Veeva Systems (VEEV) Research Coverage Started at Barclays

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Equities researchers at Barclays started coverage on shares of Veeva Systems (NYSE:VEEV) in a report released on Wednesday, The Fly reports. The brokerage set an “equal weight” rating on the technology company’s stock.

A number of other research analysts have also commented on VEEV. Morgan Stanley lowered their price target on Veeva Systems from $113.00 to $109.00 and set an “overweight” rating on the stock in a report on Tuesday, October 23rd. ValuEngine lowered Veeva Systems from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 1st. KeyCorp raised their price target on Veeva Systems from $108.00 to $114.00 and gave the company an “overweight” rating in a report on Thursday, November 29th. JMP Securities raised their price target on Veeva Systems to $108.00 and gave the company an “outperform” rating in a report on Thursday, November 29th. Finally, Bank of America reissued a “buy” rating and set a $120.00 price target (up from $110.00) on shares of Veeva Systems in a report on Thursday, November 29th. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $106.75.

Shares of VEEV opened at $120.40 on Wednesday. The firm has a market cap of $17.55 billion, a PE ratio of 130.87, a price-to-earnings-growth ratio of 4.54 and a beta of 1.72. Veeva Systems has a one year low of $59.05 and a one year high of $122.73.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, November 28th. The technology company reported $0.35 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 analyst estimates of $216.04 million. Veeva Systems had a return on equity of 15.51% and a net margin of 23.61%. The company’s quarterly revenue was up 26.9% compared to the same quarter last year. During the same period last year, the company earned $0.25 earnings per share. Sell-side analysts predict that Veeva Systems will post 1.19 EPS for the current fiscal year.

In related news, President Matthew J. Wallach sold 12,000 shares of the stock in a transaction on Tuesday, February 12th. The stock was sold at an average price of $117.64, for a total value of $1,411,680.00. Following the completion of the transaction, the president now owns 12,000 shares in the company, valued at approximately $1,411,680. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 1,667 shares of the stock in a transaction on Monday, February 4th. The shares were sold at an average price of $113.95, for a total value of $189,954.65. Following the completion of the transaction, the senior vice president now owns 2,740 shares of the company’s stock, valued at approximately $312,223. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 182,261 shares of company stock worth $16,898,031. 15.97% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Nordea Investment Management AB boosted its position in Veeva Systems by 3.9% during the 4th quarter. Nordea Investment Management AB now owns 163,464 shares of the technology company’s stock worth $14,600,000 after acquiring an additional 6,117 shares during the period. APG Asset Management N.V. boosted its position in Veeva Systems by 6.7% during the 4th quarter. APG Asset Management N.V. now owns 28,500 shares of the technology company’s stock worth $2,227,000 after acquiring an additional 1,800 shares during the period. Executive Wealth Management LLC acquired a new stake in Veeva Systems during the 4th quarter worth about $34,000. Amalgamated Bank boosted its position in Veeva Systems by 64.8% during the 4th quarter. Amalgamated Bank now owns 27,105 shares of the technology company’s stock worth $2,421,000 after acquiring an additional 10,654 shares during the period. Finally, Millennium Management LLC boosted its position in Veeva Systems by 76.7% during the 4th 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 during the period. Institutional investors and hedge funds own 77.09% of the company’s stock.

About Veeva Systems

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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The Fly

Analyst Recommendations for Veeva Systems (NYSE:VEEV)

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