Veeva Systems (VEEV) Hits New 1-Year High at $145.70

Shares of Veeva Systems Inc (NYSE:VEEV) hit a new 52-week high on Thursday . The company traded as high as $145.70 and last traded at $144.47, with a volume of 29651 shares. The stock had previously closed at $142.60.

A number of analysts have weighed in on the stock. DA Davidson increased their target price on shares of Veeva Systems to $160.00 and gave the stock a “buy” rating in a report on Friday, April 12th. Needham & Company LLC reissued a “buy” rating and set a $150.00 target price (up from $135.00) on shares of Veeva Systems in a report on Wednesday, April 17th. Zacks Investment Research cut shares of Veeva Systems from a “buy” rating to a “hold” rating in a report on Monday, February 18th. Barclays assumed coverage on shares of Veeva Systems in a report on Wednesday, February 20th. They set an “equal weight” rating and a $130.00 target price on the stock. Finally, Morgan Stanley increased their target price on shares of Veeva Systems from $112.00 to $123.00 and gave the stock an “overweight” rating in a report on Monday, February 25th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $119.71.

The firm has a market capitalization of $21.15 billion, a price-to-earnings ratio of 116.30, a PEG ratio of 5.95 and a beta of 1.71.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Tuesday, February 26th. The technology company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.04. Veeva Systems had a net margin of 26.66% and a return on equity of 16.91%. The business had revenue of $232.32 million for the quarter, compared to analysts’ expectations of $227.15 million. During the same quarter last year, the company earned $0.23 EPS. The company’s revenue for the quarter was up 24.9% compared to the same quarter last year. As a group, equities research analysts forecast that Veeva Systems Inc will post 1.53 EPS for the current year.

In related news, CFO Timothy S. Cabral sold 48,765 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $113.91, for a total value of $5,554,821.15. Following the completion of the transaction, the chief financial officer now owns 23,074 shares in the company, valued at approximately $2,628,359.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Matthew J. Wallach sold 12,000 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $115.63, for a total transaction of $1,387,560.00. Following the completion of the transaction, the president now owns 12,000 shares of the company’s stock, valued at approximately $1,387,560. The disclosure for this sale can be found here. In the last ninety days, insiders sold 123,542 shares of company stock worth $15,168,295. Corporate insiders own 14.38% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Metropolitan Life Insurance Co. NY boosted its position in shares of Veeva Systems by 0.9% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 9,355 shares of the technology company’s stock valued at $836,000 after purchasing an additional 83 shares in the last quarter. Lyell Wealth Management LP boosted its position in shares of Veeva Systems by 4.1% during the 1st quarter. Lyell Wealth Management LP now owns 44,550 shares of the technology company’s stock valued at $5,652,000 after purchasing an additional 1,753 shares in the last quarter. QS Investors LLC boosted its position in shares of Veeva Systems by 235.7% during the 4th quarter. QS Investors LLC now owns 44,243 shares of the technology company’s stock valued at $3,952,000 after purchasing an additional 31,062 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Veeva Systems by 200.2% during the 4th quarter. Bank of Montreal Can now owns 111,628 shares of the technology company’s stock valued at $9,971,000 after purchasing an additional 74,442 shares in the last quarter. Finally, Toronto Dominion Bank boosted its position in shares of Veeva Systems by 24.1% during the 4th quarter. Toronto Dominion Bank now owns 16,282 shares of the technology company’s stock valued at $1,454,000 after purchasing an additional 3,164 shares in the last quarter. Hedge funds and other institutional investors own 77.96% of the company’s stock.

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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 and data 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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