Veeva Systems Inc. (VEEV) Rating Reiterated by Needham & Company LLC
Veeva Systems Inc. (NYSE:VEEV)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued to investors on Friday. They presently have a $70.00 price target on the technology company’s stock. Needham & Company LLC’s price objective points to a potential upside of 23.72% from the stock’s previous close.
A number of other brokerages have also commented on VEEV. Zacks Investment Research lowered Veeva Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 27th. Canaccord Genuity reiterated a “buy” rating and issued a $70.00 price objective (up from $48.00) on shares of Veeva Systems in a research report on Friday, May 26th. Stifel Nicolaus reiterated a “buy” rating and issued a $67.00 price objective on shares of Veeva Systems in a research report on Monday, July 10th. Citigroup Inc. raised their target price on Veeva Systems from $61.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, May 30th. Finally, KeyCorp restated a “buy” rating and set a $70.00 target price on shares of Veeva Systems in a report on Friday. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Veeva Systems has an average rating of “Buy” and a consensus price target of $63.31.
Shares of Veeva Systems (NYSE VEEV) traded up 3.754% during trading on Friday, hitting $57.905. 2,049,605 shares of the stock were exchanged. The stock has a 50-day moving average of $63.17 and a 200 day moving average of $56.06. Veeva Systems has a 12-month low of $36.55 and a 12-month high of $68.07. The stock has a market cap of $8.11 billion, a P/E ratio of 74.047 and a beta of 1.63.
Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Thursday, August 24th. The technology company reported $0.23 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.03. The firm had revenue of $166.59 million during the quarter, compared to analyst estimates of $164.26 million. Veeva Systems had a return on equity of 13.31% and a net margin of 18.98%. The company’s revenue was up 26.8% on a year-over-year basis. During the same period last year, the company earned $0.15 earnings per share. Equities analysts predict that Veeva Systems will post $0.83 earnings per share for the current fiscal year.
In other news, SVP Frederic Lequient sold 1,088 shares of Veeva Systems stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $65.06, for a total transaction of $70,785.28. Following the transaction, the senior vice president now owns 2,875 shares in the company, valued at approximately $187,047.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 34,065 shares of Veeva Systems stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $66.67, for a total value of $2,271,113.55. Following the transaction, the senior vice president now owns 35,139 shares in the company, valued at approximately $2,342,717.13. The disclosure for this sale can be found here. Insiders have sold a total of 279,958 shares of company stock worth $17,821,591 in the last quarter. 17.50% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in VEEV. QS Investors LLC boosted its position in Veeva Systems by 0.5% in the second quarter. QS Investors LLC now owns 3,832 shares of the technology company’s stock valued at $235,000 after buying an additional 19 shares during the period. Alps Advisors Inc. raised its stake in shares of Veeva Systems by 0.3% in the second quarter. Alps Advisors Inc. now owns 10,387 shares of the technology company’s stock worth $637,000 after buying an additional 27 shares in the last quarter. Teacher Retirement System of Texas raised its stake in shares of Veeva Systems by 2.9% in the first quarter. Teacher Retirement System of Texas now owns 7,125 shares of the technology company’s stock worth $365,000 after buying an additional 204 shares in the last quarter. Creative Planning raised its stake in shares of Veeva Systems by 1.5% in the second quarter. Creative Planning now owns 15,422 shares of the technology company’s stock worth $946,000 after buying an additional 232 shares in the last quarter. Finally, 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 worth $164,000 after buying an additional 256 shares in the last quarter. Institutional investors and hedge funds own 71.50% 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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