Bank of America Reaffirms Buy Rating for Veeva Systems (VEEV)

Bank of America restated their buy rating on shares of Veeva Systems (NYSE:VEEV) in a research note released on Thursday, MarketBeat reports. The brokerage currently has a $120.00 target price on the technology company’s stock, up from their prior target price of $110.00.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC reiterated a buy rating and issued a $100.00 price objective (up previously from $90.00) on shares of Veeva Systems in a report on Friday, August 24th. DA Davidson boosted their price objective on shares of Veeva Systems to $105.00 and gave the stock a buy rating in a report on Friday, August 24th. Canaccord Genuity boosted their price objective on shares of Veeva Systems from $85.00 to $98.00 and gave the stock a buy rating in a report on Friday, August 24th. They noted that the move was a valuation call. Stifel Nicolaus boosted their price objective on shares of Veeva Systems from $80.00 to $95.00 and gave the stock a buy rating in a report on Friday, August 24th. Finally, KeyCorp reiterated a buy rating on shares of Veeva Systems in a report on Thursday, August 23rd. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Veeva Systems currently has an average rating of Buy and a consensus target price of $101.80.

Shares of Veeva Systems stock opened at $96.16 on Thursday. Veeva Systems has a twelve month low of $52.17 and a twelve month high of $109.05. The firm has a market cap of $13.79 billion, a P/E ratio of 104.52, a price-to-earnings-growth ratio of 4.53 and a beta of 1.64.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, November 28th. The technology company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.05. Veeva Systems had a net margin of 23.61% and a return on equity of 16.20%. The firm had revenue of $224.70 million during the quarter, compared to analysts’ expectations of $216.04 million. During the same period in the prior year, the company earned $0.25 EPS. The firm’s revenue was up 26.9% on a year-over-year basis. As a group, analysts anticipate that Veeva Systems will post 1.14 earnings per share for the current year.

In other news, CFO Timothy S. Cabral sold 50,000 shares of the company’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $101.49, for a total value of $5,074,500.00. Following the sale, the chief financial officer now owns 30,000 shares in the company, valued at approximately $3,044,700. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 612 shares of the company’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $103.52, for a total transaction of $63,354.24. Following the completion of the sale, the senior vice president now owns 3,961 shares in the company, valued at approximately $410,042.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 122,929 shares of company stock worth $12,321,740. Company insiders own 15.97% of the company’s stock.

Several institutional investors have recently modified their holdings of VEEV. United Services Automobile Association raised its stake in Veeva Systems by 2.9% during the second quarter. United Services Automobile Association now owns 18,516 shares of the technology company’s stock worth $1,423,000 after acquiring an additional 529 shares during the period. Standard Life Aberdeen plc raised its stake in Veeva Systems by 2.0% during the third quarter. Standard Life Aberdeen plc now owns 28,661 shares of the technology company’s stock worth $3,120,000 after acquiring an additional 568 shares during the period. Shell Asset Management Co. raised its stake in Veeva Systems by 6.5% during the third quarter. Shell Asset Management Co. now owns 9,554 shares of the technology company’s stock worth $1,040,000 after acquiring an additional 580 shares during the period. Comerica Bank raised its stake in Veeva Systems by 11.2% during the third quarter. Comerica Bank now owns 5,773 shares of the technology company’s stock worth $515,000 after acquiring an additional 583 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in Veeva Systems by 13.7% during the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 5,400 shares of the technology company’s stock worth $415,000 after acquiring an additional 650 shares during the period. Institutional investors and hedge funds own 77.42% of the company’s stock.

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 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.

Recommended Story: How Do You Calculate Return on Investment (ROI)?

Analyst Recommendations for Veeva Systems (NYSE:VEEV)

Receive News & Ratings for Veeva Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeva Systems and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit