Veeva Systems’ (VEEV) “Buy” Rating Reaffirmed at KeyCorp
KeyCorp restated their buy rating on shares of Veeva Systems Inc. (NYSE:VEEV) in a research report released on Friday morning. KeyCorp currently has a $70.00 price objective on the technology company’s stock.
“We are raising revenue estimates by $5M in F2018 and nearly $10M in F2019 based on the assumption that (1) Vault growth remains at or above 40%, and (2) Commercial Cloud plus services can sustain growth at or above 10% y/y.”,” the firm’s analyst commented.
A number of other equities analysts have also recently weighed in on the stock. Canaccord Genuity reissued a buy rating and set a $70.00 price target on shares of Veeva Systems in a research report on Tuesday. Zacks Investment Research cut shares of Veeva Systems from a strong-buy rating to a hold rating in a research report on Thursday, July 27th. Stifel Nicolaus reissued a buy rating and set a $67.00 price target on shares of Veeva Systems in a research report on Monday, July 10th. BidaskClub cut shares of Veeva Systems from a strong-buy rating to a buy rating in a research report on Tuesday, June 13th. Finally, Morgan Stanley cut shares of Veeva Systems from an overweight rating to an equal weight rating and lifted their price target for the stock from $53.00 to $68.00 in a research report on Monday, June 5th. They noted that the move was a valuation call. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $63.69.
Veeva Systems (NYSE:VEEV) traded down 13.59% during midday trading on Friday, hitting $55.81. The stock had a trading volume of 7,735,943 shares. The firm has a 50 day moving average price of $63.17 and a 200 day moving average price of $56.06. The stock has a market cap of $7.81 billion, a PE ratio of 71.37 and a beta of 1.63. Veeva Systems has a one year low of $36.55 and a one year high of $68.07.
Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Thursday, August 24th. The technology company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.03. The company had revenue of $166.59 million for the quarter, compared to analysts’ expectations of $164.26 million. Veeva Systems had a net margin of 18.98% and a return on equity of 13.31%. The business’s quarterly revenue was up 26.8% compared to the same quarter last year. During the same period last year, the firm posted $0.15 earnings per share. Equities analysts expect that Veeva Systems will post $0.83 EPS for the current year.
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In other Veeva Systems news, EVP Alan Mateo sold 8,025 shares of Veeva Systems stock in a transaction on Monday, August 14th. The shares were sold at an average price of $62.89, for a total value of $504,692.25. Following the sale, the executive vice president now directly owns 14,010 shares in the company, valued at approximately $881,088.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Frederic Lequient sold 1,088 shares of Veeva Systems stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $65.06, for a total transaction of $70,785.28. Following the completion of the sale, the senior vice president now owns 2,875 shares in the company, valued at $187,047.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 279,958 shares of company stock worth $17,821,591. 19.17% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of the stock. ETF Managers Group LLC acquired a new stake in shares of Veeva Systems during the second quarter valued at about $101,000. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Veeva Systems during the second quarter valued at about $102,000. LS Investment Advisors LLC acquired a new stake in shares of Veeva Systems during the second quarter valued at about $105,000. Huntington National Bank raised its stake in shares of Veeva Systems by 10.6% in the second quarter. Huntington National Bank now owns 2,668 shares of the technology company’s stock valued at $164,000 after buying an additional 256 shares during the last quarter. Finally, C M Bidwell & Associates Ltd. raised its stake in shares of Veeva Systems by 460.0% in the second quarter. C M Bidwell & Associates Ltd. now owns 2,800 shares of the technology company’s stock valued at $172,000 after buying an additional 2,300 shares during the last quarter. Hedge funds and other institutional investors own 78.58% of the company’s stock.
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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