Veeva Systems’ (VEEV) Buy Rating Reiterated at Canaccord Genuity
Canaccord Genuity reaffirmed their buy rating on shares of Veeva Systems Inc. (NYSE:VEEV) in a report issued on Tuesday. The firm currently has a $46.00 target price on the stock, up from their previous target price of $43.00.
A number of other analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Veeva Systems from a hold rating to a sell rating in a research note on Tuesday, July 26th. Morgan Stanley restated a buy rating and issued a $44.00 price target on shares of Veeva Systems in a research note on Tuesday, August 16th. Goldman Sachs Group Inc. started coverage on shares of Veeva Systems in a research note on Tuesday, October 4th. They issued a neutral rating and a $43.00 price target for the company. Citigroup Inc. lifted their price target on shares of Veeva Systems from $31.00 to $40.00 and gave the stock a neutral rating in a research note on Tuesday, August 23rd. Finally, Raymond James Financial Inc. started coverage on shares of Veeva Systems in a research note on Wednesday, August 24th. They issued a market perform rating for the company. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $41.46.
Shares of Veeva Systems (NYSE:VEEV) opened at 38.84 on Tuesday. The firm has a market cap of $5.29 billion, a PE ratio of 104.97 and a beta of 1.58. Veeva Systems has a 52 week low of $19.97 and a 52 week high of $42.58. The company’s 50-day moving average is $40.34 and its 200-day moving average is $33.98.
Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Tuesday, August 30th. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The firm had revenue of $131.30 million for the quarter, compared to analysts’ expectations of $126.61 million. Veeva Systems had a net margin of 11.33% and a return on equity of 11.26%. Veeva Systems’s revenue was up 33.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.13 earnings per share. Analysts forecast that Veeva Systems will post $0.60 EPS for the current fiscal year.
In related news, EVP Alan Mateo sold 44,177 shares of the company’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $40.55, for a total value of $1,791,377.35. Following the completion of the sale, the executive vice president now owns 5,805 shares of the company’s stock, valued at $235,392.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gordon Ritter sold 44,800 shares of the company’s stock in a transaction dated Tuesday, July 12th. The stock was sold at an average price of $37.26, for a total transaction of $1,669,248.00. The disclosure for this sale can be found here. Insiders own 19.17% of the company’s stock.
Large investors have recently bought and sold shares of the company. Huntington National Bank bought a new stake in Veeva Systems during the second quarter valued at $101,000. FineMark National Bank & Trust increased its stake in Veeva Systems by 12.7% in the second quarter. FineMark National Bank & Trust now owns 3,060 shares of the company’s stock valued at $104,000 after buying an additional 346 shares during the last quarter. Legal & General Group Plc increased its stake in Veeva Systems by 38.0% in the first quarter. Legal & General Group Plc now owns 6,367 shares of the company’s stock valued at $160,000 after buying an additional 1,752 shares during the last quarter. DIAM Co. Ltd. bought a new stake in Veeva Systems during the second quarter valued at $170,000. Finally, Denver Investment Advisors LLC bought a new stake in Veeva Systems during the second quarter valued at $204,000. 70.67% of the stock is owned by institutional investors and hedge funds.
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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