KeyBanc analyst Brent Bracelin maintained a Buy rating on Veeva Systems (NYSE: VEEV) yesterday. The company’s shares closed yesterday at $89.52, close to its 52-week high of $90.73.
Bracelin wrote:
“We were particularly encouraged by the first seven-figure customer outside of life sciences, an early proof point for this untapped QualityOne opportunity. We also have an increasingly positive bias on Nitro as a future growth lever and foundational AI layer. We are raising our growth and profitability estimate and increasing our price target to $99 from $84, rolling forward to 35x CY2020 EV/FCF.”
According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 24.0% and a 77.3% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Salesforce.com, and Everbridge Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Veeva Systems with a $87.29 average price target, representing a -2.5% downside. In a report issued on August 16, Morgan Stanley also maintained a Buy rating on the stock with a $91 price target.
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Veeva Systems’ market cap is currently $12.82B and has a P/E ratio of 91.35. The company has a Price to Book ratio of 13.15.
Based on the recent corporate insider activity of 100 insiders, corporate insider sentiment is neutral on the stock. Last month, Ronald Codd, a Director at VEEV sold 10,000 shares for a total of $798,600.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
