Veeva Systems (VEEV) Price Target Increased to $105.00 by Analysts at DA Davidson

Veeva Systems (NYSE:VEEV) had its price target boosted by DA Davidson to $105.00 in a research note released on Friday, The Fly reports. DA Davidson currently has a buy rating on the technology company’s stock.

Several other analysts have also issued reports on the stock. Morgan Stanley lifted their target price on shares of Veeva Systems from $91.00 to $100.00 and gave the company an overweight rating in a research report on Friday. They noted that the move was a valuation call. Canaccord Genuity lifted their target price on shares of Veeva Systems from $85.00 to $98.00 and gave the company a buy rating in a research report on Friday. They noted that the move was a valuation call. Stifel Nicolaus lifted their target price on shares of Veeva Systems from $80.00 to $95.00 and gave the company a buy rating in a research report on Friday. JMP Securities lifted their target price on shares of Veeva Systems from $80.00 to $95.00 and gave the company a market perform rating in a research report on Friday. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. lifted their target price on shares of Veeva Systems from $81.00 to $95.00 and gave the company a neutral rating in a research report on Friday. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $92.65.

Shares of NYSE VEEV opened at $102.08 on Friday. Veeva Systems has a 52-week low of $52.17 and a 52-week high of $103.49. The stock has a market capitalization of $14.44 billion, a PE ratio of 110.09, a P/E/G ratio of 5.56 and a beta of 1.38.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Thursday, August 23rd. The technology company reported $0.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.05. Veeva Systems had a net margin of 21.23% and a return on equity of 14.20%. The business had revenue of $209.60 million for the quarter, compared to analyst estimates of $203.50 million. During the same quarter last year, the business earned $0.23 earnings per share. The company’s revenue for the quarter was up 24.9% compared to the same quarter last year. sell-side analysts forecast that Veeva Systems will post 1.02 EPS for the current year.

In other news, President Matthew J. Wallach sold 12,000 shares of the firm’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $84.57, for a total value of $1,014,840.00. Following the transaction, the president now directly owns 12,000 shares of the company’s stock, valued at $1,014,840. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Alan Mateo sold 345 shares of the firm’s stock in a transaction dated Monday, June 4th. The stock was sold at an average price of $79.50, for a total transaction of $27,427.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 195,188 shares of company stock worth $16,156,823. Insiders own 15.97% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd lifted its stake in shares of Veeva Systems by 5.5% in the first quarter. Dynamic Technology Lab Private Ltd now owns 12,201 shares of the technology company’s stock worth $891,000 after buying an additional 634 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in Veeva Systems by 13.7% during the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 5,400 shares of the technology company’s stock worth $415,000 after purchasing an additional 650 shares during the period. Mn Services Vermogensbeheer B.V. raised its stake in Veeva Systems by 4.0% during the first quarter. Mn Services Vermogensbeheer B.V. now owns 18,011 shares of the technology company’s stock worth $1,315,000 after purchasing an additional 700 shares during the period. Aperio Group LLC raised its stake in Veeva Systems by 5.5% during the first quarter. Aperio Group LLC now owns 14,182 shares of the technology company’s stock worth $1,036,000 after purchasing an additional 733 shares during the period. Finally, Mark Sheptoff Financial Planning LLC raised its stake in Veeva Systems by 3.0% during the first quarter. Mark Sheptoff Financial Planning LLC now owns 26,100 shares of the technology company’s stock worth $1,906,000 after purchasing an additional 750 shares during the period. 76.02% of the stock is currently owned by hedge funds and other institutional investors.

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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