Stock Update (NYSE:VEEV): Veeva Systems Inc Now Ranked Among the Top Three Most Preferred Software Vendors in IDC Life Sciences Spending Survey

Veeva Systems Inc (NYSE:VEEV) is among the top three most preferred life sciences software vendors, according to IDC Health Insights’ Leading Indicators in Life Sciences IT Spending Surveyi, which measures planned investments for 2015. This is the third year thatVeeva has been among the top ten vendors, and has been steadily increasing its standing among life sciences executives over the past three years – jumping to 3rd most preferred provider from 8th two years ago.

Veeva delivers industry cloud software solutions to help life sciences companies achieve their most pressing strategic objectives – bringing drugs to market faster and more efficiently, maximizing revenues, and maintaining compliance with government regulations. Veeva was the only industry cloud vendor to top the list.

In addition to its most preferred status, Veeva has been named a ‘Leader’ in the IDC Marketscape Worldwide Life Science CRM Software 2015 Vendor Assessment, and ranked the 3rd life sciences software vendor globally by IDC Health Insights’ Vendor Assessment: 2014 Top 10 Life Science Software Vendors report.ii Veeva climbed two positions this year from last year’s rankings.

IDC cites Veeva’s leading-edge functionality and ease of use as among the best in the industry. The survey noted Veeva’s industry expertise as a key differentiator. “The company’s sole focus on the life science industry boosts its unique understanding of market wants and needs. This was echoed by the firm’s customers, which gave Veeva’s life science market expertise extremely high marks,” the report notes.iii

“We are honored by this recognition, especially since it comes from our most important stakeholder, our customers,” said Paul Shawah, vice president of product marketing for Veeva. “Our ranking as one of the top providers to the industry reflects our commitment to continually innovating and expanding our industry cloud solutions to deliver extraordinary value to life sciences companies as we partner with them to achieve their strategic objectives.”

In addition to the recognition from IDC, Veeva also recently received two other notable awards. Nucleus Research named Veeva ‘Leader’ in its Technology Value Matrix for CRM for the third year in a row. Nucleus Research considers candidates’ track record of innovation in system functionality and usability, particularly in the areas of sales, marketing, and customer service.

The only life sciences-specific provider named a leader by Nucleus, “Veeva offers an accelerated time to value with its industry-specific products because solutions built for a particular industry are able to provide more out-of-the-box capabilities, which decreases implementation time and cost,” the report states.

Veeva Commercial Cloud was also singled out by PharmaVOICE as ‘Most Innovative Platform’ for 2014, as judged against hundreds of nominations from across the life sciences industry. Veeva Commercial Cloud brings together the data, content, and interactions needed for life sciences companies to deliver a fully coordinated and compliant customer experience across channels. (Original Source)

Shares of Veeva Systems opened today at $26.37 and are currently trading up at $26.93. VEEV has a 1-year high of $33.66 and a 1-year low of $19.51. The stock’s 50-day moving average is $27.22 and its 200-day moving average is $27.91.

On the ratings front, Veeva Systems has been the subject of a number of recent research reports. In a report issued on May 29, Canaccord Genuity analyst Richard Davis maintained a Buy rating on VEEV, with a price target of $36, which implies an upside of 36.5% from current levels. Separately, on March 4, Deutsche Bank’s Karl Keirstead downgraded the stock to Hold and has a price target of $30.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Richard Davis and Karl Keirstead have a total average return of 5.6% and 12.0% respectively. Davis has a success rate of 54.5% and is ranked #574 out of 3610 analysts, while Keirstead has a success rate of 64.9% and is ranked #417.

Veeva Systems Inc is a provider of industry-specific, cloud-based software solutions for the life sciences industry.

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