BidaskClub upgraded shares of Veeva Systems Inc. (NYSE:VEEV) from a buy rating to a strong-buy rating in a research note published on Wednesday morning.

Other equities analysts also recently issued research reports about the company. Needham & Company LLC reiterated a buy rating and issued a $70.00 price objective on shares of Veeva Systems in a research note on Friday, August 25th. JMP Securities reiterated a buy rating and issued a $70.00 price objective on shares of Veeva Systems in a research note on Saturday, August 26th. KeyCorp reiterated a buy rating and issued a $70.00 price objective on shares of Veeva Systems in a research note on Friday, August 25th. Canaccord Genuity reiterated a buy rating and issued a $70.00 price objective on shares of Veeva Systems in a research note on Tuesday, August 22nd. Finally, Zacks Investment Research downgraded Veeva Systems from a strong-buy rating to a hold rating in a research note on Thursday, July 27th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Veeva Systems currently has an average rating of Buy and a consensus target price of $64.77.

Shares of Veeva Systems (NYSE:VEEV) opened at 58.24 on Wednesday. The company has a market cap of $8.15 billion, a price-to-earnings ratio of 74.48 and a beta of 1.65. The firm has a 50-day moving average price of $62.18 and a 200 day moving average price of $56.97. Veeva Systems has a 1-year low of $36.55 and a 1-year high of $68.07.

Veeva Systems (NYSE:VEEV) last announced its 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. Veeva Systems had a return on equity of 13.31% and a net margin of 18.98%. The firm had revenue of $166.59 million for the quarter, compared to the consensus estimate of $164.26 million. During the same quarter in the previous year, the business earned $0.15 EPS. The company’s revenue was up 26.8% compared to the same quarter last year. On average, analysts predict that Veeva Systems will post $0.86 EPS for the current fiscal year.

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In related news, Director Gordon Ritter sold 5,100 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $57.40, for a total value of $292,740.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Alan Mateo sold 8,025 shares of the company’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $59.75, for a total transaction of $479,493.75. Following the completion of the transaction, the executive vice president now owns 14,264 shares of the company’s stock, valued at $852,274. The disclosure for this sale can be found here. Insiders sold 189,941 shares of company stock valued at $11,751,444 over the last quarter. 19.17% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of VEEV. Morgan Stanley boosted its position in Veeva Systems by 113.2% during the first quarter. Morgan Stanley now owns 8,439,930 shares of the technology company’s stock valued at $432,800,000 after buying an additional 4,482,021 shares during the period. BlackRock Inc. boosted its position in Veeva Systems by 24,931.6% during the first quarter. BlackRock Inc. now owns 4,011,310 shares of the technology company’s stock valued at $205,701,000 after buying an additional 3,995,285 shares during the period. FMR LLC boosted its position in Veeva Systems by 398.1% during the first quarter. FMR LLC now owns 2,290,030 shares of the technology company’s stock valued at $117,433,000 after buying an additional 1,830,270 shares during the period. Vanguard Group Inc. boosted its position in Veeva Systems by 16.9% during the first quarter. Vanguard Group Inc. now owns 8,835,128 shares of the technology company’s stock valued at $453,066,000 after buying an additional 1,276,901 shares during the period. Finally, Wellington Management Group LLP boosted its position in Veeva Systems by 22.8% during the first quarter. Wellington Management Group LLP now owns 4,858,775 shares of the technology company’s stock valued at $249,158,000 after buying an additional 902,330 shares during the period. Institutional investors and hedge funds own 71.51% 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.

Analyst Recommendations for Veeva Systems (NYSE:VEEV)

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