Veeva Systems (VEEV) Cut to Equal Weight at Morgan Stanley

Veeva Systems (NYSE:VEEV) was downgraded by investment analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report released on Friday, MarketBeat Ratings reports. They presently have a $144.00 target price on the technology company’s stock, up from their previous target price of $126.00. Morgan Stanley’s price target points to a potential upside of 3.31% from the stock’s previous close.

Several other brokerages also recently weighed in on VEEV. Stifel Nicolaus boosted their target price on shares of Veeva Systems from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday. DA Davidson boosted their target price on shares of Veeva Systems to $160.00 and gave the company a “buy” rating in a research note on Friday, April 12th. Needham & Company LLC reissued a “buy” rating and issued a $150.00 target price (up previously from $135.00) on shares of Veeva Systems in a research note on Wednesday, April 17th. Zacks Investment Research downgraded shares of Veeva Systems from a “buy” rating to a “hold” rating in a research note on Monday, February 18th. Finally, Barclays assumed coverage on shares of Veeva Systems in a research note on Wednesday, February 20th. They issued an “equal weight” rating and a $130.00 target price for the company. Seven investment 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 presently has an average rating of “Buy” and an average target price of $126.63.

Shares of VEEV stock opened at $139.39 on Friday. Veeva Systems has a twelve month low of $73.47 and a twelve month high of $145.70. The stock has a market capitalization of $20.41 billion, a P/E ratio of 112.41, a PEG ratio of 6.32 and a beta of 1.71.



Veeva Systems (NYSE:VEEV) last announced its earnings results on Tuesday, February 26th. The technology company reported $0.35 earnings per share for the quarter, beating the 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 firm had revenue of $232.32 million during the quarter, compared to the consensus estimate of $227.15 million. During the same quarter in the previous year, the company posted $0.23 EPS. The firm’s revenue for the quarter was up 24.9% on a year-over-year basis. Equities analysts expect that Veeva Systems will post 1.53 earnings per share for the current fiscal year.

In other Veeva Systems news, insider Eleni Nitsa Zuppas sold 5,000 shares of Veeva Systems stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $113.06, for a total value of $565,300.00. Following the completion of the sale, the insider now owns 13,438 shares in the company, valued at approximately $1,519,300.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Timothy S. Cabral sold 48,765 shares of Veeva Systems 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 sale, the chief financial officer now owns 23,074 shares of the company’s stock, valued at approximately $2,628,359.34. The disclosure for this sale can be found here. Insiders sold a total of 123,542 shares of company stock valued at $15,168,295 in the last 90 days. 14.38% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its holdings in shares of Veeva Systems by 7.8% during the 1st quarter. BlackRock Inc. now owns 7,538,880 shares of the technology company’s stock worth $956,382,000 after purchasing an additional 547,246 shares during the period. FMR LLC grew its holdings in shares of Veeva Systems by 5.8% during the 1st quarter. FMR LLC now owns 6,269,463 shares of the technology company’s stock worth $795,344,000 after purchasing an additional 342,948 shares during the period. First Trust Advisors LP grew its holdings in shares of Veeva Systems by 4.5% during the 4th quarter. First Trust Advisors LP now owns 2,407,957 shares of the technology company’s stock worth $215,079,000 after purchasing an additional 102,884 shares during the period. Geode Capital Management LLC grew its holdings in shares of Veeva Systems by 21.0% during the 1st quarter. Geode Capital Management LLC now owns 1,581,996 shares of the technology company’s stock worth $200,568,000 after purchasing an additional 274,748 shares during the period. Finally, AQR Capital Management LLC grew its holdings in shares of Veeva Systems by 686.3% during the 1st quarter. AQR Capital Management LLC now owns 1,389,186 shares of the technology company’s stock worth $174,954,000 after purchasing an additional 1,212,517 shares during the period. Institutional investors own 78.02% of the company’s stock.

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 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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