Todays Report: Today, KeyCorp Boosts Veeva Systems Inc. (VEEV) Price Target to $48.00

Today, KeyCorp Boosts Veeva Systems Inc. (VEEV) Price Target to $48.00

Veeva Systems Inc. (NYSE:VEEV) had its price target hoisted by KeyCorp from $42.00 to $48.00 in a research report released on Wednesday. KeyCorp currently has an overweight rating on the stock.

Other analysts have also recently issued reports about the company. Zacks Investment Research upgraded Veeva Systems from a hold rating to a buy rating and set a $45.00 target price on the stock in a report on Friday, September 2nd. Pacific Crest set a $42.00 target price on Veeva Systems and gave the company a buy rating in a report on Wednesday, August 31st. Stifel Nicolaus upped their target price on Veeva Systems from $40.00 to $43.00 and gave the company a buy rating in a report on Wednesday, August 31st. Morgan Stanley reiterated a buy rating and issued a $44.00 target price on shares of Veeva Systems in a report on Tuesday, August 16th. Finally, Canaccord Genuity upped their target price on Veeva Systems from $35.00 to $43.00 and gave the company a buy rating in a report on Wednesday, August 31st. Nine analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $43.57.

Shares of Veeva Systems (NYSE:VEEV) opened at 46.34 on Wednesday. The firm has a market capitalization of $6.22 billion, a P/E ratio of 121.95 and a beta of 1.60. Veeva Systems has a 12-month low of $19.97 and a 12-month high of $46.98. The stock has a 50 day moving average of $39.68 and a 200-day moving average of $37.51.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Tuesday, November 22nd. The company reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.06. The company had revenue of $142.80 million for the quarter, compared to analysts’ expectations of $135.67 million. Veeva Systems had a return on equity of 12.84% and a net margin of 12.73%. The business’s quarterly revenue was up 33.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.12 earnings per share. On average, equities research analysts predict that Veeva Systems will post $0.63 EPS for the current fiscal year.

In related news, President Matthew J. Wallach sold 84,000 shares of the stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $41.47, for a total value of $3,483,480.00. Following the completion of the sale, the president now directly owns 42,000 shares of the company’s stock, valued at approximately $1,741,740. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Paul J. Sekhri sold 17,593 shares of the stock in a transaction on Tuesday, October 11th. The shares were sold at an average price of $37.73, for a total value of $663,783.89. Following the completion of the sale, the director now directly owns 21,108 shares of the company’s stock, valued at $796,404.84. The disclosure for this sale can be found here. Insiders own 19.17% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Riverbridge Partners LLC raised its stake in Veeva Systems by 1.4% in the second quarter. Riverbridge Partners LLC now owns 1,981,733 shares of the company’s stock worth $67,617,000 after buying an additional 26,740 shares during the last quarter. California State Teachers Retirement System raised its stake in Veeva Systems by 34.6% in the second quarter. California State Teachers Retirement System now owns 203,119 shares of the company’s stock worth $6,930,000 after buying an additional 52,189 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Veeva Systems by 40.9% in the second quarter. Bank of New York Mellon Corp now owns 513,069 shares of the company’s stock worth $17,506,000 after buying an additional 148,937 shares during the last quarter. Gilder Gagnon Howe & Co. LLC bought a new stake in Veeva Systems during the second quarter worth approximately $5,249,000. Finally, Public Employees Retirement Association of Colorado raised its stake in Veeva Systems by 4.0% in the second quarter. Public Employees Retirement Association of Colorado now owns 20,681 shares of the company’s stock worth $706,000 after buying an additional 803 shares during the last quarter. 69.20% of the stock is owned by institutional investors and hedge funds.

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