Veeva Systems (VEEV) Rating Lowered to Buy at ValuEngine

Veeva Systems (NYSE:VEEV) was downgraded by equities research analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a research note issued on Thursday.

Other equities analysts have also issued reports about the company. Canaccord Genuity lowered Veeva Systems from a “buy” rating to a “hold” rating and increased their price objective for the company from $98.00 to $105.00 in a research report on Monday, October 1st. Zacks Investment Research upgraded Veeva Systems from a “hold” rating to a “strong-buy” rating and set a $117.00 price objective on the stock in a research report on Wednesday, August 29th. Bank of America increased their price objective on Veeva Systems from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, October 5th. Needham & Company LLC increased their price objective on Veeva Systems from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, October 5th. Finally, DA Davidson set a $120.00 price objective on Veeva Systems and gave the company a “buy” rating in a research report on Friday, October 5th. Six analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Veeva Systems currently has a consensus rating of “Buy” and a consensus price target of $99.07.

Shares of NYSE VEEV opened at $92.23 on Thursday. The stock has a market capitalization of $12.64 billion, a price-to-earnings ratio of 100.25, a price-to-earnings-growth ratio of 4.15 and a beta of 1.54. Veeva Systems has a twelve month low of $52.17 and a twelve month high of $109.05.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Thursday, August 23rd. The technology company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.05. The business had revenue of $209.60 million for the quarter, compared to analyst estimates of $203.50 million. Veeva Systems had a return on equity of 13.58% and a net margin of 21.23%. The company’s quarterly revenue was up 24.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.23 EPS. On average, equities analysts predict that Veeva Systems will post 1.1 earnings per share for the current fiscal year.

In related news, CFO Timothy S. Cabral sold 50,000 shares of the stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $101.49, for a total transaction of $5,074,500.00. Following the completion of the sale, the chief financial officer now directly owns 30,000 shares in the company, valued at approximately $3,044,700. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Alan Mateo sold 46,547 shares of the stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $85.42, for a total value of $3,976,044.74. The disclosure for this sale can be found here. Insiders have sold a total of 172,476 shares of company stock valued at $16,528,424 over the last 90 days. 15.97% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the stock. Rockefeller Capital Management L.P. purchased a new stake in Veeva Systems during the 3rd quarter valued at about $134,000. Flagship Harbor Advisors LLC purchased a new stake in Veeva Systems during the 2nd quarter valued at about $149,000. Global Trust Asset Management LLC purchased a new stake in Veeva Systems during the 3rd quarter valued at about $163,000. Mutual of America Capital Management LLC purchased a new stake in Veeva Systems during the 2nd quarter valued at about $169,000. Finally, Cerebellum GP LLC boosted its holdings in Veeva Systems by 1,645.0% during the 2nd quarter. Cerebellum GP LLC now owns 2,251 shares of the technology company’s stock valued at $173,000 after acquiring an additional 2,122 shares during the period. Institutional investors own 75.55% of the company’s stock.

Veeva Systems Company Profile

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.

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