Veeva Systems Inc (VEEV) Expected to Announce Quarterly Sales of $164.41 Million
Equities research analysts expect that Veeva Systems Inc (NYSE:VEEV) will announce sales of $164.41 million for the current fiscal quarter, Zacks reports. Six analysts have issued estimates for Veeva Systems’ earnings, with the lowest sales estimate coming in at $163.41 million and the highest estimate coming in at $167.82 million. Veeva Systems reported sales of $131.35 million during the same quarter last year, which would suggest a positive year over year growth rate of 25.2%. The business is expected to report its next quarterly earnings report after the market closes on Thursday, August 24th.
According to Zacks, analysts expect that Veeva Systems will report full year sales of $164.41 million for the current financial year, with estimates ranging from $667.00 million to $682.22 million. For the next financial year, analysts forecast that the business will report sales of $797.36 million per share, with estimates ranging from $780.92 million to $810.80 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Veeva Systems.
Veeva Systems (NYSE:VEEV) last announced its earnings results on Thursday, May 25th. The technology company reported $0.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.04. Veeva Systems had a net margin of 22.81% and a return on equity of 21.22%. The business had revenue of $157.90 million for the quarter, compared to the consensus estimate of $151.82 million. During the same period in the prior year, the business posted $0.15 EPS. Veeva Systems’s revenue for the quarter was up 31.8% on a year-over-year basis.
VEEV has been the subject of several recent analyst reports. Bank of America Corporation upgraded shares of Veeva Systems from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $48.00 to $70.00 in a research note on Friday, May 26th. Morgan Stanley lowered shares of Veeva Systems from an “overweight” rating to an “equal weight” rating and boosted their price objective for the stock from $53.00 to $68.00 in a research note on Monday, June 5th. They noted that the move was a valuation call. Stifel Nicolaus reiterated a “buy” rating and set a $67.00 price objective (up previously from $60.00) on shares of Veeva Systems in a research note on Sunday, May 21st. Deutsche Bank AG reiterated a “hold” rating and set a $55.00 price objective on shares of Veeva Systems in a research note on Tuesday, May 30th. Finally, BidaskClub lowered shares of Veeva Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 13th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $62.00.
In other news, insider Eleni Nitsa Zuppas sold 4,897 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $64.75, for a total value of $317,080.75. Following the completion of the transaction, the insider now owns 7,452 shares of the company’s stock, valued at $482,517. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Timothy S. Cabral sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $65.91, for a total transaction of $2,636,400.00. Following the completion of the transaction, the chief financial officer now directly owns 30,000 shares of the company’s stock, valued at approximately $1,977,300. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 268,933 shares of company stock valued at $17,127,929. 17.50% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of VEEV. QS Investors LLC increased its position in shares of Veeva Systems by 0.5% in the second quarter. QS Investors LLC now owns 3,832 shares of the technology company’s stock worth $235,000 after buying an additional 19 shares in the last quarter. Alps Advisors Inc. boosted its stake in 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 during the last quarter. Cim LLC boosted its stake in Veeva Systems by 1.9% in the first quarter. Cim LLC now owns 10,503 shares of the technology company’s stock worth $539,000 after buying an additional 196 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in 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 during the last quarter. Finally, Creative Planning boosted its stake in 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 during the last quarter. 78.58% of the stock is owned by institutional investors and hedge funds.
Veeva Systems (NYSE VEEV) opened at 62.80 on Wednesday. Veeva Systems has a 52 week low of $36.55 and a 52 week high of $68.07. The company has a market cap of $8.78 billion, a P/E ratio of 101.13 and a beta of 1.63. The firm’s 50 day moving average is $62.78 and its 200-day moving average is $55.08.
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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.
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