Veeva Systems (VEEV) Stock Rating Reaffirmed by William Blair

Veeva Systems (NYSE:VEEV)‘s stock had its “outperform” rating reissued by equities researchers at William Blair in a research report issued on Monday.

A number of other research firms have also recently weighed in on VEEV. JPMorgan Chase & Co. upped their price objective on shares of Veeva Systems from $81.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 24th. SunTrust Banks started coverage on shares of Veeva Systems in a research report on Monday, June 25th. They set a “buy” rating and a $100.00 price objective for the company. Needham & Company LLC upped their price objective on shares of Veeva Systems from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday. DA Davidson set a $120.00 price objective on shares of Veeva Systems and gave the stock a “buy” rating in a research report on Friday. Finally, KeyCorp upped their price objective on shares of Veeva Systems from $84.00 to $99.00 and gave the stock an “overweight” rating in a research report on Friday, August 24th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and three have given a strong buy rating to the company. Veeva Systems currently has an average rating of “Buy” and a consensus target price of $98.47.

NYSE:VEEV opened at $98.04 on Monday. The firm has a market cap of $15.62 billion, a price-to-earnings ratio of 106.57, a P/E/G ratio of 5.14 and a beta of 1.54. Veeva Systems has a fifty-two week low of $52.17 and a fifty-two week high of $109.05.

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

In other news, Director Ronald E. F. Codd sold 10,000 shares of the stock in a transaction dated Tuesday, July 10th. The shares were sold at an average price of $79.86, for a total value of $798,600.00. Following the completion of the sale, the director now directly owns 19,680 shares in the company, valued at $1,571,644.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy C. Barabe sold 727 shares of the stock in a transaction dated Thursday, September 27th. The shares were sold at an average price of $105.00, for a total transaction of $76,335.00. Following the completion of the sale, the director now owns 7,892 shares of the company’s stock, valued at $828,660. The disclosure for this sale can be found here. Insiders sold 182,371 shares of company stock valued at $17,173,180 over the last quarter. Company insiders own 15.97% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Morgan Stanley grew its holdings in shares of Veeva Systems by 4.5% in the second quarter. Morgan Stanley now owns 13,129,295 shares of the technology company’s stock valued at $1,009,118,000 after purchasing an additional 565,589 shares during the period. BlackRock Inc. grew its holdings in shares of Veeva Systems by 5.4% in the second quarter. BlackRock Inc. now owns 6,503,202 shares of the technology company’s stock valued at $499,836,000 after purchasing an additional 330,441 shares during the period. Federated Investors Inc. PA grew its holdings in shares of Veeva Systems by 4.0% in the second quarter. Federated Investors Inc. PA now owns 4,022,406 shares of the technology company’s stock valued at $309,162,000 after purchasing an additional 155,953 shares during the period. FMR LLC grew its holdings in shares of Veeva Systems by 38.7% in the second quarter. FMR LLC now owns 3,274,017 shares of the technology company’s stock valued at $251,641,000 after purchasing an additional 914,357 shares during the period. Finally, First Trust Advisors LP grew its holdings in shares of Veeva Systems by 24.2% in the second quarter. First Trust Advisors LP now owns 2,553,247 shares of the technology company’s stock valued at $196,243,000 after purchasing an additional 497,318 shares during the period. 75.99% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Veeva Systems (NYSE:VEEV)

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