Veeva Systems (NYSE:VEEV – Get Rating) had its target price hoisted by research analysts at Stifel Nicolaus from $220.00 to $240.00 in a note issued to investors on Wednesday, The Fly reports. The firm currently has a “buy” rating on the technology company’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 21.19% from the stock’s previous close.
Several other equities analysts have also recently issued reports on VEEV. Guggenheim reiterated a “buy” rating and set a $252.00 price target on shares of Veeva Systems in a research report on Tuesday, June 21st. Royal Bank of Canada dropped their price objective on shares of Veeva Systems from $400.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday, March 3rd. Piper Sandler dropped their price objective on shares of Veeva Systems from $300.00 to $290.00 and set an “overweight” rating on the stock in a research note on Thursday, March 3rd. Raymond James dropped their price objective on shares of Veeva Systems from $260.00 to $205.00 in a research note on Thursday, June 2nd. Finally, The Goldman Sachs Group started coverage on shares of Veeva Systems in a research note on Thursday, June 23rd. They set a “buy” rating and a $253.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $255.68.
VEEV stock opened at $198.04 on Wednesday. Veeva Systems has a 12-month low of $152.04 and a 12-month high of $343.96. The firm’s 50-day moving average price is $179.37 and its two-hundred day moving average price is $206.07. The stock has a market capitalization of $30.67 billion, a price-to-earnings ratio of 77.97, a PEG ratio of 4.32 and a beta of 0.86.
Veeva Systems (NYSE:VEEV – Get Rating) last announced its quarterly earnings results on Wednesday, June 1st. The technology company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.03. Veeva Systems had a net margin of 21.43% and a return on equity of 14.60%. The company had revenue of $505.10 million for the quarter, compared to analysts’ expectations of $495.88 million. During the same quarter in the previous year, the company earned $0.67 earnings per share. Veeva Systems’ quarterly revenue was up 16.5% on a year-over-year basis. On average, research analysts expect that Veeva Systems will post 2.79 EPS for the current fiscal year.
In other Veeva Systems news, CAO Michele O’Connor sold 371 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $189.37, for a total transaction of $70,256.27. Following the completion of the sale, the chief accounting officer now directly owns 15,833 shares of the company’s stock, valued at $2,998,295.21. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ronald EF Codd sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 6th. The shares were sold at an average price of $207.14, for a total transaction of $4,142,800.00. Following the sale, the director now directly owns 442 shares of the company’s stock, valued at $91,555.88. The disclosure for this sale can be found here. Insiders have sold 35,371 shares of company stock valued at $7,106,306 over the last three months. 13.23% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Ritholtz Wealth Management increased its stake in shares of Veeva Systems by 9.4% in the first quarter. Ritholtz Wealth Management now owns 1,317 shares of the technology company’s stock worth $280,000 after purchasing an additional 113 shares in the last quarter. Illinois Municipal Retirement Fund increased its stake in shares of Veeva Systems by 17.6% in the fourth quarter. Illinois Municipal Retirement Fund now owns 5,773 shares of the technology company’s stock worth $1,475,000 after purchasing an additional 864 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Veeva Systems by 17.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,395 shares of the technology company’s stock worth $1,889,000 after purchasing an additional 1,088 shares in the last quarter. Strs Ohio increased its stake in shares of Veeva Systems by 56.4% in the fourth quarter. Strs Ohio now owns 76,253 shares of the technology company’s stock worth $19,481,000 after purchasing an additional 27,500 shares in the last quarter. Finally, Exencial Wealth Advisors LLC increased its stake in shares of Veeva Systems by 6.1% in the fourth quarter. Exencial Wealth Advisors LLC now owns 3,011 shares of the technology company’s stock worth $769,000 after purchasing an additional 174 shares in the last quarter.
About Veeva Systems: (Get Rating)
Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage , Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety.
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