Veeva Systems (VEEV) Trading Up 5.3%

Veeva Systems Inc (NYSE:VEEV) shares were up 5.3% during trading on Tuesday . The stock traded as high as $88.23 and last traded at $88.15. Approximately 2,071,672 shares traded hands during trading, an increase of 77% from the average daily volume of 1,171,137 shares. The stock had previously closed at $83.68.

Several brokerages have recently issued reports on VEEV. ValuEngine upgraded shares of Veeva Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 28th. Morgan Stanley upped their price target on shares of Veeva Systems from $85.00 to $91.00 and gave the stock an “overweight” rating in a report on Thursday, August 16th. Zacks Investment Research upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a report on Tuesday, July 24th. Bank of America upped their price target on shares of Veeva Systems from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, October 5th. Finally, JPMorgan Chase & Co. upped their price target on shares of Veeva Systems from $81.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 24th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. Veeva Systems currently has a consensus rating of “Buy” and a consensus target price of $99.07.

The firm has a market cap of $11.96 billion, a price-to-earnings ratio of 95.82, a price-to-earnings-growth ratio of 3.94 and a beta of 1.54.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Thursday, August 23rd. The technology company reported $0.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.05. The business had revenue of $209.60 million during the quarter, compared to the consensus estimate of $203.50 million. Veeva Systems had a return on equity of 13.58% and a net margin of 21.23%. Veeva Systems’s quarterly revenue was up 24.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.23 earnings per share. On average, equities analysts anticipate that Veeva Systems Inc will post 1.1 earnings per share for the current fiscal year.

In other news, EVP Alan Mateo sold 46,547 shares of the stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $85.42, for a total transaction of $3,976,044.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, President Matthew J. Wallach sold 12,000 shares of the stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $105.40, for a total transaction of $1,264,800.00. Following the transaction, the president now directly owns 12,000 shares in the company, valued at approximately $1,264,800. The disclosure for this sale can be found here. Insiders have sold 172,476 shares of company stock worth $16,528,424 in 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 the company. Harvest Fund Management Co. Ltd boosted its position in shares of Veeva Systems by 945.5% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 5,489 shares of the technology company’s stock worth $598,000 after purchasing an additional 4,964 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Veeva Systems by 200.9% during the 3rd quarter. Acadian Asset Management LLC now owns 347,435 shares of the technology company’s stock worth $37,825,000 after purchasing an additional 231,971 shares in the last quarter. GWM Advisors LLC acquired a new stake in shares of Veeva Systems in the 3rd quarter worth about $441,000. Cim LLC acquired a new stake in shares of Veeva Systems in the 3rd quarter worth about $784,000. Finally, Oppenheimer & Co. Inc. raised its holdings in shares of Veeva Systems by 7.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 11,253 shares of the technology company’s stock worth $1,225,000 after acquiring an additional 738 shares during the last quarter. 75.55% of the stock is currently owned by institutional investors.

About Veeva Systems (NYSE:VEEV)

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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