Veeva Systems’ (VEEV) Buy Rating Reiterated at KeyCorp

KeyCorp reissued their buy rating on shares of Veeva Systems (NYSE:VEEV) in a research report report published on Tuesday, AnalystRatings.com reports.

“We are raising our estimates and increasing PT to $190 based on a compelling opportunity for VEEV to double revenue again ($2B+) as it capitalizes on modern cloud software within the core life sciences vertical, as well as beyond.”,” the firm’s analyst wrote.

A number of other analysts have also weighed in on VEEV. Canaccord Genuity raised their price target on shares of Veeva Systems from $115.00 to $135.00 and gave the company a hold rating in a report on Thursday, May 30th. Stifel Nicolaus raised their price target on shares of Veeva Systems from $155.00 to $175.00 and gave the company a buy rating in a report on Friday, August 23rd. Deutsche Bank raised their price target on shares of Veeva Systems from $115.00 to $135.00 and gave the company a hold rating in a report on Thursday, May 30th. Goldman Sachs Group assumed coverage on shares of Veeva Systems in a report on Friday, June 7th. They issued a neutral rating and a $151.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their target price on shares of Veeva Systems from $103.00 to $150.00 and gave the stock a neutral rating in a report on Thursday, May 30th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Veeva Systems currently has a consensus rating of Buy and an average target price of $167.06.

NYSE:VEEV opened at $160.38 on Tuesday. Veeva Systems has a 1 year low of $79.26 and a 1 year high of $176.90. The firm has a 50 day moving average of $164.56 and a 200-day moving average of $145.62. The company has a current ratio of 3.73, a quick ratio of 3.73 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $24.06 billion, a P/E ratio of 129.34, a price-to-earnings-growth ratio of 8.25 and a beta of 1.39.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Tuesday, August 27th. The technology company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.03. The business had revenue of $266.90 million during the quarter, compared to analyst estimates of $259.35 million. Veeva Systems had a net margin of 29.72% and a return on equity of 18.87%. Veeva Systems’s revenue for the quarter was up 27.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.39 earnings per share. As a group, analysts forecast that Veeva Systems will post 1.6 EPS for the current fiscal year.

In other news, EVP Alan Mateo sold 4,539 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $154.35, for a total value of $700,594.65. Following the completion of the transaction, the executive vice president now owns 22,174 shares of the company’s stock, valued at approximately $3,422,556.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Eleni Nitsa Zuppas sold 5,180 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $154.66, for a total transaction of $801,138.80. Following the completion of the transaction, the insider now directly owns 12,238 shares of the company’s stock, valued at approximately $1,892,729.08. The disclosure for this sale can be found here. Insiders sold a total of 78,839 shares of company stock valued at $12,607,413 in the last three months. 14.38% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of VEEV. World Asset Management Inc grew its position in shares of Veeva Systems by 1.5% during the 2nd quarter. World Asset Management Inc now owns 4,192 shares of the technology company’s stock worth $680,000 after purchasing an additional 63 shares in the last quarter. Hanson McClain Inc. grew its position in shares of Veeva Systems by 31.3% during the 2nd quarter. Hanson McClain Inc. now owns 294 shares of the technology company’s stock worth $48,000 after purchasing an additional 70 shares in the last quarter. Cornerstone Advisors Inc. grew its position in shares of Veeva Systems by 17.6% during the 2nd quarter. Cornerstone Advisors Inc. now owns 500 shares of the technology company’s stock worth $81,000 after purchasing an additional 75 shares in the last quarter. Nvwm LLC grew its position in shares of Veeva Systems by 2.0% during the 1st quarter. Nvwm LLC now owns 4,327 shares of the technology company’s stock worth $549,000 after purchasing an additional 86 shares in the last quarter. Finally, Eaton Vance Management grew its position in shares of Veeva Systems by 0.3% during the 2nd quarter. Eaton Vance Management now owns 28,277 shares of the technology company’s stock worth $4,584,000 after purchasing an additional 90 shares in the last quarter. 75.99% of the stock is currently owned by hedge funds and other 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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