JPMorgan Chase & Co. Increases Veeva Systems (VEEV) Price Target to $95.00

Veeva Systems (NYSE:VEEV) had its target price upped by JPMorgan Chase & Co. from $81.00 to $95.00 in a research note published on Friday, The Fly reports. They currently have a neutral rating on the technology company’s stock.

Several other analysts also recently weighed in on VEEV. Zacks Investment Research raised shares of Veeva Systems from a hold rating to a buy rating and set a $92.00 target price on the stock in a research report on Tuesday, July 17th. Guggenheim assumed coverage on shares of Veeva Systems in a research report on Tuesday, August 7th. They set a buy rating and a $100.00 target price on the stock. Canaccord Genuity boosted their target price on shares of Veeva Systems from $75.00 to $85.00 and gave the stock a buy rating in a research report on Friday, May 25th. Morgan Stanley boosted their target price on shares of Veeva Systems from $76.00 to $78.00 and gave the stock an overweight rating in a research report on Friday, May 25th. Finally, Deutsche Bank boosted their target price on shares of Veeva Systems from $55.00 to $70.00 and gave the stock a hold rating in a research report on Friday, May 25th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $92.65.

NYSE VEEV opened at $102.08 on Friday. The company has a market cap of $14.44 billion, a P/E ratio of 110.96, a PEG ratio of 5.56 and a beta of 1.38. Veeva Systems has a 52 week low of $52.17 and a 52 week high of $103.49.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Thursday, August 23rd. The technology company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.34 by $0.05. The firm had revenue of $209.60 million during the quarter, compared to analyst estimates of $203.50 million. Veeva Systems had a net margin of 21.23% and a return on equity of 14.20%. Veeva Systems’s revenue was up 24.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.23 EPS. analysts forecast that Veeva Systems will post 1.02 earnings per share for the current year.

In other news, EVP Alan Mateo sold 345 shares of the company’s stock in a transaction on Monday, June 4th. The shares were sold at an average price of $79.50, for a total value of $27,427.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Timothy S. Cabral sold 50,000 shares of the company’s stock in a transaction on Wednesday, June 6th. The shares were sold at an average price of $81.75, for a total transaction of $4,087,500.00. Following the completion of the sale, the chief financial officer now directly owns 30,000 shares in the company, valued at $2,452,500. The disclosure for this sale can be found here. Insiders sold a total of 195,188 shares of company stock worth $16,156,823 over the last ninety days. Insiders own 15.97% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in VEEV. Winslow Capital Management LLC purchased a new stake in shares of Veeva Systems in the 2nd quarter valued at $131,215,000. FMR LLC boosted its holdings in shares of Veeva Systems by 38.7% in the 2nd quarter. FMR LLC now owns 3,274,017 shares of the technology company’s stock valued at $251,641,000 after acquiring an additional 914,357 shares during the last quarter. Champlain Investment Partners LLC boosted its holdings in shares of Veeva Systems by 154.0% in the 1st quarter. Champlain Investment Partners LLC now owns 1,109,730 shares of the technology company’s stock valued at $81,032,000 after acquiring an additional 672,790 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Veeva Systems by 4.5% in the 2nd quarter. Morgan Stanley now owns 13,129,295 shares of the technology company’s stock valued at $1,009,118,000 after acquiring an additional 565,589 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Veeva Systems by 24.2% in the 2nd quarter. First Trust Advisors LP now owns 2,553,247 shares of the technology company’s stock valued at $196,243,000 after acquiring an additional 497,318 shares during the last quarter. 76.02% of the stock is currently owned by institutional investors and hedge funds.

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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