systems in a research report on Saturday. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $44.07.
Shares of Veeva Systems (NYSE:VEEV) opened at 47.36 on Tuesday. The company has a market capitalization of $6.42 billion, a PE ratio of 105.24 and a beta of 1.60. Veeva Systems has a 12 month low of $19.97 and a 12 month high of $47.76. The firm’s 50-day moving average is $39.68 and its 200 day moving average is $37.51.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings results 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. The firm earned $142.80 million during the quarter, compared to the consensus estimate of $135.67 million. Veeva Systems had a net margin of 12.73% and a return on equity of 12.84%. The company’s revenue for the quarter was up 33.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.12 earnings per share. Equities research analysts predict that Veeva Systems will post $0.63 EPS for the current year.
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In other news, EVP Alan Mateo sold 657 shares of the business’s stock in a transaction that occurred on Friday, October 14th. The shares were sold at an average price of $38.21, for a total value of $25,103.97. Following the sale, the executive vice president now owns 8,184 shares of the company’s stock, valued at $312,710.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Paul J. Sekhri sold 17,593 shares of the business’s stock in a transaction that occurred on Tuesday, October 11th. The shares were sold at an average price of $37.73, for a total transaction of $663,783.89. Following the completion of the sale, the director now directly owns 21,108 shares in the company, valued at approximately $796,404.84. The disclosure for this sale can be found here. 19.17% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in 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 during the period. BlackRock Institutional Trust Company N.A. boosted 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 valued at $100,940,000 after buying an additional 56,370 shares in the last quarter. First Trust Advisors LP boosted 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 valued at $94,361,000 after buying an additional 668,595 shares in the last quarter. Riverbridge Partners LLC boosted 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 valued at $94,095,000 after buying an additional 297,689 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted 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 valued at $77,618,000 after buying an additional 1,261,115 shares in the last quarter. 69.20% 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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