Morgan Stanley Lowers Veeva Systems (VEEV) to Equal Weight

Veeva Systems (NYSE:VEEV) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Friday, Marketbeat reports. They presently have a $144.00 price objective on the technology company’s stock, up from their prior price objective of $126.00. Morgan Stanley’s price target indicates a potential upside of 1.56% from the company’s current price.

Several other equities analysts also recently issued reports on VEEV. Zacks Investment Research downgraded shares of Veeva Systems from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 30th. Stifel Nicolaus increased their price objective on shares of Veeva Systems from $130.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday. Deutsche Bank increased their price objective on shares of Veeva Systems from $100.00 to $115.00 and gave the company a “hold” rating in a report on Wednesday, February 27th. DA Davidson increased their price objective on shares of Veeva Systems to $140.00 and gave the company a “buy” rating in a report on Wednesday, February 27th. Finally, SunTrust Banks increased their price objective on shares of Veeva Systems to $140.00 and gave the company a “buy” rating in a report on Wednesday, February 27th. Eight equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $123.05.

VEEV traded up $0.85 during midday trading on Friday, hitting $141.79. 299,261 shares of the company traded hands, compared to its average volume of 1,225,003. The company has a market cap of $20.95 billion, a price-to-earnings ratio of 114.35, a PEG ratio of 6.32 and a beta of 1.71. Veeva Systems has a 52-week low of $73.47 and a 52-week high of $145.70.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Tuesday, February 26th. The technology company reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.04. The business had revenue of $232.32 million for the quarter, compared to the consensus estimate of $227.15 million. Veeva Systems had a net margin of 26.66% and a return on equity of 16.91%. The company’s revenue was up 24.9% compared to the same quarter last year. During the same period last year, the firm posted $0.23 earnings per share. As a group, sell-side analysts expect that Veeva Systems will post 1.53 earnings per share for the current fiscal year.

In other news, CMO Eleni Nitsa Zuppas sold 3,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $141.28, for a total value of $423,840.00. Following the transaction, the chief marketing officer now directly owns 12,738 shares of the company’s stock, valued at $1,799,624.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Paul J. Sekhri sold 600 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $127.53, for a total transaction of $76,518.00. Following the completion of the transaction, the director now directly owns 16,468 shares in the company, valued at $2,100,164.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 123,542 shares of company stock worth $15,168,295. Insiders own 14.38% of the company’s stock.

A number of hedge funds have recently modified their holdings of VEEV. TIAA CREF Investment Management LLC raised its stake in Veeva Systems by 6.6% during the third quarter. TIAA CREF Investment Management LLC now owns 930,192 shares of the technology company’s stock worth $101,270,000 after purchasing an additional 57,578 shares during the period. Bank of Montreal Can raised its stake in Veeva Systems by 200.2% during the fourth quarter. Bank of Montreal Can now owns 111,628 shares of the technology company’s stock worth $9,971,000 after purchasing an additional 74,442 shares during the period. Assenagon Asset Management S.A. purchased a new position in Veeva Systems during the fourth quarter worth about $5,036,000. IFM Investors Pty Ltd raised its stake in Veeva Systems by 14.8% during the fourth quarter. IFM Investors Pty Ltd now owns 7,000 shares of the technology company’s stock worth $625,000 after purchasing an additional 902 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Veeva Systems by 0.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 58,020 shares of the technology company’s stock worth $5,182,000 after purchasing an additional 206 shares during the period. 78.02% of the stock is currently owned by institutional investors.

About Veeva Systems

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 and data 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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