Bank of America Boosts Veeva Systems (VEEV) Price Target to $110.00

Veeva Systems (NYSE:VEEV) had its target price hoisted by Bank of America from $100.00 to $110.00 in a report issued on Friday morning. Bank of America currently has a buy rating on the technology company’s stock.

A number of other brokerages have also weighed in on VEEV. ValuEngine raised Veeva Systems from a buy rating to a strong-buy rating in a report on Tuesday, August 28th. Morgan Stanley lifted their price objective on Veeva Systems from $85.00 to $91.00 and gave the company an overweight rating in a report on Thursday, August 16th. Zacks Investment Research raised Veeva Systems from a hold rating to a buy rating and set a $94.00 price objective on the stock in a report on Tuesday, July 24th. JPMorgan Chase & Co. lifted their price objective on Veeva Systems from $81.00 to $95.00 and gave the company a neutral rating in a report on Friday, August 24th. Finally, Deutsche Bank lifted their price objective on Veeva Systems from $70.00 to $85.00 and gave the company a hold rating in a report on Friday, August 24th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and three have given a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $98.47.

NYSE VEEV opened at $98.04 on Friday. Veeva Systems has a 52-week low of $52.17 and a 52-week high of $109.05. The stock has a market cap of $15.62 billion, a P/E ratio of 106.57, a P/E/G ratio of 5.14 and a beta of 1.54.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Thursday, August 23rd. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.05. Veeva Systems had a return on equity of 13.58% and a net margin of 21.23%. The firm had revenue of $209.60 million for the quarter, compared to analyst estimates of $203.50 million. During the same quarter last year, the company posted $0.23 earnings per share. The business’s revenue was up 24.9% on a year-over-year basis. As a group, analysts expect that Veeva Systems will post 1.1 EPS for the current year.

In other news, Director Ronald E. F. Codd sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 10th. The stock was sold at an average price of $79.86, for a total transaction of $798,600.00. Following the sale, the director now owns 19,680 shares of the company’s stock, valued at approximately $1,571,644.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Alan Mateo sold 876 shares of the business’s stock in a transaction that occurred on Tuesday, July 17th. The stock was sold at an average price of $81.32, for a total value of $71,236.32. Following the sale, the executive vice president now directly owns 13,023 shares in the company, valued at approximately $1,059,030.36. The disclosure for this sale can be found here. Insiders have sold a total of 182,371 shares of company stock worth $17,173,180 in the last three months. Corporate insiders own 15.97% of the company’s stock.

Large investors have recently made changes to their positions in the company. American International Group Inc. raised its position in shares of Veeva Systems by 56.5% during the 1st quarter. American International Group Inc. now owns 4,023 shares of the technology company’s stock worth $294,000 after purchasing an additional 1,452 shares during the last quarter. Aperio Group LLC raised its position in shares of Veeva Systems by 5.5% during the 1st quarter. Aperio Group LLC now owns 14,182 shares of the technology company’s stock worth $1,036,000 after purchasing an additional 733 shares during the last quarter. Northern Trust Corp raised its position in shares of Veeva Systems by 5.2% during the 1st quarter. Northern Trust Corp now owns 748,113 shares of the technology company’s stock worth $54,628,000 after purchasing an additional 37,132 shares during the last quarter. Toronto Dominion Bank raised its position in shares of Veeva Systems by 22.2% during the 1st quarter. Toronto Dominion Bank now owns 7,838 shares of the technology company’s stock worth $572,000 after purchasing an additional 1,426 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of Veeva Systems by 22.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 21,911 shares of the technology company’s stock worth $1,599,000 after purchasing an additional 4,011 shares during the last quarter. 75.99% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Company Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.

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