Veeva Systems (NYSE:VEEV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Veeva Systems has outperformed its industry in a year’s time. Solid show by the Subscription business segment buoys optimism. Furthermore, the company continues benefiting from its flagship Vault platform. In fact, Veeva Vault’s customers have increased manifold in recent times. The company’s unique solutions include Veeva Vault, Veeva CRM, Veeva Network and Veeva OpenData. Veeva’s new CRM Sunrise UI and Nitro look promising as well. In Commercial Cloud, Veeva Systems had a number of wins and expansions in all market segments and regions. The company is confident about growth in new markets with products like EDC, Safety, Nitro and Vault. On the flip side, high expenses on the operational side are a concern. Also, intense competition and a saturating life sciences market remain potent threats. Volatility in foreign currency exchange rate is an added concern. “
Other analysts also recently issued reports about the stock. ValuEngine upgraded shares of Veeva Systems from a “buy” rating to a “strong-buy” rating in a research report on Monday, February 4th. Stephens initiated coverage on shares of Veeva Systems in a research report on Wednesday, January 16th. They issued an “equal weight” rating and a $113.00 price target on the stock. JMP Securities raised their target price on shares of Veeva Systems to $108.00 and gave the stock an “outperform” rating in a report on Thursday, November 29th. Bank of America restated a “buy” rating and set a $120.00 target price (up from $110.00) on shares of Veeva Systems in a report on Thursday, November 29th. Finally, KeyCorp raised their target price on shares of Veeva Systems from $108.00 to $114.00 and gave the stock an “overweight” rating in a report on Thursday, November 29th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $104.06.
Veeva Systems stock traded up $2.14 during trading hours on Tuesday, reaching $118.09. 28,550 shares of the company’s stock traded hands, compared to its average volume of 1,324,276. Veeva Systems has a fifty-two week low of $55.65 and a fifty-two week high of $117.97. The company has a market cap of $16.91 billion, a PE ratio of 128.36, a PEG ratio of 4.33 and a beta of 1.72.
Veeva Systems (NYSE:VEEV) last released its earnings results on Wednesday, November 28th. The technology company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.05. The company had revenue of $224.70 million for the quarter, compared to the consensus estimate of $216.04 million. Veeva Systems had a net margin of 23.61% and a return on equity of 15.51%. The company’s revenue was up 26.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.25 EPS. On average, research analysts expect that Veeva Systems will post 1.19 earnings per share for the current fiscal year.
In other news, SVP Jonathan Faddis sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 24th. The shares were sold at an average price of $80.15, for a total transaction of $160,300.00. Following the completion of the transaction, the senior vice president now directly owns 3,073 shares of the company’s stock, valued at approximately $246,300.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Matthew J. Wallach sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $90.72, for a total transaction of $1,088,640.00. Following the transaction, the president now directly owns 12,000 shares of the company’s stock, valued at $1,088,640. The disclosure for this sale can be found here. Insiders have sold a total of 182,261 shares of company stock worth $16,574,991 over the last 90 days. Corporate insiders own 15.97% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of VEEV. Ffcm LLC bought a new position in shares of Veeva Systems in the fourth quarter valued at $26,000. Bollard Group LLC bought a new position in shares of Veeva Systems in the fourth quarter valued at $27,000. Private Capital Group LLC grew its stake in shares of Veeva Systems by 508.6% in the fourth quarter. Private Capital Group LLC now owns 353 shares of the technology company’s stock valued at $32,000 after buying an additional 295 shares in the last quarter. Valeo Financial Advisors LLC grew its stake in shares of Veeva Systems by 319.1% in the fourth quarter. Valeo Financial Advisors LLC now owns 394 shares of the technology company’s stock valued at $35,000 after buying an additional 300 shares in the last quarter. Finally, Ruggie Capital Group bought a new position in shares of Veeva Systems in the fourth quarter valued at $39,000. 76.68% of the stock is owned by institutional investors.
Veeva Systems Company Profile
Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.
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