In a report released yesterday, Brent Bracelin from KeyBanc assigned a Buy rating to Veeva Systems (NYSE: VEEV). The company’s shares closed yesterday at $77.17, close to its 52-week high of $79.15.
Bracelin observed:
“We continue to see VEEV as a core cloud holding that warrants a premium valuation based on a unique model that supports 30%+ op margin and high growth in excess of 20% with multiple products to fuel growth in the coming years. We are raising our price target to $84 from $81.”
According to TipRanks.com, Bracelin is a top 100 analyst with an average return of 20.2% and a 75.6% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Salesforce.com, and Everbridge Inc.
Veeva Systems has an analyst consensus of Moderate Buy, with a price target consensus of $75.60.
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Based on Veeva Systems’ latest earnings release for the quarter ending January 31, the company reported a quarterly net profit of $33.71 million. In comparison, last year the company had a net profit of $36.02 million.
Based on the recent corporate insider activity of 116 insiders, corporate insider sentiment is neutral on the stock. Most recently, in March 2018, Eleni Nitsa Zuppas, the CMO of VEEV sold 49,793 shares for a total of $3,848,071.
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Veeva Systems, Inc. engages in the provision of industry-specific, cloud-based software solutions for the life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance. The firm’s customer relationship management solutions enable its customers to increase the productivity and compliance of their sales and marketing functions. Its regulated content management and collaboration solutions enable its customers to more efficiently manage a regulated, content-centric processes across the enterprise. The company’s customer master solution enables customers to more effectively manage complex healthcare provider and healthcare organization data. The company was founded by Mark Armenante, Peter P. Gassner, Doug Ostler, Mitch Wallace and Matthew J. Wallach on January 12, 2007 and is headquartered in Pleasanton, CA.
