Veeva Systems (VEEV) Price Target Raised to $91.00 at Morgan Stanley

Veeva Systems (NYSE:VEEV) had its target price hoisted by Morgan Stanley from $85.00 to $91.00 in a research note released on Thursday morning. The brokerage currently has an overweight rating on the technology company’s stock.

Other research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Veeva Systems from a hold rating to a buy rating and set a $92.00 target price on the stock in a report on Tuesday, July 17th. Guggenheim began coverage on shares of Veeva Systems in a report on Tuesday, August 7th. They set a buy rating and a $100.00 target price on the stock. Canaccord Genuity raised their target price on shares of Veeva Systems from $75.00 to $85.00 and gave the stock a buy rating in a report on Friday, May 25th. Deutsche Bank raised their target price on shares of Veeva Systems from $55.00 to $70.00 and gave the stock a hold rating in a report on Friday, May 25th. Finally, Needham & Company LLC raised their target price on shares of Veeva Systems to $90.00 and gave the stock a buy rating in a report on Friday, May 25th. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $82.08.

Veeva Systems stock traded down $0.40 during trading hours on Thursday, hitting $84.31. The company had a trading volume of 36,747 shares, compared to its average volume of 1,059,401. The stock has a market cap of $11.98 billion, a P/E ratio of 91.01, a P/E/G ratio of 4.62 and a beta of 1.38. Veeva Systems has a one year low of $52.17 and a one year high of $85.97.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Thursday, May 24th. The technology company reported $0.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.02. The firm had revenue of $195.55 million for the quarter, compared to analysts’ expectations of $188.92 million. Veeva Systems had a net margin of 20.78% and a return on equity of 12.47%. The business’s revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.24 EPS. equities analysts forecast that Veeva Systems will post 1.02 EPS for the current year.

In related news, President Matthew J. Wallach sold 12,000 shares of the stock in a transaction that occurred on Monday, June 25th. The shares were sold at an average price of $79.32, for a total transaction of $951,840.00. Following the sale, the president now owns 12,000 shares in the company, valued at approximately $951,840. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alan Mateo sold 345 shares of the stock in a transaction that occurred on Monday, June 4th. The stock was sold at an average price of $79.50, for a total transaction of $27,427.50. The disclosure for this sale can be found here. Insiders have sold 183,188 shares of company stock worth $15,141,983 over the last ninety days. Insiders own 15.97% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Dynamic Technology Lab Private Ltd boosted its position in shares of Veeva Systems by 5.5% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 12,201 shares of the technology company’s stock worth $891,000 after acquiring an additional 634 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in shares of Veeva Systems by 13.7% during the 2nd 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 in the last quarter. Mn Services Vermogensbeheer B.V. boosted its position in shares of Veeva Systems by 4.0% during the 1st quarter. Mn Services Vermogensbeheer B.V. now owns 18,011 shares of the technology company’s stock worth $1,315,000 after acquiring an additional 700 shares in the last quarter. Aperio Group LLC boosted its position in shares of Veeva Systems by 5.5% during the 1st quarter. Aperio Group LLC now owns 14,182 shares of the technology company’s stock worth $1,036,000 after acquiring an additional 733 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC boosted its position in shares of Veeva Systems by 3.0% during the 1st quarter. Mark Sheptoff Financial Planning LLC now owns 26,100 shares of the technology company’s stock worth $1,906,000 after acquiring an additional 750 shares in the last quarter. Institutional investors and hedge funds own 73.52% 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.

Further Reading: What does earnings per share mean?

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.


Leave a Reply