Veeva Systems (NYSE:VEEV) Issues Earnings Results, Beats Estimates By $0.23 EPS

Veeva Systems (NYSE:VEEV) announced its quarterly earnings data on Wednesday. The technology company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.23, Briefing.com reports. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The firm had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. During the same quarter last year, the business posted $1.50 earnings per share. The firm’s revenue was up 16.7% compared to the same quarter last year.

Veeva Systems Price Performance

Shares of NYSE VEEV opened at $278.85 on Friday. The stock’s 50-day moving average is $229.69 and its two-hundred day moving average is $227.56. Veeva Systems has a 1-year low of $170.25 and a 1-year high of $285.70. The company has a market cap of $45.37 billion, a price-to-earnings ratio of 68.85, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96.

Wall Street Analysts Forecast Growth

VEEV has been the topic of a number of analyst reports. Morgan Stanley lifted their price objective on Veeva Systems from $201.00 to $210.00 and gave the stock an “underweight” rating in a research report on Thursday. Barclays lifted their price objective on Veeva Systems from $285.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday. Piper Sandler lifted their price objective on Veeva Systems from $255.00 to $325.00 and gave the stock an “overweight” rating in a research report on Thursday. Wells Fargo & Company lifted their price objective on Veeva Systems from $285.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. lifted their target price on Veeva Systems from $218.00 to $249.00 and gave the company a “neutral” rating in a research report on Thursday, March 20th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and a consensus target price of $268.12.

Insiders Place Their Bets

In other Veeva Systems news, Director Timothy S. Cabral sold 3,882 shares of the company’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the sale, the director now owns 5,500 shares in the company, valued at $1,192,565. This represents a 41.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Jonathan Faddis sold 787 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the sale, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock worth $1,284,917 in the last quarter. 10.30% of the stock is owned by company insiders.

Veeva Systems Company Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.