$216.19 Million in Sales Expected for Veeva Systems Inc (VEEV) This Quarter

Wall Street analysts forecast that Veeva Systems Inc (NYSE:VEEV) will report $216.19 million in sales for the current fiscal quarter, Zacks reports. Eight analysts have provided estimates for Veeva Systems’ earnings. The highest sales estimate is $219.46 million and the lowest is $215.44 million. Veeva Systems posted sales of $176.15 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 22.7%. The firm is expected to issue its next earnings results after the market closes on Wednesday, November 28th.

According to Zacks, analysts expect that Veeva Systems will report full year sales of $843.19 million for the current year, with estimates ranging from $841.69 million to $850.14 million. For the next financial year, analysts forecast that the business will report sales of $995.17 million, with estimates ranging from $978.90 million to $1.01 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Veeva Systems.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Thursday, August 23rd. The technology company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.05. The company had revenue of $209.60 million during the quarter, compared to analysts’ expectations of $203.50 million. Veeva Systems had a return on equity of 13.58% and a net margin of 21.23%. Veeva Systems’s revenue for the quarter was up 24.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.23 earnings per share.

VEEV has been the subject of a number of research reports. Zacks Investment Research upgraded Veeva Systems from a “hold” rating to a “buy” rating and set a $92.00 price objective for the company in a research report on Tuesday, July 17th. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price objective (up previously from $90.00) on shares of Veeva Systems in a research report on Friday, August 24th. DA Davidson upped their price objective on Veeva Systems to $105.00 and gave the company a “buy” rating in a research report on Friday, August 24th. Canaccord Genuity upped their price objective on Veeva Systems from $85.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, August 24th. They noted that the move was a valuation call. Finally, Stifel Nicolaus upped their price objective on Veeva Systems from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, August 24th. Six analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $99.07.

Veeva Systems stock opened at $93.60 on Friday. The firm has a market cap of $13.20 billion, a P/E ratio of 101.74, a PEG ratio of 4.33 and a beta of 1.64. Veeva Systems has a one year low of $52.17 and a one year high of $109.05.

In other Veeva Systems news, EVP Alan Mateo sold 46,547 shares of the business’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $85.42, for a total transaction of $3,976,044.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Timothy S. Cabral sold 50,000 shares of the business’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $101.49, for a total value of $5,074,500.00. Following the sale, the chief financial officer now directly owns 30,000 shares of the company’s stock, valued at approximately $3,044,700. The disclosure for this sale can be found here. Insiders have sold 172,476 shares of company stock valued at $16,528,424 in the last three months. 15.97% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in VEEV. Winslow Capital Management LLC bought a new stake in Veeva Systems during the second quarter valued at about $131,215,000. BlackRock Inc. boosted its stake in shares of Veeva Systems by 18.6% in the third quarter. BlackRock Inc. now owns 7,710,493 shares of the technology company’s stock worth $839,440,000 after acquiring an additional 1,207,291 shares during the period. FMR LLC boosted its stake in shares of Veeva Systems by 38.7% in the second quarter. FMR LLC now owns 3,274,017 shares of the technology company’s stock worth $251,641,000 after acquiring an additional 914,357 shares during the period. Morgan Stanley boosted its stake in shares of Veeva Systems by 4.5% in the second quarter. Morgan Stanley now owns 13,129,295 shares of the technology company’s stock worth $1,009,118,000 after acquiring an additional 565,589 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of Veeva Systems by 24.2% in the second quarter. First Trust Advisors LP now owns 2,553,247 shares of the technology company’s stock worth $196,243,000 after acquiring an additional 497,318 shares during the period. 75.37% of the stock is owned by institutional investors and hedge funds.

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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