Veeva Systems (NYSE:VEEV) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Tuesday, Marketbeat reports.

VEEV has been the topic of several other reports. Zacks Investment Research lowered Veeva Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, October 24th. Needham & Company LLC restated a “buy” rating on shares of Veeva Systems in a research note on Thursday, October 12th. Stifel Nicolaus restated a “buy” rating and set a $67.00 price objective on shares of Veeva Systems in a research note on Friday, October 13th. Canaccord Genuity restated a “buy” rating and set a $70.00 price objective on shares of Veeva Systems in a research note on Wednesday, December 6th. Finally, BidaskClub upgraded Veeva Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 20th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $67.45.

Veeva Systems (NYSE:VEEV) traded up $0.95 during trading on Tuesday, reaching $61.27. The company had a trading volume of 441,720 shares, compared to its average volume of 799,866. The firm has a market cap of $8,750.00, a price-to-earnings ratio of 68.00, a PEG ratio of 4.95 and a beta of 1.60. Veeva Systems has a 12-month low of $41.30 and a 12-month high of $68.07.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Tuesday, December 5th. The technology company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.16 by $0.09. The firm had revenue of $176.10 million for the quarter, compared to analyst estimates of $171.99 million. Veeva Systems had a return on equity of 12.21% and a net margin of 19.97%. Veeva Systems’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.22 EPS. research analysts forecast that Veeva Systems will post 0.68 EPS for the current year.

In other news, EVP Alan Mateo sold 701 shares of the company’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $58.85, for a total value of $41,253.85. Following the completion of the sale, the executive vice president now owns 9,512 shares in the company, valued at $559,781.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eleni Nitsa Zuppas sold 1,338 shares of the company’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $58.11, for a total value of $77,751.18. Following the completion of the sale, the insider now owns 10,699 shares of the company’s stock, valued at approximately $621,718.89. The disclosure for this sale can be found here. In the last three months, insiders sold 170,617 shares of company stock valued at $9,827,783. Company insiders own 17.50% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Veeva Systems by 3.3% in the second quarter. Vanguard Group Inc. now owns 9,125,993 shares of the technology company’s stock valued at $559,515,000 after buying an additional 290,865 shares during the period. FMR LLC increased its position in shares of Veeva Systems by 50.9% in the second quarter. FMR LLC now owns 3,456,402 shares of the technology company’s stock valued at $211,912,000 after acquiring an additional 1,166,372 shares during the last quarter. First Trust Advisors LP increased its position in shares of Veeva Systems by 6.1% in the third quarter. First Trust Advisors LP now owns 2,212,827 shares of the technology company’s stock valued at $124,826,000 after acquiring an additional 126,869 shares during the last quarter. State Street Corp increased its position in shares of Veeva Systems by 52.1% in the second quarter. State Street Corp now owns 1,856,894 shares of the technology company’s stock valued at $113,851,000 after acquiring an additional 635,842 shares during the last quarter. Finally, New York State Common Retirement Fund increased its position in shares of Veeva Systems by 2.2% in the third quarter. New York State Common Retirement Fund now owns 1,619,820 shares of the technology company’s stock valued at $91,374,000 after acquiring an additional 35,073 shares during the last quarter. Institutional investors and hedge funds own 70.80% of the company’s stock.

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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.

Analyst Recommendations for Veeva Systems (NYSE:VEEV)

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