Veeva Systems Inc. (VEEV) Receives New Coverage from Analysts at Goldman Sachs Group Inc.
Goldman Sachs Group Inc. started coverage on shares of Veeva Systems Inc. (NYSE:VEEV) in a research report released on Tuesday morning. The brokerage issued a neutral rating and a $43.00 target price on the stock.
Several other brokerages have also weighed in on VEEV. Zacks Investment Research lowered Veeva Systems from a hold rating to a sell rating in a report on Tuesday, July 26th. Canaccord Genuity reissued a hold rating and issued a $43.00 price objective (up previously from $35.00) on shares of Veeva Systems in a report on Monday, August 29th. Bank of America Corp. initiated coverage on Veeva Systems in a report on Friday, June 17th. They issued a neutral rating and a $40.00 price objective for the company. Needham & Company LLC reissued a buy rating and issued a $46.00 price objective (up previously from $43.00) on shares of Veeva Systems in a report on Friday, September 30th. Finally, Pacific Crest set a $42.00 price objective on Veeva Systems and gave the stock a buy rating in a report on Wednesday, August 31st. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $41.46.
Veeva Systems (NYSE:VEEV) opened at 40.39 on Tuesday. The company has a market capitalization of $5.50 billion, a PE ratio of 109.16 and a beta of 1.58. The firm’s 50-day moving average is $40.33 and its 200-day moving average is $33.80. Veeva Systems has a 52-week low of $19.97 and a 52-week high of $42.58.
Veeva Systems (NYSE:VEEV) last announced its earnings results on Tuesday, August 30th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.02. Veeva Systems had a return on equity of 11.26% and a net margin of 11.33%. The firm earned $131.30 million during the quarter, compared to analyst estimates of $126.61 million. During the same period last year, the firm posted $0.13 EPS. The business’s revenue was up 33.8% compared to the same quarter last year. On average, equities research analysts forecast that Veeva Systems will post $0.60 EPS for the current year.
In related news, President Matthew J. Wallach sold 84,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $41.47, for a total value of $3,483,480.00. Following the completion of the sale, the president now owns 42,000 shares in the company, valued at approximately $1,741,740. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eleni Nitsa Zuppas sold 937 shares of the business’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $40.50, for a total value of $37,948.50. Following the completion of the sale, the insider now owns 8,321 shares of the company’s stock, valued at approximately $337,000.50. The disclosure for this sale can be found here. 19.17% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Teachers Advisors Inc. increased its stake in Veeva Systems by 26.6% in the first quarter. Teachers Advisors Inc. now owns 66,421 shares of the company’s stock worth $1,663,000 after buying an additional 13,946 shares during the last quarter. Emerald Mutual Fund Advisers Trust boosted its position in shares of Veeva Systems by 3.8% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 1,038,773 shares of the company’s stock worth $35,443,000 after buying an additional 37,926 shares during the period. Norges Bank bought a new position in shares of Veeva Systems during the fourth quarter worth approximately $11,094,000. DekaBank Deutsche Girozentrale bought a new position in shares of Veeva Systems during the second quarter worth approximately $1,486,000. Finally, William Blair Investment Management LLC bought a new position in shares of Veeva Systems during the second quarter worth approximately $75,081,000. Institutional investors own 70.67% of the company’s stock.
About Veeva Systems
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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