Veeva Systems (VEEV) Shares Gap Down to $57.77

Veeva Systems Inc (NYSE:VEEV) gapped down before the market opened on Thursday . The stock had previously closed at $60.79, but opened at $57.77. Veeva Systems shares last traded at $54.00, with a volume of 5454300 shares.

A number of equities research analysts recently commented on the company. Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 target price on shares of Veeva Systems in a report on Wednesday. BidaskClub downgraded Veeva Systems from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 14th. Zacks Investment Research raised Veeva Systems from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a report on Wednesday, October 11th. Stifel Nicolaus reaffirmed a “buy” rating and set a $67.00 target price on shares of Veeva Systems in a report on Friday, October 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating on shares of Veeva Systems in a report on Thursday, October 12th. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Veeva Systems currently has a consensus rating of “Buy” and a consensus price target of $67.45.

The stock has a market capitalization of $8,012.70, a price-to-earnings ratio of 97.92, a PEG ratio of 4.73 and a beta of 1.60.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Tuesday, December 5th. The technology company reported $0.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.09. Veeva Systems had a return on equity of 12.68% and a net margin of 19.97%. The company had revenue of $176.10 million during the quarter, compared to the consensus estimate of $171.99 million. During the same period in the previous year, the company posted $0.22 earnings per share. Veeva Systems’s revenue for the quarter was up 23.3% on a year-over-year basis. sell-side analysts anticipate that Veeva Systems Inc will post 0.65 EPS for the current fiscal year.

In other news, CFO Timothy S. Cabral sold 8,750 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $57.24, for a total transaction of $500,850.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Frederic Lequient sold 2,875 shares of the company’s stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $57.32, for a total value of $164,795.00. Following the transaction, the senior vice president now directly owns 3,399 shares of the company’s stock, valued at $194,830.68. The disclosure for this sale can be found here. Insiders sold 240,182 shares of company stock valued at $13,898,852 over the last three months. 19.17% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in VEEV. BlackRock Inc. raised its stake in shares of Veeva Systems by 44.9% during the 2nd quarter. BlackRock Inc. now owns 5,812,749 shares of the technology company’s stock worth $356,379,000 after buying an additional 1,801,439 shares during the period. FMR LLC raised its stake in shares of Veeva Systems by 50.9% during the 2nd quarter. FMR LLC now owns 3,456,402 shares of the technology company’s stock worth $211,912,000 after buying an additional 1,166,372 shares during the period. State Street Corp increased its position in shares of Veeva Systems by 52.1% during the second quarter. State Street Corp now owns 1,856,894 shares of the technology company’s stock worth $113,851,000 after purchasing an additional 635,842 shares in the last quarter. Koch Industries Inc. purchased a new stake in shares of Veeva Systems during the second quarter worth approximately $408,000. Finally, Janus Henderson Group PLC increased its position in shares of Veeva Systems by 202.7% during the third quarter. Janus Henderson Group PLC now owns 594,544 shares of the technology company’s stock worth $33,538,000 after purchasing an additional 398,149 shares in the last quarter. 72.38% of the stock is owned by institutional investors and hedge funds.

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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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