JMP Securities Lowers Veeva Systems (NYSE:VEEV) Price Target to $240.00

Veeva Systems (NYSE:VEEVGet Rating) had its target price lowered by JMP Securities from $265.00 to $240.00 in a note issued to investors on Thursday, The Fly reports. JMP Securities’ price target would suggest a potential upside of 42.99% from the stock’s previous close.

VEEV has been the topic of a number of other reports. Royal Bank of Canada cut their price target on shares of Veeva Systems from $400.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday, March 3rd. Bank of America lowered shares of Veeva Systems from a “buy” rating to a “neutral” rating and cut their target price for the stock from $300.00 to $220.00 in a research note on Thursday, March 3rd. SVB Leerink restated a “buy” rating and set a $268.00 target price on shares of Veeva Systems in a research note on Monday, March 14th. Barclays cut their target price on shares of Veeva Systems from $237.00 to $195.00 and set an “equal weight” rating on the stock in a research note on Tuesday, May 24th. Finally, Robert W. Baird cut their target price on shares of Veeva Systems from $303.00 to $288.00 in a research note on Thursday, March 3rd. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $270.53.

NYSE VEEV opened at $167.84 on Thursday. 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. The firm’s 50-day moving average is $183.90 and its two-hundred day moving average is $219.85. Veeva Systems has a 12 month low of $152.04 and a 12 month high of $343.96.

Veeva Systems (NYSE:VEEVGet Rating) last issued its quarterly earnings results on Wednesday, June 1st. The technology company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.07. The company had revenue of $505.10 million for 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%. The business’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.67 earnings per share. On average, equities research analysts anticipate that Veeva Systems will post 2.76 EPS for the current fiscal year.

In related 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 transaction of $4,142,800.00. Following the completion of the sale, the director now directly owns 442 shares of the company’s stock, valued at $91,555.88. The sale 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 stock in a transaction on Thursday, March 31st. The stock was sold at an average price of $214.02, for a total value of $2,354,220.00. The disclosure for this sale can be found here. 13.23% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Tyler Stone Wealth Management acquired a new stake in Veeva Systems in the fourth quarter valued at $28,000. Ten Capital Wealth Advisors LLC acquired a new stake in Veeva Systems in the fourth quarter valued at $29,000. Amplius Wealth Advisors LLC purchased a new position in shares of Veeva Systems in the fourth quarter valued at $31,000. Liberty Wealth Management LLC increased its position in shares of Veeva Systems by 312.9% in the third quarter. Liberty Wealth Management LLC now owns 128 shares of the technology company’s stock valued at $38,000 after buying an additional 97 shares in the last quarter. Finally, Jackson Grant Investment Advisers Inc. purchased a new position in shares of Veeva Systems in the first quarter valued at $28,000.

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.

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