Veeva Systems Inc. (NYSE:VEEV – Get Rating) gapped down before the market opened on Thursday after Canaccord Genuity Group lowered their price target on the stock from $200.00 to $185.00. The stock had previously closed at $199.32, but opened at $175.50. Veeva Systems shares last traded at $170.46, with a volume of 40,317 shares changing hands.
Veeva Systems: Increasing NDR and Other Wins
Other equities research analysts have also recently issued reports about the company. Barclays decreased their price objective on Veeva Systems from $222.00 to $205.00 in a research note on Thursday. Guggenheim reissued a “buy” rating and set a $252.00 price target on shares of Veeva Systems in a research report on Tuesday, June 21st. The Goldman Sachs Group began coverage on Veeva Systems in a research report on Thursday, June 23rd. They set a “buy” rating and a $253.00 price target on the stock. JMP Securities lowered their price target on Veeva Systems from $240.00 to $215.00 in a research report on Thursday. Finally, UBS Group lowered their price target on Veeva Systems from $220.00 to $185.00 in a research report on Thursday. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $227.32.
Insiders Place Their Bets
In other Veeva Systems news, Director Timothy S. Cabral sold 5,000 shares of Veeva Systems stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $200.03, for a total transaction of $1,000,150.00. Following the transaction, the director now owns 113,114 shares of the company’s stock, valued at approximately $22,626,193.42. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CAO Michele O’connor sold 371 shares of Veeva Systems stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $189.37, for a total value of $70,256.27. Following the completion of the transaction, the chief accounting officer now directly owns 15,833 shares in the company, valued at approximately $2,998,295.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy S. Cabral sold 5,000 shares of Veeva Systems stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $200.03, for a total transaction of $1,000,150.00. Following the completion of the transaction, the director now owns 113,114 shares of the company’s stock, valued at $22,626,193.42. The disclosure for this sale can be found here. Insiders have sold a total of 15,371 shares of company stock valued at $2,963,506 in the last 90 days. 13.23% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of VEEV. Qube Research & Technologies Ltd grew its position in shares of Veeva Systems by 519.1% during the 4th quarter. Qube Research & Technologies Ltd now owns 184,597 shares of the technology company’s stock valued at $47,161,000 after purchasing an additional 154,779 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in shares of Veeva Systems by 1.3% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 46,078 shares of the technology company’s stock valued at $11,773,000 after purchasing an additional 598 shares in the last quarter. Argent Trust Co grew its position in shares of Veeva Systems by 12.4% during the 4th quarter. Argent Trust Co now owns 1,300 shares of the technology company’s stock valued at $332,000 after purchasing an additional 143 shares in the last quarter. Keebeck Alpha LP purchased a new position in shares of Veeva Systems during the 4th quarter valued at $250,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Veeva Systems by 0.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 187,003 shares of the technology company’s stock valued at $47,778,000 after purchasing an additional 507 shares in the last quarter. 80.14% of the stock is currently owned by hedge funds and other institutional investors.
Veeva Systems Stock Performance
The business’s 50-day moving average price is $212.90 and its 200 day moving average price is $198.14. The stock has a market capitalization of $26.11 billion, a PE ratio of 66.64, a price-to-earnings-growth ratio of 4.31 and a beta of 0.73.
Veeva Systems (NYSE:VEEV – Get Rating) last posted its quarterly earnings data on Wednesday, June 1st. The technology company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.03. Veeva Systems had a net margin of 21.43% and a return on equity of 14.60%. The company had revenue of $505.10 million during the quarter, compared to the consensus estimate of $495.88 million. During the same period in the previous year, the firm posted $0.67 EPS. The firm’s revenue was up 16.5% compared to the same quarter last year. As a group, equities research analysts predict that Veeva Systems Inc. will post 2.78 earnings per share for the current year.
About Veeva Systems
Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety.