Veeva Systems’ (VEEV) Buy Rating Reiterated at Needham & Company LLC
Needham & Company LLC reaffirmed their buy rating on shares of Veeva Systems Inc. (NYSE:VEEV) in a report published on Friday. Needham & Company LLC currently has a $70.00 price target on the technology company’s stock.
Several other research analysts have also recently commented on the company. Stifel Nicolaus reiterated a buy rating and issued a $67.00 price target (up previously from $60.00) on shares of Veeva Systems in a research note on Sunday, May 21st. Morgan Stanley lowered Veeva Systems from an overweight rating to an equal weight rating and upped their target price for the company from $53.00 to $68.00 in a report on Monday, June 5th. They noted that the move was a valuation call. Zacks Investment Research lowered Veeva Systems from a strong-buy rating to a hold rating in a report on Thursday, July 27th. Bank of America Corporation raised Veeva Systems from a neutral rating to a buy rating and upped their target price for the company from $48.00 to $70.00 in a report on Friday, May 26th. Finally, Citigroup Inc. increased their price objective on Veeva Systems from $61.00 to $67.00 and gave the stock 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. Veeva Systems has a consensus rating of Buy and a consensus target price of $63.31.
Shares of Veeva Systems (NYSE VEEV) opened at 57.13 on Friday. The company has a 50-day moving average price of $63.17 and a 200-day moving average price of $56.06. The company has a market capitalization of $8.00 billion, a P/E ratio of 73.06 and a beta of 1.63. Veeva Systems has a 12 month low of $36.55 and a 12 month high of $68.07.
Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Thursday, August 24th. The technology company reported $0.23 EPS for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.03. The company had revenue of $166.59 million for the quarter, compared to analysts’ expectations of $164.26 million. Veeva Systems had a return on equity of 13.31% and a net margin of 18.98%. The firm’s quarterly revenue was up 26.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.15 earnings per share. On average, analysts forecast that Veeva Systems will post $0.83 EPS for the current fiscal year.
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In other news, CFO Timothy S. Cabral sold 40,000 shares of the stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $65.91, for a total value of $2,636,400.00. Following the completion of the sale, the chief financial officer now owns 30,000 shares in the company, valued at $1,977,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Alan Mateo sold 8,025 shares of the stock in a transaction on Monday, August 14th. The shares were sold at an average price of $62.89, for a total value of $504,692.25. Following the completion of the sale, the executive vice president now owns 14,010 shares of the company’s stock, valued at approximately $881,088.90. The disclosure for this sale can be found here. Insiders sold 240,996 shares of company stock valued at $15,233,397 in the last 90 days. Corporate insiders own 17.50% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. ETF Managers Group LLC acquired a new stake in Veeva Systems during the second quarter worth about $101,000. Robeco Institutional Asset Management B.V. bought a new position in Veeva Systems during the second quarter worth $102,000. LS Investment Advisors LLC bought a new position in Veeva Systems during the second quarter worth $105,000. Huntington National Bank increased 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. Finally, C M Bidwell & Associates Ltd. increased its position in 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 worth $172,000 after buying an additional 2,300 shares during the period. Institutional investors own 71.50% 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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