Veeva Systems (NYSE:VEEV) Releases Earnings Results, Beats Estimates By $0.07 EPS

Veeva Systems (NYSE:VEEV – Get Rating) issued its earnings results on Wednesday. The technology company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.07, MarketWatch Earnings reports. The firm had revenue of $505.10 million during the quarter, compared to the consensus estimate of $495.88 million. Veeva Systems had a net margin of 23.09% and a return on equity of 15.61%. The company’s revenue was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.67 earnings per share.

Shares of NYSE:VEEV traded down $2.42 on Wednesday, reaching $167.84. The company’s stock had a trading volume of 1,717,364 shares, compared to its average volume of 1,087,416. The stock’s 50-day moving average is $183.90 and its two-hundred day moving average is $219.85. Veeva Systems has a 52-week low of $152.04 and a 52-week high of $343.96. The stock has a market capitalization of $25.91 billion, a P/E ratio of 63.82, a PEG ratio of 3.45 and a beta of 0.85.

In related news, Director Paul J. Sekhri sold 11,000 shares of the stock in a transaction dated Thursday, March 31st. The shares were sold at an average price of $214.02, for a total transaction of $2,354,220.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ronald E. F. Codd sold 20,000 shares of the 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 transaction, the director now directly owns 442 shares of the company’s stock, valued at $91,555.88. The disclosure for this sale can be found here. 13.23% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of VEEV. The Manufacturers Life Insurance Company increased its stake in shares of Veeva Systems by 141.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 128,729 shares of the technology company’s stock worth $27,544,000 after purchasing an additional 75,513 shares in the last quarter. Toroso Investments LLC grew its holdings in Veeva Systems by 10.1% during the 1st quarter. Toroso Investments LLC now owns 1,708 shares of the technology company’s stock valued at $363,000 after buying an additional 156 shares during the last quarter. Wealthfront Advisers LLC increased its position in Veeva Systems by 76.5% during the first quarter. Wealthfront Advisers LLC now owns 1,987 shares of the technology company’s stock worth $422,000 after buying an additional 861 shares in the last quarter. Global Wealth Management Investment Advisory Inc. raised its holdings in shares of Veeva Systems by 63.9% in the first quarter. Global Wealth Management Investment Advisory Inc. now owns 218 shares of the technology company’s stock worth $46,000 after acquiring an additional 85 shares during the last quarter. Finally, Nellore Capital Management LLC purchased a new stake in shares of Veeva Systems in the first quarter valued at $17,294,000.

VEEV has been the subject of a number of analyst reports. Royal Bank of Canada lowered their target price on shares of Veeva Systems from $400.00 to $300.00 and set an “outperform” rating for the company in a research note on Thursday, March 3rd. Robert W. Baird lowered their target price on shares of Veeva Systems from $303.00 to $288.00 in a research note on Thursday, March 3rd. Needham & Company LLC decreased their price objective on shares of Veeva Systems from $327.00 to $270.00 and set a “buy” rating for the company in a research note on Thursday, March 3rd. JMP Securities decreased their price objective on shares of Veeva Systems from $345.00 to $265.00 and set a “market outperform” rating for the company in a research note on Thursday, March 10th. Finally, Barclays decreased 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. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $279.06.

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.

Read More

• Get a free copy of the StockNews.com research report on Veeva Systems (VEEV)
• The Analysts Like The Fit Of Victoria’s Secret & Co 
• Ambarella Is A Buy For Patient Investors 
• Don’t Bet On A Big Rebound For Salesforce.com Stock 
• 3 Specialty Retailers with Special Upside
• Is Roku (NASDAQ: ROKU) Bottoming Out?

Want More Great Investing Ideas?