Veeva Systems Inc. (VEEV) Lifted to “Buy” at Zacks Investment Research
Veeva Systems Inc. (NYSE:VEEV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $52.00 price target on the stock. Zacks Investment Research’s target price suggests a potential upside of 12.21% from the company’s previous close.
According to Zacks, “In the past 6 months, Veeva Systems had outperformed the broader industry trend with respect to price performance. Additionally, a positive estimate revision trend in the last seven days instills confidence on the stock. Veeva Systems ended the third quarter of 2017 on an impressive note, beating the Zacks Consensus Estimate on both lines. Further, the company’s raised the guidance for fiscal 2017. Veeva Systems has strengthened the recurring part of its revenue mix by marking significant growth in subscription revenues in the reported quarter. Moreover, the new launches at the Veeva Vault and the Veeva Coomercial Cloud platforms are encouraging. The company is also supported by considerable strength in its CRM platform. However, intensifying competition, high operating expenses and a saturating lifesciences market are key concerns.”
Several other brokerages have also recently weighed in on VEEV. Needham & Company LLC restated a “buy” rating and issued a $46.00 price objective on shares of Veeva Systems in a report on Saturday. Canaccord Genuity restated a “hold” rating and issued a $43.00 price objective (up previously from $35.00) on shares of Veeva Systems in a report on Monday, August 29th. JMP Securities restated a “hold” rating on shares of Veeva Systems in a report on Thursday, November 24th. Stifel Nicolaus lifted their price target on Veeva Systems from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Wednesday, November 23rd. Finally, Evercore ISI reiterated a “buy” rating and set a $47.00 price target (up previously from $45.00) on shares of Veeva Systems in a report on Saturday. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $44.07.
Veeva Systems (NYSE:VEEV) traded up 2.61% during trading on Tuesday, hitting $47.55. The company had a trading volume of 1,448,689 shares. Veeva Systems has a one year low of $19.97 and a one year high of $47.76. The stock has a 50-day moving average of $39.68 and a 200-day moving average of $37.51. The stock has a market capitalization of $6.45 billion, a PE ratio of 105.67 and a beta of 1.60.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Tuesday, November 22nd. The company reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.06. Veeva Systems had a return on equity of 12.84% and a net margin of 12.73%. The firm had revenue of $142.80 million for the quarter, compared to the consensus estimate of $135.67 million. During the same quarter last year, the business posted $0.12 EPS. The company’s revenue for the quarter was up 33.6% on a year-over-year basis. On average, equities analysts anticipate that Veeva Systems will post $0.63 EPS for the current year.
In other Veeva Systems news, President Matthew J. Wallach sold 84,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 28th. The shares were sold at an average price of $41.47, for a total transaction of $3,483,480.00. Following the completion of the transaction, the president now directly owns 42,000 shares in the company, valued at $1,741,740. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Timothy S. Cabral sold 42,441 shares of the business’s stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $41.42, for a total transaction of $1,757,906.22. The disclosure for this sale can be found here. 19.17% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in VEEV. FineMark National Bank & Trust increased its position in shares of Veeva Systems by 0.3% in the third quarter. FineMark National Bank & Trust now owns 3,068 shares of the company’s stock valued at $127,000 after buying an additional 8 shares during the period. Huntington National Bank increased its position in shares of Veeva Systems by 6.8% in the third quarter. Huntington National Bank now owns 3,172 shares of the company’s stock valued at $131,000 after buying an additional 202 shares during the period. M&T Bank Corp increased its position in shares of Veeva Systems by 4.8% in the third quarter. M&T Bank Corp now owns 7,599 shares of the company’s stock valued at $314,000 after buying an additional 346 shares during the period. Legal & General Group Plc increased its position in shares of Veeva Systems by 6.8% in the second quarter. Legal & General Group Plc now owns 6,800 shares of the company’s stock valued at $232,000 after buying an additional 433 shares during the period. Finally, Lebenthal Lisanti Capital Growth LLC increased its position in shares of Veeva Systems by 4.5% in the third quarter. Lebenthal Lisanti Capital Growth LLC now owns 12,365 shares of the company’s stock valued at $510,000 after buying an additional 535 shares during the period. Institutional investors and hedge funds own 69.20% of the company’s stock.
About Veeva Systems
Veeva Systems Inc (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data.
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