KeyBanc analyst Brent Bracelin maintained a Buy rating on Veeva Systems (VEEV) yesterday. The company’s shares closed yesterday at $97.79.
Bracelin said:
“We are raising our estimates on improving fundamentals, raising our PT to $114 from $108, and would continue to Overweight VEEV on durable growth with a FCF margin above 30%. Broad-based adoption of Vault continues to drive upside. The $8.7M revenue beat on accelerating growth to 27% from 25% last quarter was driven by the continuation of broad-based adoption of the Vault portfolio (14 applications). EPS increased by 80% to $0.45, exceeding consensus by $0.07. The top three things that stood out this quarter: 1. Vault: $430M+ run-rate, growing 52% y/y; 48% of sales vs. 46% last quarter. 2. Lands first CTMS win at a top 25 firm for operating clinical trials. 3. Landed 7-figure deal with cosmetics firm based in Europe. Vault’s scale and scope remains underappreciated.”
According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 20.1% and a 70.6% 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 $108.17.
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Based on Veeva Systems’ latest earnings release for the quarter ending October 31, the company reported a quarterly net profit of $64.09 million. In comparison, last year the company had a net profit of $34.39 million.
Based on the recent corporate insider activity of 96 insiders, corporate insider sentiment is negative on the stock. Most recently, in September 2018, Eleni Nitsa Zuppas, the CMO of VEEV sold 3,800 shares for a total of $395,048.
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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.
