KeyCorp Reaffirms Buy Rating for Veeva Systems Inc. (VEEV)
“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 wrote.
Other equities analysts have also issued research reports about the stock. Needham & Company LLC reissued a buy rating and issued a $75.00 price target (up previously from $48.00) on shares of Veeva Systems in a report on Sunday, May 28th. Pacific Crest reissued an overweight rating and issued a $70.00 price target (up previously from $61.00) on shares of Veeva Systems in a report on Sunday, May 28th. Stifel Nicolaus boosted their price target on shares of Veeva Systems from $60.00 to $67.00 and gave the company a buy rating in a report on Saturday, May 27th. Canaccord Genuity reissued a buy rating and issued a $70.00 price target (up previously from $48.00) on shares of Veeva Systems in a report on Friday, May 26th. Finally, Citigroup Inc. boosted their price target on shares of Veeva Systems from $61.00 to $67.00 and gave the company a neutral rating in a report on Tuesday, May 30th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $63.31.
Veeva Systems (NYSE VEEV) opened at 57.13 on Friday. Veeva Systems has a 12-month low of $36.55 and a 12-month high of $68.07. The stock has a 50 day moving average price of $63.17 and a 200-day moving average price of $56.06. The firm has a market capitalization of $8.00 billion, a PE ratio of 73.06 and a beta of 1.63.
Veeva Systems (NYSE:VEEV) last issued its earnings results on Thursday, August 24th. The technology company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.20 by $0.03. The company had revenue of $166.59 million during 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 revenue for the quarter was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 EPS. On average, equities research analysts forecast that Veeva Systems will post $0.83 EPS for the current year.
In other Veeva Systems news, SVP Frederic Lequient sold 1,088 shares of the business’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $65.06, for a total transaction of $70,785.28. Following the sale, the senior vice president now directly owns 2,875 shares of the company’s stock, valued at approximately $187,047.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Timothy S. Cabral sold 4,375 shares of the business’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $57.86, for a total transaction of $253,137.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 240,996 shares of company stock valued at $15,233,397. Company insiders own 17.50% of the company’s stock.
A number of large investors have recently modified their holdings of VEEV. ETF Managers Group LLC acquired a new stake in shares of Veeva Systems during the second quarter valued at approximately $101,000. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Veeva Systems during the second quarter valued at approximately $102,000. LS Investment Advisors LLC acquired a new stake in shares of Veeva Systems during the second quarter valued at approximately $105,000. Huntington National Bank boosted 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 period. Finally, C M Bidwell & Associates Ltd. boosted 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 period. 71.50% of the stock is currently owned by hedge funds and other 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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