Veeva Systems (NYSE:VEEV) Given “Buy” Rating at Canaccord Genuity

Veeva Systems (NYSE:VEEV)‘s stock had its “buy” rating restated by research analysts at Canaccord Genuity in a research note issued on Wednesday, December 6th. They currently have a $70.00 price target on the technology company’s stock. Canaccord Genuity’s price objective points to a potential upside of 26.63% from the stock’s previous close.

Several other research analysts have also commented on VEEV. BidaskClub lowered Veeva Systems from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 14th. Zacks Investment Research upgraded Veeva Systems from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research report on Wednesday, October 11th. Stifel Nicolaus reiterated a “buy” rating and issued a $67.00 target price on shares of Veeva Systems in a research report on Friday, October 13th. Needham & Company LLC reiterated a “buy” rating on shares of Veeva Systems in a research report on Thursday, October 12th. Finally, KeyCorp restated a “buy” rating and set a $70.00 price objective on shares of Veeva Systems in a research report on Friday, August 25th. 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’s stock. Veeva Systems presently has an average rating of “Buy” and a consensus price target of $67.45.

Shares of Veeva Systems (NYSE:VEEV) traded down $0.58 during trading hours on Wednesday, hitting $55.28. The company had a trading volume of 497,048 shares, compared to its average volume of 1,365,837. The stock has a market cap of $7,895.42, a P/E ratio of 64.28, a P/E/G ratio of 4.53 and a beta of 1.60. Veeva Systems has a 1-year low of $40.50 and a 1-year high of $68.07.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Tuesday, December 5th. The technology company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.09. Veeva Systems had a return on equity of 12.21% and a net margin of 19.97%. The company had revenue of $176.10 million for the quarter, compared to the consensus estimate of $171.99 million. During the same period in the previous year, the business earned $0.22 EPS. Veeva Systems’s revenue for the quarter was up 23.3% compared to the same quarter last year. research analysts forecast that Veeva Systems will post 0.68 earnings per share for the current fiscal year.

In other news, CFO Timothy S. Cabral sold 50,000 shares of the business’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $55.74, for a total transaction of $2,787,000.00. Following the sale, the chief financial officer now directly owns 50,000 shares of the company’s stock, valued at $2,787,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 8,000 shares of the business’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $56.94, for a total value of $455,520.00. Following the sale, the senior vice president now directly owns 18,462 shares in the company, valued at $1,051,226.28. The disclosure for this sale can be found here. Insiders sold a total of 204,229 shares of company stock worth $11,818,901 in the last three months. Company insiders own 19.17% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. QS Investors LLC grew its holdings in shares of Veeva Systems by 0.5% during the second quarter. QS Investors LLC now owns 3,832 shares of the technology company’s stock valued at $235,000 after buying an additional 19 shares in the last quarter. Alps Advisors Inc. grew its stake in Veeva Systems by 0.3% in the second quarter. Alps Advisors Inc. now owns 10,387 shares of the technology company’s stock valued at $637,000 after purchasing an additional 27 shares in the last quarter. Public Employees Retirement Association of Colorado grew its stake in Veeva Systems by 1.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 20,863 shares of the technology company’s stock valued at $1,279,000 after purchasing an additional 326 shares in the last quarter. World Asset Management Inc grew its stake in Veeva Systems by 8.4% in the second quarter. World Asset Management Inc now owns 4,846 shares of the technology company’s stock valued at $297,000 after purchasing an additional 374 shares in the last quarter. Finally, Comerica Bank grew its stake in Veeva Systems by 14.0% in the second quarter. Comerica Bank now owns 4,339 shares of the technology company’s stock valued at $285,000 after purchasing an additional 534 shares in the last quarter. Institutional investors and hedge funds own 70.90% of the company’s stock.

WARNING: This news story was posted by Week Herald and is the property of of Week Herald. If you are viewing this news story on another domain, it was illegally stolen and republished in violation of US & international trademark and copyright legislation. The original version of this news story can be read at https://weekherald.com/2017/12/30/canaccord-genuity-reaffirms-buy-rating-for-veeva-systems-veev.html.

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.

Analyst Recommendations for Veeva Systems (NYSE:VEEV)

Receive News & Ratings for Veeva Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeva Systems and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply