BidaskClub Upgrades Veeva Systems Inc. (NYSE:VEEV) to “Strong-Buy”

BidaskClub upgraded shares of Veeva Systems Inc. (NYSE:VEEV) from a buy rating to a strong-buy rating in a research report report published on Friday, October 20th.

Several other analysts have also issued reports on VEEV. Needham & Company LLC reiterated a buy rating and issued a $70.00 target price on shares of Veeva Systems in a research note on Friday, August 25th. JMP Securities restated a buy rating and set a $70.00 price target on shares of Veeva Systems in a research report on Saturday, August 26th. Zacks Investment Research lowered shares of Veeva Systems from a strong-buy rating to a hold rating in a research report on Thursday, July 27th. KeyCorp restated a buy rating and set a $70.00 price target on shares of Veeva Systems in a research report on Friday, August 25th. Finally, Canaccord Genuity restated a buy rating and set a $70.00 price target on shares of Veeva Systems in a research report on Tuesday, August 22nd. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $65.75.

Shares of Veeva Systems (VEEV) opened at 59.44 on Friday. The firm has a market capitalization of $8.36 billion, a P/E ratio of 76.01 and a beta of 1.62. The stock’s 50 day moving average price is $57.63 and its 200 day moving average price is $59.48. Veeva Systems has a 52 week low of $37.34 and a 52 week high of $68.07.

Veeva Systems (NYSE:VEEV) last released its earnings results on Thursday, August 24th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.03. Veeva Systems had a net margin of 18.98% and a return on equity of 12.77%. The company had revenue of $166.59 million for the quarter, compared to the consensus estimate of $164.26 million. During the same quarter in the previous year, the company earned $0.15 EPS. Veeva Systems’s quarterly revenue was up 26.8% compared to the same quarter last year. On average, analysts predict that Veeva Systems will post $0.87 EPS for the current fiscal year.

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In other Veeva Systems news, Director Gordon Ritter sold 5,100 shares of the firm’s stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $59.16, for a total transaction of $301,716.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Matthew J. Wallach sold 24,000 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $62.76, for a total value of $1,506,240.00. Following the transaction, the president now directly owns 24,000 shares of the company’s stock, valued at approximately $1,506,240. The disclosure for this sale can be found here. Insiders have sold 304,425 shares of company stock worth $17,776,992 over the last three months. Insiders own 19.17% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. ETF Managers Group LLC purchased a new position in Veeva Systems in the 2nd quarter worth about $101,000. Robeco Institutional Asset Management B.V. purchased a new position in Veeva Systems in the 2nd quarter worth about $102,000. LS Investment Advisors LLC purchased a new position in Veeva Systems in the 2nd quarter worth about $105,000. Huntington National Bank raised its position in Veeva Systems by 10.6% in the 2nd quarter. Huntington National Bank now owns 2,668 shares of the technology company’s stock worth $164,000 after buying an additional 256 shares during the last quarter. Finally, C M Bidwell & Associates Ltd. raised its position in Veeva Systems by 460.0% in the 2nd quarter. C M Bidwell & Associates Ltd. now owns 2,800 shares of the technology company’s stock worth $172,000 after buying an additional 2,300 shares during the last quarter. 71.61% of the stock is owned by hedge funds and other institutional investors.

About Veeva Systems

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.

Analyst Recommendations for Veeva Systems (NYSE:VEEV)

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