Veeva Systems Inc. (NYSE:VEEV) Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Veeva Systems Inc. (NYSE:VEEV) from a strong-buy rating to a hold rating in a research report released on Thursday.
According to Zacks, “Veeva Systems outperformed the broader industry in the last three months on the back of its splendid earnings surprise history. Notably, the company has delivered positive earnings surprise in all the past four quarters. Further, the company remains on track with its commercial cloud platform, which registered multiple contracts around the world. Veeva has also many core CRM projects on track with large pharma companies around the globe. The company has strengthened the recurring part of its revenue mix by marking significant growth in subscription revenues in the reported quarter. Moreover, the new launches at the Veeva Vault and the Veeva Coomercial Cloud platforms are encouraging. Estimates have been stable ahead of the company's second quarter earnings release. However, intensifying competition, high operating expenses and a saturating lifesciences market are key concerns.”
Several other analysts also recently weighed in on the company. Stifel Nicolaus reaffirmed a buy rating and set a $67.00 target price (up previously from $60.00) on shares of Veeva Systems in a research note on Sunday, May 21st. Morgan Stanley downgraded Veeva Systems from an overweight rating to an equal weight rating and lifted their target price for the company from $53.00 to $68.00 in a research note on Monday, June 5th. They noted that the move was a valuation call. Needham & Company LLC reaffirmed a buy rating and set a $75.00 target price (up previously from $48.00) on shares of Veeva Systems in a research note on Sunday, May 28th. Bank of America Corporation raised Veeva Systems from a neutral rating to a buy rating and lifted their target price for the company from $48.00 to $70.00 in a research note on Friday, May 26th. Finally, Citigroup Inc. lifted their target price on Veeva Systems from $61.00 to $67.00 and gave the company a neutral rating in a research note on Tuesday, May 30th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $62.00.
Veeva Systems (NYSE:VEEV) opened at 63.63 on Thursday. The company’s 50-day moving average price is $62.28 and its 200-day moving average price is $53.32. Veeva Systems has a one year low of $36.55 and a one year high of $68.07. The firm has a market cap of $8.89 billion, a price-to-earnings ratio of 102.46 and a beta of 1.63.
Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Thursday, May 25th. The technology company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by $0.04. The company had revenue of $157.90 million during the quarter, compared to the consensus estimate of $151.82 million. Veeva Systems had a return on equity of 12.28% and a net margin of 15.86%. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same period last year, the business posted $0.15 EPS. On average, analysts anticipate that Veeva Systems will post $0.83 EPS for the current year.
In other news, Director Gordon Ritter sold 10,200 shares of Veeva Systems stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $53.83, for a total transaction of $549,066.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Alan Mateo sold 8,025 shares of Veeva Systems stock in a transaction on Monday, May 15th. The shares were sold at an average price of $56.57, for a total value of $453,974.25. Following the transaction, the executive vice president now owns 14,445 shares in the company, valued at $817,153.65. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 276,958 shares of company stock worth $17,223,322. 19.17% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of the company. LS Investment Advisors LLC purchased a new position in Veeva Systems during the second quarter worth $105,000. Huntington National Bank boosted its position in 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 during the period. Daiwa Securities Group Inc. purchased a new position in Veeva Systems during the second quarter worth $193,000. Capstone Asset Management Co. purchased a new position in Veeva Systems during the second quarter worth $202,000. Finally, Pennsylvania Trust Co purchased a new position in Veeva Systems during the second quarter worth $203,000. Institutional investors and hedge funds own 80.52% 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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