ValuEngine Upgrades Veeva Systems (NYSE:VEEV) to Strong-Buy

ValuEngine upgraded shares of Veeva Systems (NYSE:VEEV) from a buy rating to a strong-buy rating in a report published on Monday, February 4th.

A number of other equities research analysts also recently weighed in on VEEV. William Blair reaffirmed an outperform rating on shares of Veeva Systems in a research note on Monday, October 8th. Morgan Stanley cut their price objective on Veeva Systems from $113.00 to $109.00 and set an overweight rating on the stock in a research note on Tuesday, October 23rd. KeyCorp raised their price objective on Veeva Systems from $108.00 to $114.00 and gave the company an overweight rating in a research note on Thursday, November 29th. JMP Securities raised their price objective on Veeva Systems to $108.00 and gave the company an outperform rating in a research note on Thursday, November 29th. Finally, Bank of America reissued a buy rating and issued a $120.00 price objective (up from $110.00) on shares of Veeva Systems in a research note on Thursday, November 29th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $117.65.

NYSE:VEEV traded up $2.33 during mid-day trading on Monday, reaching $120.24. 1,428,624 shares of the stock were exchanged, compared to its average volume of 1,206,260. Veeva Systems has a 1-year low of $68.11 and a 1-year high of $124.00. The firm has a market cap of $17.25 billion, a P/E ratio of 96.97, a PEG ratio of 4.46 and a beta of 1.72.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Tuesday, February 26th. The technology company reported $0.45 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.05. Veeva Systems had a return on equity of 15.51% and a net margin of 23.61%. The firm had revenue of $232.32 million during the quarter, compared to analyst estimates of $227.15 million. During the same period last year, the company posted $0.23 EPS. The business’s quarterly revenue was up 24.9% compared to the same quarter last year. On average, equities analysts anticipate that Veeva Systems will post 1.41 earnings per share for the current fiscal year.

In related news, President Matthew J. Wallach sold 12,000 shares of the company’s stock in a transaction dated Tuesday, February 12th. The stock was sold at an average price of $117.64, for a total value of $1,411,680.00. Following the completion of the sale, the president now owns 12,000 shares in the company, valued at $1,411,680. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Timothy S. Cabral sold 50,000 shares of the business’s stock in a transaction dated Thursday, December 6th. The shares were sold at an average price of $89.39, for a total value of $4,469,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 182,261 shares of company stock valued at $16,898,031. 15.97% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of VEEV. Yale University acquired a new position in Veeva Systems during the third quarter valued at approximately $13,064,000. Bank of Montreal Can increased its stake in Veeva Systems by 200.2% during the 4th quarter. Bank of Montreal Can now owns 111,628 shares of the technology company’s stock worth $9,971,000 after acquiring an additional 74,442 shares during the period. Parkside Financial Bank & Trust increased its stake in Veeva Systems by 8.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,555 shares of the technology company’s stock worth $139,000 after acquiring an additional 119 shares during the period. Algert Global LLC increased its stake in Veeva Systems by 168.2% during the 4th quarter. Algert Global LLC now owns 16,140 shares of the technology company’s stock worth $1,442,000 after acquiring an additional 10,122 shares during the period. Finally, BlackRock Inc. increased its stake in Veeva Systems by 18.6% during the 3rd quarter. BlackRock Inc. now owns 7,710,493 shares of the technology company’s stock worth $839,440,000 after acquiring an additional 1,207,291 shares during the period. 77.09% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Company Profile

Veeva Systems, Inc engages in the provision of industry-specific, cloud-based software solutions for the life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.

See Also: Outstanding Shares

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Veeva Systems (NYSE:VEEV)

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