Veeva Systems (NYSE:VEEV) Price Target Cut to $240.00

Veeva Systems (NYSE:VEEVGet Rating) had its price target cut by analysts at JMP Securities from $265.00 to $240.00 in a research note issued on Thursday, The Fly reports. JMP Securities’ price target would suggest a potential upside of 42.99% from the stock’s previous close.

A number of other brokerages have also recently commented on VEEV. Needham & Company LLC reduced their target price on shares of Veeva Systems from $270.00 to $205.00 and set a “buy” rating for the company in a report on Thursday. Bank of America cut shares of Veeva Systems from a “buy” rating to a “neutral” rating and reduced their target price for the company from $300.00 to $220.00 in a report on Thursday, March 3rd. Barclays reduced their price objective on shares of Veeva Systems from $237.00 to $195.00 and set an “equal weight” rating for the company in a research note on Tuesday, May 24th. Robert W. Baird reduced their price objective on shares of Veeva Systems from $303.00 to $288.00 in a research note on Thursday, March 3rd. Finally, Piper Sandler reduced their price objective on shares of Veeva Systems from $300.00 to $290.00 and set an “overweight” rating for the company in a research note on Thursday, March 3rd. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $270.53.

VEEV opened at $167.84 on Thursday. The firm has a 50 day moving average price of $183.90 and a 200-day moving average price of $219.85. Veeva Systems has a twelve month low of $152.04 and a twelve month high of $343.96. The stock has a market capitalization of $25.91 billion, a price-to-earnings ratio of 63.82, a PEG ratio of 3.45 and a beta of 0.85.

Veeva Systems (NYSE:VEEVGet Rating) last released its quarterly earnings data on Wednesday, June 1st. The technology company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.07. Veeva Systems had a net margin of 23.09% and a return on equity of 15.61%. The firm had revenue of $505.10 million during the quarter, compared to analysts’ expectations of $495.88 million. During the same period in the previous year, the company earned $0.67 earnings per share. The firm’s quarterly revenue was up 16.5% on a year-over-year basis. On average, equities analysts predict that Veeva Systems will post 2.76 earnings per share for the current year.

In other news, Director Paul J. Sekhri sold 11,000 shares of the firm’s stock in a transaction dated Thursday, March 31st. The shares were sold at an average price of $214.02, for a total value of $2,354,220.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ronald E. F. Codd sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, April 6th. The stock was sold at an average price of $207.14, for a total transaction of $4,142,800.00. Following the completion of the transaction, the director now directly owns 442 shares in the company, valued at approximately $91,555.88. The disclosure for this sale can be found here. 13.23% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Veeva Systems by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 12,888,204 shares of the technology company’s stock valued at $2,738,229,000 after purchasing an additional 132,560 shares during the period. BlackRock Inc. increased its position in Veeva Systems by 11.7% during the 1st quarter. BlackRock Inc. now owns 9,887,733 shares of the technology company’s stock valued at $2,100,748,000 after purchasing an additional 1,036,905 shares during the period. Franklin Resources Inc. increased its position in Veeva Systems by 1.2% during the 3rd quarter. Franklin Resources Inc. now owns 3,102,097 shares of the technology company’s stock valued at $893,932,000 after purchasing an additional 35,451 shares during the period. State Street Corp boosted its holdings in shares of Veeva Systems by 0.8% in the 4th quarter. State Street Corp now owns 3,006,001 shares of the technology company’s stock valued at $767,973,000 after buying an additional 25,317 shares in the last quarter. Finally, Brown Advisory Inc. boosted its holdings in shares of Veeva Systems by 15.9% in the 4th quarter. Brown Advisory Inc. now owns 2,484,307 shares of the technology company’s stock valued at $634,690,000 after buying an additional 340,105 shares in the last quarter.

About Veeva Systems (Get Rating)

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety.

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