Veeva Systems Inc (NYSE:VEEV) – Research analysts at SunTrust Banks raised their FY2020 earnings per share estimates for Veeva Systems in a report released on Wednesday, August 28th. SunTrust Banks analyst S. Draper now anticipates that the technology company will post earnings of $1.60 per share for the year, up from their prior forecast of $1.58. SunTrust Banks has a “Buy” rating and a $180.00 price objective on the stock. SunTrust Banks also issued estimates for Veeva Systems’ Q4 2020 earnings at $0.39 EPS and FY2021 earnings at $1.98 EPS.
Other research analysts also recently issued research reports about the stock. ValuEngine downgraded shares of Veeva Systems from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 1st. Stifel Nicolaus boosted their target price on shares of Veeva Systems from $155.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Morgan Stanley downgraded shares of Veeva Systems from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $126.00 to $144.00 in a research report on Friday, May 24th. Canaccord Genuity boosted their target price on shares of Veeva Systems from $135.00 to $155.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Veeva Systems from $150.00 to $183.00 and gave the stock a “neutral” rating in a report on Wednesday, August 28th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Veeva Systems currently has a consensus rating of “Buy” and a consensus target price of $167.06.
Veeva Systems stock opened at $157.81 on Monday. The company has a quick ratio of 3.73, a current ratio of 3.73 and a debt-to-equity ratio of 0.01. Veeva Systems has a 12-month low of $79.26 and a 12-month high of $176.90. The firm’s fifty day moving average is $163.34 and its 200 day moving average is $146.44. The company has a market capitalization of $23.62 billion, a PE ratio of 127.27, a PEG ratio of 5.19 and a beta of 1.32.
Veeva Systems (NYSE:VEEV) last released its earnings results on Tuesday, August 27th. The technology company reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.03. Veeva Systems had a net margin of 29.72% and a return on equity of 18.87%. The company had revenue of $266.90 million for the quarter, compared to the consensus estimate of $259.35 million. During the same quarter in the previous year, the company earned $0.39 EPS. Veeva Systems’s quarterly revenue was up 27.3% compared to the same quarter last year.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Veeva Systems by 1.3% in the second quarter. Vanguard Group Inc. now owns 12,120,296 shares of the technology company’s stock valued at $1,964,821,000 after purchasing an additional 156,746 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Veeva Systems by 16.3% in the second quarter. BlackRock Inc. now owns 8,770,784 shares of the technology company’s stock valued at $1,421,833,000 after purchasing an additional 1,231,904 shares during the last quarter. FMR LLC raised its holdings in shares of Veeva Systems by 5.8% in the first quarter. FMR LLC now owns 6,269,463 shares of the technology company’s stock valued at $795,344,000 after purchasing an additional 342,948 shares during the last quarter. JPMorgan Chase & Co. grew its position in Veeva Systems by 15.2% during the second quarter. JPMorgan Chase & Co. now owns 3,704,172 shares of the technology company’s stock valued at $594,557,000 after buying an additional 488,681 shares during the period. Finally, AQR Capital Management LLC grew its position in Veeva Systems by 41.0% during the second quarter. AQR Capital Management LLC now owns 1,958,283 shares of the technology company’s stock valued at $311,054,000 after buying an additional 569,097 shares during the period. Institutional investors own 77.18% of the company’s stock.
In other news, SVP Frederic Lequient sold 1,000 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $165.52, for a total value of $165,520.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Timothy S. Cabral sold 586 shares of the stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $163.47, for a total transaction of $95,793.42. Following the completion of the sale, the chief financial officer now owns 1,175 shares of the company’s stock, valued at approximately $192,077.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,337 shares of company stock worth $4,212,925. Corporate insiders own 14.38% of the company’s stock.
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 and data 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.