Veeva Systems Inc. (VEEV) Stock Rating Reaffirmed by KeyCorp
Veeva Systems Inc. (NYSE:VEEV)‘s stock had its “buy” rating reissued by equities research analysts at KeyCorp in a research report issued to clients and investors on Friday. They currently have a $70.00 price target on the technology company’s stock. KeyCorp’s price target would suggest a potential upside of 25.43% from the company’s previous close.
The analysts wrote, “We are raising revenue estimates by $5M in F2018 and nearly $10M in F2019 based on the assumption that (1) Vault growth remains at or above 40%, and (2) Commercial Cloud plus services can sustain growth at or above 10% y/y.””
Several other research firms have also issued reports on VEEV. Deutsche Bank AG reissued a “hold” rating and set a $55.00 price target on shares of Veeva Systems in a report on Tuesday, May 30th. Citigroup Inc. boosted their price target on Veeva Systems from $61.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, May 30th. Needham & Company LLC reissued a “buy” rating and set a $75.00 price target (up previously from $48.00) on shares of Veeva Systems in a report on Sunday, May 28th. Pacific Crest reissued an “overweight” rating and set a $70.00 price target (up previously from $61.00) on shares of Veeva Systems in a report on Sunday, May 28th. Finally, Stifel Nicolaus boosted their price target on Veeva Systems from $60.00 to $67.00 and gave the company a “buy” rating in a report on Saturday, May 27th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $63.69.
Shares of Veeva Systems (NYSE VEEV) opened at 55.81 on Friday. The firm has a market cap of $7.81 billion, a P/E ratio of 71.37 and a beta of 1.63. The stock’s 50 day moving average price is $63.17 and its 200-day moving average price is $56.06. Veeva Systems has a 12-month low of $36.55 and a 12-month high of $68.07.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Thursday, August 24th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.03. Veeva Systems had a return on equity of 13.31% and a net margin of 18.98%. The business had revenue of $166.59 million during the quarter, compared to analyst estimates of $164.26 million. During the same quarter in the previous year, the company posted $0.15 earnings per share. Veeva Systems’s revenue for the quarter was up 26.8% on a year-over-year basis. On average, analysts predict that Veeva Systems will post $0.83 earnings per share for the current fiscal year.
In other news, SVP Jonathan Faddis sold 34,065 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $66.67, for a total value of $2,271,113.55. Following the transaction, the senior vice president now directly owns 35,139 shares in the company, valued at $2,342,717.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Timothy S. Cabral sold 40,000 shares of the business’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $65.91, for a total value of $2,636,400.00. Following the completion of the transaction, the chief financial officer now owns 30,000 shares in the company, valued at $1,977,300. The disclosure for this sale can be found here. Insiders sold 279,958 shares of company stock worth $17,821,591 over the last 90 days. Company insiders own 19.17% of the company’s stock.
Several institutional investors have recently made changes to their positions in VEEV. QS Investors LLC increased its stake in Veeva Systems by 0.5% in the second quarter. QS Investors LLC now owns 3,832 shares of the technology company’s stock worth $235,000 after buying an additional 19 shares in the last quarter. Alps Advisors Inc. increased its stake in Veeva Systems by 0.3% in the second quarter. Alps Advisors Inc. now owns 10,387 shares of the technology company’s stock worth $637,000 after buying an additional 27 shares in the last quarter. Teacher Retirement System of Texas increased its stake in Veeva Systems by 2.9% in the first quarter. Teacher Retirement System of Texas now owns 7,125 shares of the technology company’s stock worth $365,000 after buying an additional 204 shares in the last quarter. Creative Planning increased its stake in Veeva Systems by 1.5% in the second quarter. Creative Planning now owns 15,422 shares of the technology company’s stock worth $946,000 after buying an additional 232 shares in the last quarter. Finally, Huntington National Bank increased its stake in Veeva Systems by 10.6% in the second quarter. Huntington National Bank now owns 2,668 shares of the technology company’s stock worth $164,000 after buying an additional 256 shares in the last quarter. Institutional investors and hedge funds own 78.58% of the company’s stock.
Veeva Systems Company Profile
Veeva Systems Inc (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data.
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