Veeva Systems Inc. (VEEV) Stock Faces Lower Risks Forward After Forming Bullish Double Top Chart Pattern

May 21, 2018 - By wolcottdaily

Veeva Systems Inc. (NYSE:VEEV) Logo

Investors sentiment decreased to 1.06 in Q4 2017. Its down 0.57, from 1.63 in 2017Q3. It worsened, as 51 investors sold Veeva Systems Inc. shares while 91 reduced holdings. 54 funds opened positions while 96 raised stakes. 98.12 million shares or 2.33% more from 95.88 million shares in 2017Q3 were reported.
Utah Retirement reported 20,100 shares. Sumitomo Mitsui Asset reported 0.01% in Veeva Systems Inc. (NYSE:VEEV). Fifth Third Bank reported 1,675 shares. Susquehanna Group Ltd Liability Partnership, a Pennsylvania-based fund reported 121,249 shares. Andra Ap owns 19,600 shares. Qs Investors Limited Co has 0% invested in Veeva Systems Inc. (NYSE:VEEV) for 5,605 shares. Trexquant Inv Limited Partnership, a Connecticut-based fund reported 20,744 shares. Moreover, Connor Clark Lunn Investment Mgmt Ltd has 0.01% invested in Veeva Systems Inc. (NYSE:VEEV) for 15,500 shares. Creative Planning holds 0.01% of its portfolio in Veeva Systems Inc. (NYSE:VEEV) for 24,804 shares. Blackrock Inc accumulated 0.02% or 6.16 million shares. Emerald Advisers Pa has 0.05% invested in Veeva Systems Inc. (NYSE:VEEV). Ubs Asset Americas Inc holds 286,494 shares or 0.01% of its portfolio. 4,714 are owned by Shell Asset Management Com. Nuveen Asset Management Lc holds 78,837 shares or 0.03% of its portfolio. Stevens First Principles Investment Advisors owns 1,455 shares or 0.04% of their US portfolio.

Since December 15, 2017, it had 0 insider buys, and 23 insider sales for $20.51 million activity. 49,793 shares valued at $3.85 million were sold by Zuppas Eleni Nitsa on Tuesday, March 6. CODD RONALD E F had sold 3,000 shares worth $232,290. Shares for $41,254 were sold by MATEO ALAN. Lequient Frederic sold 2,875 shares worth $206,202. Another trade for 50,000 shares valued at $3.84M was made by Cabral Timothy S on Wednesday, March 7. SEKHRI PAUL J also sold $83,610 worth of Veeva Systems Inc. (NYSE:VEEV) on Wednesday, March 21.

The chart of Veeva Systems Inc. (VEEV) shows a double top with $81.93 target or 6.00 % above today’s $77.29 share price. The 5 months chart pattern indicates low risk for the $11.07B company. It was reported on May, 21 by Finviz.com. If the $81.93 price target is reached, the company will be worth $663.90M more. Double tops are rare but powerful chart patterns.

The stock increased 1.50% or $1.14 during the last trading session, reaching $77.29. About 1.27M shares traded or 10.59% up from the average. Veeva Systems Inc. (NYSE:VEEV) has risen 42.88% since May 21, 2017 and is uptrending. It has outperformed by 31.33% the S&P500.

Analysts await Veeva Systems Inc. (NYSE:VEEV) to report earnings on May, 24 after the close. They expect $0.23 EPS, up 64.29 % or $0.09 from last year’s $0.14 per share. VEEV’s profit will be $32.93 million for 84.01 P/E if the $0.23 EPS becomes a reality. After $0.17 actual EPS reported by Veeva Systems Inc. for the previous quarter, Wall Street now forecasts 35.29 % EPS growth.

Veeva Systems Inc. (NYSE:VEEV) Ratings Coverage

Among 9 analysts covering Veeva Systems (NYSE:VEEV), 6 have Buy rating, 0 Sell and 3 Hold. Therefore 67% are positive. Veeva Systems had 12 analyst reports since December 5, 2017 according to SRatingsIntel. The company was maintained on Thursday, March 1 by Morgan Stanley. The rating was maintained by Raymond James with “Hold” on Tuesday, December 5. The firm earned “Buy” rating on Wednesday, February 28 by Stifel Nicolaus. Canaccord Genuity maintained it with “Buy” rating and $75 target in Wednesday, February 28 report. The firm has “Hold” rating given on Friday, March 9 by J.P. Morgan. The rating was maintained by JMP Securities with “Market Outperform” on Friday, March 23. JP Morgan downgraded the shares of VEEV in report on Friday, March 9 to “Neutral” rating. As per Friday, March 2, the company rating was maintained by KeyBanc Capital Markets. The stock of Veeva Systems Inc. (NYSE:VEEV) has “Buy” rating given on Wednesday, December 6 by Canaccord Genuity. The company was maintained on Friday, April 13 by Canaccord Genuity.

Veeva Systems Inc. provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company has market cap of $11.07 billion. The firm offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, which allow pharmaceutical and biotechnology companies to target and support sales and marketing to physicians, other healthcare professionals, and healthcare organizations through various touch points, including in-person, email, and online; and Veeva Vault, a cloud enterprise content management platform and suite of applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, and quality. It has a 84.01 P/E ratio. It also provides Veeva Network master data management solutions for the management of customer master and product master data.

Veeva Systems Inc. (NYSE:VEEV) Institutional Positions Chart

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