Veeva Systems (NYSE:VEEV) Shares Gap Up on Earnings Beat

Veeva Systems Inc. (NYSE:VEEV - Get Free Report)'s share price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $234.49, but opened at $268.59. Veeva Systems shares last traded at $281.60, with a volume of 983,290 shares traded.

The technology company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.23. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The business 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 company posted $1.50 earnings per share. Veeva Systems's revenue was up 16.7% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. JPMorgan Chase & Co. upped their target price on Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a report on Thursday, March 20th. Wells Fargo & Company upped their target price on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday. Raymond James upped their target price on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a report on Thursday. Citigroup upped their target price on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a report on Friday. Finally, Robert W. Baird upped their target price on Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, Veeva Systems presently has an average rating of "Moderate Buy" and an average price target of $269.80.

Insider Buying and Selling at Veeva Systems

In related news, Director Timothy S. Cabral sold 3,882 shares of the business's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the sale, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. The trade was a 41.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Jonathan Faddis sold 787 shares of the stock in a transaction that occurred on 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 directly owns 8,668 shares in the company, valued at $1,960,701.60. This 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 valued at $1,284,917 in the last ninety days. 10.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Veeva Systems

A number of large investors have recently modified their holdings of VEEV. JPMorgan Chase & Co. boosted its holdings in shares of Veeva Systems by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock valued at $536,972,000 after purchasing an additional 1,081,501 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Veeva Systems by 28.0% in the 4th quarter. Blue Trust Inc. now owns 1,262 shares of the technology company's stock valued at $265,000 after purchasing an additional 276 shares in the last quarter. Heck Capital Advisors LLC acquired a new stake in shares of Veeva Systems in the 4th quarter valued at $309,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of Veeva Systems by 700.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 6,171 shares of the technology company's stock worth $1,297,000 after buying an additional 5,400 shares in the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Veeva Systems by 8.8% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,688 shares of the technology company's stock valued at $986,000 after acquiring an additional 381 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Performance

The company has a market cap of $45.26 billion, a price-to-earnings ratio of 68.68, a P/E/G ratio of 1.89 and a beta of 0.96. The company has a fifty day moving average of $230.48 and a two-hundred day moving average of $227.81.

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.