BidaskClub lowered shares of Veeva Systems Inc. (NYSE:VEEV) from a strong-buy rating to a buy rating in a research report sent to investors on Thursday morning.

Several other equities research analysts have also issued reports on VEEV. Canaccord Genuity reiterated a buy rating and set a $70.00 target price (up from $48.00) on shares of Veeva Systems in a research report on Friday, May 26th. Stifel Nicolaus lifted their target price on shares of Veeva Systems from $60.00 to $67.00 and gave the company a buy rating in a research report on Saturday, May 27th. Deutsche Bank AG reiterated a hold rating and set a $55.00 target price on shares of Veeva Systems in a research report on Tuesday, May 30th. Pacific Crest reiterated an overweight rating and set a $70.00 target price (up from $61.00) on shares of Veeva Systems in a research report on Sunday, May 28th. Finally, KeyCorp reiterated a buy rating and set a $70.00 target price on shares of Veeva Systems in a research report on Friday, August 25th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of Buy and an average target price of $64.77.

Shares of Veeva Systems (NYSE:VEEV) traded down 1.670% during trading on Thursday, hitting $55.635. 701,985 shares of the stock traded hands. Veeva Systems has a 1-year low of $36.55 and a 1-year high of $68.07. The company has a market cap of $7.82 billion, a P/E ratio of 71.145 and a beta of 1.65. The stock has a 50-day moving average of $60.96 and a 200 day moving average of $57.35.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Thursday, August 24th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.03. Veeva Systems had a net margin of 18.98% and a return on equity of 12.77%. The business had revenue of $166.59 million during the quarter, compared to analyst estimates of $164.26 million. During the same period in the previous year, the business posted $0.15 earnings per share. Veeva Systems’s revenue for the quarter was up 26.8% on a year-over-year basis. On average, equities research analysts predict that Veeva Systems will post $0.87 EPS for the current fiscal year.

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In related news, President Matthew J. Wallach sold 24,000 shares of Veeva Systems stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $62.82, for a total value of $1,507,680.00. Following the transaction, the president now directly owns 24,000 shares of the company’s stock, valued at $1,507,680. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gordon Ritter sold 10,200 shares of Veeva Systems stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $57.41, for a total transaction of $585,582.00. The disclosure for this sale can be found here. Insiders have sold 258,865 shares of company stock worth $15,729,842 over the last three months. Insiders own 19.17% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. QS Investors LLC increased its stake 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 during the period. Alps Advisors Inc. increased its stake in shares of 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 period. Teacher Retirement System of Texas increased its stake in shares of 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 period. Creative Planning increased its stake in shares of 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 period. Finally, Huntington National Bank increased its stake in shares of 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. 71.51% of the stock is currently owned by institutional investors.

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.

Analyst Recommendations for Veeva Systems (NYSE:VEEV)

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