Veeva Systems Inc (VEEV) is Initiated by BofA/Merrill to Neutral, Price Target at $40

Veeva Systems Inc (VEEV) was Initiated by BofA/Merrill to “Neutral” and the brokerage firm has set the Price Target at $40. BofA/Merrill advised their investors in a research report released on Jun 17, 2016.

On the company’s financial health, Veeva Systems Inc reported $0.15 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on May 26, 2016. Analyst had a consensus of $0.11. The company had revenue of $119.80 million for the quarter, compared to analysts expectations of $115.52 million. The company’s revenue was up 33.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 EPS.

Veeva Systems Inc opened for trading at $34.15 and hit $34.68 on the upside on Wednesday, eventually ending the session at $34.34, with a gain of 1.09% or 0.37 points. The heightened volatility saw the trading volume jump to 19,52,035 shares. Company has a market cap of $4,628 M.

In a different news, on Jun 15, 2016, Gordon Ritter (director) sold 88,000 shares at $34.16 per share price. According to the SEC, on Jun 15, 2016, Ronald E F Codd (director) sold 10,000 shares at $34.32 per share price. On Jun 13, 2016, Matthew J Wallach (President) sold 84,000 shares at $34.75 per share price, according to the Form-4 filing with the securities and exchange commission.

Veeva Systems Inc. (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company’s industry cloud for life sciences consists of the solution sets: Veeva CRM its core customer relationship management solution and related solutions; Veeva Vault its regulated content management and collaboration solutions; Veeva Network its customer master data management solution and Veeva OpenKey its data and related services offerings. It provides updates to its software solutions three times per year. Updates are included in its subscription and are not subject to an additional fee. Upgrades are implemented by Veeva in its cloud computing environment such that when a new update is put into production the prior version is replaced. Veeva OpenKey customer data is available in Australia China France Italy the United Kingdom and the United States.

Veeva Systems Inc

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