Canaccord Genuity Believes Veeva Systems (NYSE: VEEV) Still Has Room to Grow

By Ryan Adsit

Canaccord Genuity analyst Richard Davis reiterated a Buy rating on Veeva Systems (NYSE: VEEV) yesterday and set a price target of $70. The company’s shares closed yesterday at $61.74, close to its 52-week high of $62.64.

According to TipRanks.com, Davis is a top 25 analyst with an average return of 24.8% and a 74.8% success rate. Davis covers the Technology sector, focusing on stocks such as Bottomline Technologies, Nuance Communications, and Ultimate Software.

Currently, the analyst consensus on Veeva Systems is Strong Buy and the average price target is $59.33, representing a -3.9% downside.

In a report issued on May 19, Stifel Nicolaus also reiterated a Buy rating on the stock with a $60 price target.

Based on Veeva Systems’ latest earnings report for the quarter ending January 31, the company posted quarterly revenue of $150 million and quarterly net profit of $21.71 million. In comparison, last year the company earned revenue of $120 million and had a net profit of $12.51 million.

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Veeva Systems, Inc. provides 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 company’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. Veeva Systems 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.