Veeva Systems (NYSE:VEEV) Releases Quarterly Earnings Results, Beats Expectations By $0.23 EPS

Veeva Systems (NYSE:VEEV - Get Free Report) announced its quarterly earnings results on Wednesday. The technology company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.74 by $0.23, Briefing.com reports. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The company had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. During the same quarter in the prior year, the business posted $1.50 EPS. Veeva Systems's quarterly revenue was up 16.7% on a year-over-year basis.

Veeva Systems Stock Up 0.4%

VEEV traded up $0.99 during trading on Friday, reaching $280.03. 3,578,987 shares of the company's stock were exchanged, compared to its average volume of 1,132,660. The company has a market capitalization of $45.56 billion, a P/E ratio of 69.14, a PEG ratio of 1.89 and a beta of 0.96. The business has a 50 day moving average price of $230.48 and a 200 day moving average price of $227.83. Veeva Systems has a fifty-two week low of $171.10 and a fifty-two week high of $285.70.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 3,882 shares of the business's stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the transaction, the director now directly owns 5,500 shares in the company, valued at $1,192,565. The trade was a 41.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $178,019.40. Following the sale, the senior vice president now directly owns 8,668 shares in the company, valued at $1,960,701.60. This represents a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,869 shares of company stock valued at $1,284,917 in the last 90 days. 10.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on VEEV shares. Raymond James boosted their price target on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday. Truist Financial upped their target price on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research report on Thursday. Citigroup increased their price target on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a report on Friday. Finally, UBS Group boosted their price objective on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $269.00.

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.