Veeva Systems (NYSE:VEEV) PT Lowered to $205.00

Veeva Systems (NYSE:VEEVGet Rating) had its target price lowered by equities researchers at Raymond James from $260.00 to $205.00 in a report issued on Thursday, The Fly reports. Raymond James’ target price points to a potential upside of 22.14% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. Citigroup lowered their price target on Veeva Systems from $349.00 to $278.00 in a research report on Tuesday, March 1st. Robert W. Baird reduced their price objective on Veeva Systems from $303.00 to $288.00 in a research report on Thursday, March 3rd. SVB Leerink restated a “buy” rating and issued a $268.00 target price on shares of Veeva Systems in a research report on Monday, March 14th. Needham & Company LLC reduced their price target on shares of Veeva Systems from $270.00 to $205.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Guggenheim lowered their price objective on shares of Veeva Systems from $350.00 to $255.00 and set a “buy” rating for the company in a report on Thursday, March 3rd. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Veeva Systems currently has an average rating of “Buy” and a consensus price target of $270.53.

Shares of NYSE VEEV opened at $167.84 on Thursday. The business has a 50-day moving average of $183.90 and a 200-day moving average of $219.85. The firm 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 has a 12 month low of $152.04 and a 12 month high of $343.96.

Veeva Systems (NYSE:VEEVGet Rating) last announced its earnings results on Wednesday, June 1st. The technology company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.07. The business had revenue of $505.10 million during the quarter, compared to analyst estimates of $495.88 million. Veeva Systems had a net margin of 23.09% and a return on equity of 15.61%. Veeva Systems’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.67 earnings per share. As a group, analysts anticipate 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 stock in a transaction on 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 completion of the transaction, the director now owns 442 shares in the company, valued at $91,555.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Paul J. Sekhri sold 11,000 shares of the business’s stock in a transaction on Thursday, March 31st. The shares were sold at an average price of $214.02, for a total transaction of $2,354,220.00. The disclosure for this sale can be found here. Company insiders own 13.23% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Martin Currie Ltd. increased its position in Veeva Systems by 2.0% during the 1st quarter. Martin Currie Ltd. now owns 412,894 shares of the technology company’s stock valued at $87,724,000 after buying an additional 8,217 shares in the last quarter. EP Wealth Advisors LLC bought a new stake in shares of Veeva Systems during the first quarter valued at approximately $2,142,000. The Manufacturers Life Insurance Company raised its holdings in Veeva Systems by 141.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 128,729 shares of the technology company’s stock worth $27,544,000 after acquiring an additional 75,513 shares during the last quarter. Toroso Investments LLC lifted its position in Veeva Systems by 10.1% in the 1st quarter. Toroso Investments LLC now owns 1,708 shares of the technology company’s stock valued at $363,000 after acquiring an additional 156 shares in the last quarter. Finally, Wealthfront Advisers LLC boosted its stake in Veeva Systems by 76.5% during the 1st quarter. Wealthfront Advisers LLC now owns 1,987 shares of the technology company’s stock valued at $422,000 after purchasing an additional 861 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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