Veeva Systems (NYSE:VEEV)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Wednesday, Marketbeat.com reports. They presently have a $150.00 price objective on the technology company’s stock, up from their previous price objective of $135.00. Needham & Company LLC’s price objective suggests a potential upside of 18.63% from the stock’s current price.
Other equities analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating and set a $126.00 price objective for the company in a research report on Saturday, February 9th. SunTrust Banks lifted their target price on shares of Veeva Systems to $140.00 and gave the company a “buy” rating in a research report on Wednesday, February 27th. DA Davidson lifted their price target on shares of Veeva Systems to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, February 27th. Barclays lifted their price target on shares of Veeva Systems from $130.00 to $133.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 27th. Finally, Stephens initiated coverage on shares of Veeva Systems in a research note on Wednesday, January 16th. They set an “equal weight” rating and a $113.00 price target on the stock. Seven 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 company’s stock. Veeva Systems currently has a consensus rating of “Buy” and a consensus price target of $119.71.
Shares of NYSE:VEEV traded down $2.38 during mid-day trading on Wednesday, reaching $126.44. 6,791 shares of the company were exchanged, compared to its average volume of 1,318,326. The stock has a market capitalization of $18.86 billion, a P/E ratio of 103.61, a PEG ratio of 5.85 and a beta of 1.72. Veeva Systems has a 1 year low of $68.11 and a 1 year high of $137.26.
Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Tuesday, February 26th. The technology company reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.05. Veeva Systems had a net margin of 26.66% and a return on equity of 16.91%. The firm had revenue of $232.32 million during the quarter, compared to analysts’ expectations of $227.15 million. During the same quarter last year, the company posted $0.23 EPS. The firm’s quarterly revenue was up 24.9% on a year-over-year basis. On average, equities analysts predict that Veeva Systems will post 1.53 earnings per share for the current year.
In other news, EVP Alan Mateo sold 4,025 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $121.20, for a total transaction of $487,830.00. Following the sale, the executive vice president now owns 29,631 shares in the company, valued at approximately $3,591,277.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Timothy S. Cabral sold 48,765 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $113.91, for a total transaction of $5,554,821.15. Following the sale, the chief financial officer now owns 23,074 shares in the company, valued at approximately $2,628,359.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,457 shares of company stock valued at $13,715,593. Insiders own 15.97% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. FMR LLC boosted its stake in shares of Veeva Systems by 63.4% in the 4th quarter. FMR LLC now owns 5,926,515 shares of the technology company’s stock valued at $529,357,000 after purchasing an additional 2,300,472 shares during the last quarter. Norges Bank purchased a new position in shares of Veeva Systems during the fourth quarter worth approximately $97,108,000. Millennium Management LLC raised its stake in shares of Veeva Systems by 76.7% during the fourth quarter. Millennium Management LLC now owns 902,016 shares of the technology company’s stock worth $80,568,000 after acquiring an additional 391,441 shares in the last quarter. Two Sigma Advisers LP raised its stake in shares of Veeva Systems by 56.1% during the fourth quarter. Two Sigma Advisers LP now owns 1,036,900 shares of the technology company’s stock worth $92,616,000 after acquiring an additional 372,700 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Veeva Systems by 15.9% during the fourth quarter. Geode Capital Management LLC now owns 1,307,248 shares of the technology company’s stock worth $116,693,000 after acquiring an additional 179,262 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.
About Veeva Systems
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.
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