Analysts Expect Veeva Systems Inc (NYSE:VEEV) Will Post Quarterly Sales of $297.70 Million

Wall Street brokerages forecast that Veeva Systems Inc (NYSE:VEEV) will report $297.70 million in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Veeva Systems’ earnings, with the lowest sales estimate coming in at $297.10 million and the highest estimate coming in at $298.93 million. Veeva Systems posted sales of $232.32 million in the same quarter last year, which suggests a positive year over year growth rate of 28.1%. The company is expected to issue its next quarterly earnings results after the market closes on Tuesday, March 3rd.

According to Zacks, analysts expect that Veeva Systems will report full-year sales of $1.09 billion for the current fiscal year. For the next fiscal year, analysts forecast that the firm will report sales of $1.39 billion, with estimates ranging from $1.38 billion to $1.40 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Veeva Systems.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Tuesday, November 26th. The technology company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.41 by $0.19. Veeva Systems had a return on equity of 17.56% and a net margin of 29.86%. The firm had revenue of $280.90 million for the quarter, compared to analysts’ expectations of $274.81 million. During the same period last year, the firm earned $0.41 EPS. The firm’s revenue was up 25.0% compared to the same quarter last year.

VEEV has been the topic of several analyst reports. Evercore ISI restated a “hold” rating and issued a $170.00 target price on shares of Veeva Systems in a research report on Thursday, November 28th. Morgan Stanley upgraded Veeva Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $160.00 to $175.00 in a research report on Monday, January 13th. Piper Sandler initiated coverage on Veeva Systems in a research report on Friday. They issued an “overweight” rating and a $188.00 target price on the stock. Barclays raised their target price on Veeva Systems from $165.00 to $176.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 27th. Finally, Canaccord Genuity raised their target price on Veeva Systems from $155.00 to $165.00 and gave the company a “hold” rating in a research report on Wednesday, November 27th. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $177.72.

VEEV traded up $4.92 during trading hours on Tuesday, hitting $158.87. The company’s stock had a trading volume of 1,045,668 shares, compared to its average volume of 1,176,782. Veeva Systems has a fifty-two week low of $110.23 and a fifty-two week high of $176.90. The company has a current ratio of 5.40, a quick ratio of 5.40 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $22.89 billion, a PE ratio of 81.89, a PEG ratio of 3.64 and a beta of 1.23. The company has a 50-day simple moving average of $146.34 and a 200 day simple moving average of $150.18.

In other Veeva Systems news, SVP Jonathan Faddis sold 1,166 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $144.34, for a total transaction of $168,300.44. Following the completion of the transaction, the senior vice president now directly owns 1,966 shares of the company’s stock, valued at approximately $283,772.44. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CMO Eleni Nitsa Zuppas sold 2,355 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $151.63, for a total value of $357,088.65. Following the transaction, the chief marketing officer now directly owns 14,144 shares of the company’s stock, valued at $2,144,654.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,255 shares of company stock valued at $4,978,719. 14.38% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in VEEV. Artisan Partners Limited Partnership boosted its stake in shares of Veeva Systems by 37.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 5,791,471 shares of the technology company’s stock worth $814,628,000 after acquiring an additional 1,592,568 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Veeva Systems by 16.3% during the 2nd quarter. BlackRock Inc. now owns 8,770,784 shares of the technology company’s stock worth $1,421,833,000 after acquiring an additional 1,231,904 shares in the last quarter. Credit Suisse AG boosted its stake in shares of Veeva Systems by 208.3% during the 4th quarter. Credit Suisse AG now owns 564,460 shares of the technology company’s stock worth $79,397,000 after acquiring an additional 381,360 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Veeva Systems by 147.1% during the 4th quarter. Van ECK Associates Corp now owns 579,165 shares of the technology company’s stock worth $81,465,000 after acquiring an additional 344,814 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Veeva Systems by 11.3% during the 4th quarter. Franklin Resources Inc. now owns 2,418,792 shares of the technology company’s stock worth $340,224,000 after acquiring an additional 244,888 shares in the last quarter. 77.51% 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 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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