Veeva Systems Inc (NYSE:VEEV) – Analysts at KeyCorp lowered their Q2 2019 earnings estimates for Veeva Systems in a research report issued to clients and investors on Tuesday. KeyCorp analyst B. Bracelin now expects that the technology company will earn $0.17 per share for the quarter, down from their previous forecast of $0.18. KeyCorp has a “Buy” rating and a $70.00 price objective on the stock. KeyCorp also issued estimates for Veeva Systems’ Q4 2019 earnings at $0.21 EPS and FY2020 earnings at $0.92 EPS.
Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Tuesday, December 5th. The technology company reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.09. The firm had revenue of $176.10 million during the quarter, compared to analysts’ expectations of $171.99 million. Veeva Systems had a net margin of 19.97% and a return on equity of 12.21%. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.22 earnings per share.
A number of other research firms have also recently issued reports on VEEV. BidaskClub cut shares of Veeva Systems from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 target price on shares of Veeva Systems in a report on Friday, August 25th. Canaccord Genuity reissued a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research report on Wednesday. Zacks Investment Research raised shares of Veeva Systems from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research report on Wednesday, October 11th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $67.00 price objective on shares of Veeva Systems in a research report on Friday, October 13th. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $67.45.
Shares of Veeva Systems (VEEV) traded up $0.53 on Friday, reaching $56.06. 1,225,840 shares of the company’s stock were exchanged, compared to its average volume of 1,323,071. Veeva Systems has a 1 year low of $40.50 and a 1 year high of $68.07. The company has a market capitalization of $7,702.01, a PE ratio of 94.12, a price-to-earnings-growth ratio of 4.71 and a beta of 1.60.
A number of hedge funds and other institutional investors have recently made changes to their positions in VEEV. Vanguard Group Inc. increased its position in shares of Veeva Systems by 3.3% during the second quarter. Vanguard Group Inc. now owns 9,125,993 shares of the technology company’s stock worth $559,515,000 after buying an additional 290,865 shares during the period. BlackRock Inc. grew its holdings in Veeva Systems by 44.9% in the second quarter. BlackRock Inc. now owns 5,812,749 shares of the technology company’s stock worth $356,379,000 after purchasing an additional 1,801,439 shares during the period. FMR LLC grew its holdings in Veeva Systems by 50.9% in the second quarter. FMR LLC now owns 3,456,402 shares of the technology company’s stock worth $211,912,000 after purchasing an additional 1,166,372 shares during the period. First Trust Advisors LP grew its holdings in Veeva Systems by 6.1% in the third quarter. First Trust Advisors LP now owns 2,212,827 shares of the technology company’s stock worth $124,826,000 after purchasing an additional 126,869 shares during the period. Finally, State Street Corp grew its holdings in Veeva Systems by 52.1% in the second quarter. State Street Corp now owns 1,856,894 shares of the technology company’s stock worth $113,851,000 after purchasing an additional 635,842 shares during the period. Hedge funds and other institutional investors own 72.38% of the company’s stock.
In related news, CFO Timothy S. Cabral sold 23,699 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $57.43, for a total value of $1,361,033.57. Following the completion of the transaction, the chief financial officer now owns 13,699 shares of the company’s stock, valued at approximately $786,733.57. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Paul J. Sekhri sold 10,971 shares of the stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $53.83, for a total transaction of $590,568.93. Following the completion of the transaction, the director now directly owns 27,438 shares of the company’s stock, valued at approximately $1,476,987.54. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 242,403 shares of company stock worth $13,988,571. Company insiders own 19.17% of the company’s stock.
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Veeva Systems Company Profile
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.
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