Veeva Systems (NYSE:VEEV) PT Lowered to $200.00

Veeva Systems (NYSE:VEEVGet Rating) had its price target reduced by research analysts at Canaccord Genuity Group from $300.00 to $200.00 in a report released on Thursday, The Fly reports. The brokerage presently has a “hold” rating on the technology company’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 19.16% from the stock’s previous close.

Several other research firms have also recently issued reports on VEEV. Robert W. Baird decreased their price target on Veeva Systems from $303.00 to $288.00 in a research note on Thursday, March 3rd. Needham & Company LLC decreased their price target on Veeva Systems from $270.00 to $205.00 and set a “buy” rating for the company in a research note on Thursday. JMP Securities decreased their price target on Veeva Systems from $265.00 to $240.00 in a research note on Thursday. Bank of America cut Veeva Systems from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $300.00 to $220.00 in a research note on Thursday, March 3rd. Finally, Royal Bank of Canada decreased their price target on Veeva Systems from $400.00 to $300.00 and set an “outperform” rating for the company in a research note on Thursday, March 3rd. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Veeva Systems currently has an average rating of “Buy” and an average target price of $266.61.

Shares of VEEV opened at $167.84 on Thursday. The company has a market cap of $25.91 billion, a P/E ratio of 63.82, a PEG ratio of 3.41 and a beta of 0.86. The stock has a fifty day moving average price of $183.90 and a 200 day moving average price of $219.85. Veeva Systems has a 12 month low of $152.04 and a 12 month high of $343.96.

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

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

Several hedge funds and other institutional investors have recently modified their holdings of VEEV. Wellington Management Group LLP increased its holdings in shares of Veeva Systems by 1,578.4% during the 1st quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company’s stock valued at $319,616,000 after acquiring an additional 1,414,726 shares during the last quarter. Norges Bank acquired a new stake in Veeva Systems in the 4th quarter valued at approximately $312,407,000. BlackRock Inc. grew its holdings in Veeva Systems by 11.7% in the 1st quarter. BlackRock Inc. now owns 9,887,733 shares of the technology company’s stock valued at $2,100,748,000 after buying an additional 1,036,905 shares during the last quarter. AustralianSuper Pty Ltd acquired a new stake in Veeva Systems in the 1st quarter valued at approximately $200,670,000. Finally, Alliancebernstein L.P. grew its holdings in Veeva Systems by 49.5% in the 4th quarter. Alliancebernstein L.P. now owns 2,356,137 shares of the technology company’s stock valued at $601,946,000 after buying an additional 779,607 shares during the last quarter.

Veeva Systems Company Profile (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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