Today: Today, Veeva Systems Inc. (VEEV) Research Coverage Started at Goldman Sachs Group Inc.

Today, Veeva Systems Inc. (VEEV) Research Coverage Started at Goldman Sachs Group Inc.

Goldman Sachs Group Inc. initiated coverage on shares of Veeva Systems Inc. (NYSE:VEEV) in a research note issued to investors on Tuesday. The brokerage issued a neutral rating and a $43.00 target price on the stock.

Several other equities research analysts have also weighed in on the company. Needham & Company LLC reaffirmed a buy rating and issued a $46.00 target price (up from $43.00) on shares of Veeva Systems in a research report on Friday, September 30th. Bank of America Corp. reissued a hold rating and issued a $44.00 price target on shares of Veeva Systems in a research note on Friday, September 30th. Stifel Nicolaus increased their price target on Veeva Systems from $43.00 to $45.00 and gave the stock a buy rating in a research note on Friday, September 30th. Zacks Investment Research cut Veeva Systems from a buy rating to a hold rating in a research note on Monday, September 5th. Finally, Pacific Crest set a $42.00 price target on Veeva Systems and gave the stock a buy rating in a research note on Wednesday, August 31st. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $41.46.

Veeva Systems (NYSE:VEEV) opened at 39.00 on Tuesday. The company has a 50-day moving average of $40.37 and a 200 day moving average of $33.88. The firm has a market cap of $5.31 billion, a P/E ratio of 105.41 and a beta of 1.58. Veeva Systems has a 52 week low of $19.97 and a 52 week high of $42.58.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Tuesday, August 30th. The company reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.02. Veeva Systems had a return on equity of 11.26% and a net margin of 11.33%. The firm had revenue of $131.30 million for the quarter, compared to analyst estimates of $126.61 million. During the same period last year, the company earned $0.13 earnings per share. The firm’s revenue for the quarter was up 33.8% on a year-over-year basis. On average, equities analysts predict that Veeva Systems will post $0.60 earnings per share for the current year.

In related news, Director Ronald E. F. Codd sold 2,000 shares of the stock in a transaction dated Wednesday, October 5th. The stock was sold at an average price of $40.31, for a total value of $80,620.00. Following the completion of the sale, the director now directly owns 3,569 shares of the company’s stock, valued at approximately $143,866.39. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Matthew J. Wallach sold 84,000 shares of the stock in a transaction dated Wednesday, July 20th. The stock was sold at an average price of $36.33, for a total value of $3,051,720.00. Following the completion of the sale, the president now directly owns 42,000 shares of the company’s stock, valued at $1,525,860. The disclosure for this sale can be found here. 19.17% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Veeva Systems during the fourth quarter valued at about $11,094,000. Glenmede Trust Co. NA acquired a new stake in shares of Veeva Systems during the first quarter valued at about $2,003,000. Pacad Investment Ltd. acquired a new stake in shares of Veeva Systems during the first quarter valued at about $821,000. Teachers Advisors Inc. increased its stake in shares of Veeva Systems by 26.6% in the first quarter. Teachers Advisors Inc. now owns 66,421 shares of the company’s stock valued at $1,663,000 after buying an additional 13,946 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Veeva Systems by 2.7% in the first quarter. Franklin Resources Inc. now owns 513,417 shares of the company’s stock valued at $12,856,000 after buying an additional 13,400 shares in the last quarter. 70.67% of the stock is owned by hedge funds and other institutional investors.

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