BTIG Research Begins Coverage on Veeva Systems (NYSE:VEEV)

BTIG Research began coverage on shares of Veeva Systems (NYSE:VEEV) in a research note released on Tuesday morning, Marketbeat reports. The brokerage issued a buy rating and a $240.00 target price on the technology company’s stock.

VEEV has been the subject of a number of other research reports. JPMorgan Chase & Co. upped their price target on Veeva Systems from $183.00 to $222.00 and gave the stock a neutral rating in a research report on Wednesday, March 13th. Citigroup cut their price objective on Veeva Systems from $274.00 to $256.00 and set a buy rating for the company in a report on Monday, June 3rd. UBS Group cut their price objective on Veeva Systems from $235.00 to $185.00 and set a neutral rating for the company in a report on Friday, May 31st. Morgan Stanley cut their price objective on Veeva Systems from $210.00 to $173.00 and set an underweight rating for the company in a report on Friday, May 31st. Finally, Canaccord Genuity Group cut their price objective on Veeva Systems from $220.00 to $210.00 and set a hold rating for the company in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $228.52.

Veeva Systems Stock Up 2.2 %

NYSE:VEEV opened at $186.02 on Tuesday. Veeva Systems has a twelve month low of $162.72 and a twelve month high of $236.90. The business has a 50 day moving average price of $191.53 and a two-hundred day moving average price of $204.88. The company has a market cap of $30.07 billion, a P/E ratio of 54.87, a price-to-earnings-growth ratio of 1.79 and a beta of 0.80.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Thursday, May 30th. The technology company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.10. Veeva Systems had a return on equity of 12.74% and a net margin of 22.34%. The firm had revenue of $650.35 million during the quarter, compared to the consensus estimate of $641.73 million. As a group, analysts anticipate that Veeva Systems will post 4.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 3,598 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $207.42, for a total transaction of $746,297.16. Following the transaction, the senior vice president now owns 10,668 shares in the company, valued at approximately $2,212,756.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $184.33, for a total value of $2,764,950.00. Following the transaction, the chief financial officer now owns 8,391 shares in the company, valued at $1,546,713.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 3,598 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $207.42, for a total value of $746,297.16. Following the completion of the transaction, the senior vice president now owns 10,668 shares in the company, valued at approximately $2,212,756.56. The disclosure for this sale can be found here. Insiders have sold 21,989 shares of company stock worth $4,192,363 in the last 90 days. Company insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. acquired a new stake in Veeva Systems in the first quarter valued at about $28,000. DSM Capital Partners LLC acquired a new stake in Veeva Systems in the fourth quarter valued at about $29,000. Vermillion & White Wealth Management Group LLC acquired a new stake in Veeva Systems in the fourth quarter valued at about $32,000. First Financial Corp IN acquired a new stake in Veeva Systems in the first quarter valued at about $35,000. Finally, American National Bank acquired a new stake in Veeva Systems in the fourth quarter valued at about $36,000. Institutional investors own 88.20% of the company’s stock.

About Veeva Systems

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.