Goldman Sachs Group Initiates Coverage on Veeva Systems (NYSE:VEEV)

Goldman Sachs Group started coverage on shares of Veeva Systems (NYSE:VEEV) in a research note published on Friday, June 7th, Stock Target Advisor reports. The firm issued a neutral rating and a $151.00 target price on the technology company’s stock.

Other research analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of Veeva Systems from a buy rating to a hold rating in a research note on Monday, February 18th. Stephens raised shares of Veeva Systems from an equal rating to an overweight rating and raised their price objective for the stock from $130.00 to $155.00 in a report on Thursday, May 30th. Stifel Nicolaus increased their target price on shares of Veeva Systems from $130.00 to $150.00 and gave the stock a buy rating in a research report on Wednesday, May 22nd. KeyCorp increased their target price on shares of Veeva Systems from $133.00 to $172.00 and gave the stock an overweight rating in a research report on Thursday, May 30th. Finally, Barclays initiated coverage on shares of Veeva Systems in a research report on Wednesday, February 20th. They set an equal weight rating and a $130.00 price target for the company. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Veeva Systems currently has a consensus rating of Buy and a consensus price target of $147.00.

Shares of VEEV traded up $1.36 during midday trading on Friday, hitting $163.47. The company had a trading volume of 1,078,664 shares, compared to its average volume of 1,396,928. Veeva Systems has a 52 week low of $73.47 and a 52 week high of $173.65. The stock has a market cap of $23.87 billion, a PE ratio of 131.83, a price-to-earnings-growth ratio of 6.64 and a beta of 1.41. The firm has a 50 day moving average price of $154.80. The company has a current ratio of 3.73, a quick ratio of 3.73 and a debt-to-equity ratio of 0.01.

Veeva Systems (NYSE:VEEV) last released its earnings results on Wednesday, May 29th. The technology company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.08). The business had revenue of $244.75 million for the quarter, compared to analyst estimates of $238.69 million. Veeva Systems had a net margin of 28.41% and a return on equity of 17.61%. The firm’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.33 earnings per share. On average, research analysts predict that Veeva Systems will post 1.6 EPS for the current fiscal year.

In other Veeva Systems news, Director Timothy C. Barabe sold 727 shares of Veeva Systems stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $127.41, for a total transaction of $92,627.07. Following the completion of the transaction, the director now owns 8,619 shares of the company’s stock, valued at approximately $1,098,146.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jonathan Faddis sold 1,667 shares of Veeva Systems stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $127.29, for a total value of $212,192.43. Following the sale, the senior vice president now owns 2,740 shares of the company’s stock, valued at approximately $348,774.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 100,828 shares of company stock worth $15,085,434. Corporate insiders own 14.38% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Ffcm LLC acquired a new stake in shares of Veeva Systems during the 4th quarter valued at approximately $26,000. First Personal Financial Services lifted its position in shares of Veeva Systems by 241.7% during the 1st quarter. First Personal Financial Services now owns 205 shares of the technology company’s stock valued at $26,000 after acquiring an additional 145 shares during the period. Bollard Group LLC acquired a new stake in shares of Veeva Systems during the 4th quarter valued at approximately $27,000. Hanson McClain Inc. lifted its position in shares of Veeva Systems by 67.2% during the 1st quarter. Hanson McClain Inc. now owns 224 shares of the technology company’s stock valued at $28,000 after acquiring an additional 90 shares during the period. Finally, Executive Wealth Management LLC acquired a new stake in shares of Veeva Systems during the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 77.65% of the company’s stock.

Veeva Systems Company Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.

Further Reading: Liquidity

Analyst Recommendations for Veeva Systems (NYSE:VEEV)

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