Veeva Systems Inc. [NYSE: VEEV] surged by $8.7 during the normal trading session on Thursday and reaching a high of $176.48 during the day while it closed the day at $167.15. The company report on November 1, 2022 that Veeva and Merck Form Long-Term Strategic Partnership.
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Ten-year partnership will help Merck reduce operational costs, deliver value to patients, and optimize the healthcare professional and patient experience.
Veeva Systems (NYSE: VEEV) today announced a ten-year strategic partnership agreement with Merck (NYSE: MRK), known as MSD outside of the United States and Canada, that builds on the existing 12-year partnership between the companies. Under the terms of the agreement, Merck will take a Veeva-first approach to new industry-specific software and data, selecting Veeva products when they are fit for purpose to maximize the value of Veeva’s integrated, cloud-based platform and products. Veeva will provide Merck with a strategic pricing approach and Merck will have input into Veeva’s product roadmap. The partnership helps accelerate Merck’s digital strategy and makes it more efficient for Merck to evaluate, purchase, operate, and create value from Veeva products and services.
Veeva Systems Inc. stock has also loss -1.97% of its value over the past 7 days. However, VEEV stock has declined by -26.46% in the 3 months of the year. Over the past six months meanwhile, it has lost -6.33% and lost -34.57% year-on date.
The market cap for VEEV stock reached $25.79 billion, with 154.95 million shares outstanding and 139.50 million shares in the current float. Compared to the average trading volume of 1.01M shares, VEEV reached a trading volume of 3768049 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Veeva Systems Inc. [VEEV]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for VEEV shares is $217.04 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on VEEV stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Wells Fargo have made an estimate for Veeva Systems Inc. shares, keeping their opinion on the stock as Equal Weight, with their previous recommendation back on October 31, 2022. While these analysts kept the previous recommendation, JP Morgan dropped their target price from $225 to $170. The new note on the price target was released on October 19, 2022, representing the official price target for Veeva Systems Inc. stock. Previously, the target price had yet another raise to $220, while KeyBanc Capital Markets analysts kept a Overweight rating on VEEV stock.
The Average True Range (ATR) for Veeva Systems Inc. is set at 6.93, with the Price to Sales ratio for VEEV stock in the period of the last 12 months amounting to 12.89. The Price to Book ratio for the last quarter was 7.98, with the Price to Cash per share for the same quarter was set at 18.92. Price to Free Cash Flow for VEEV in the course of the last twelve months was 34.79 with Quick ratio for the last quarter at 4.20.
VEEV stock trade performance evaluation
Veeva Systems Inc. [VEEV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.97. With this latest performance, VEEV shares dropped by -3.03% in over the last four-week period, additionally sinking by -6.33% over the last 6 months – not to mention a drop of -47.46% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for VEEV stock in for the last two-week period is set at 51.41, with the RSI for the last a single of trading hit 54.74, and the three-weeks RSI is set at 48.53 for Veeva Systems Inc. [VEEV]. The present Moving Average for the last 50 days of trading for this stock 170.18, while it was recorded at 165.77 for the last single week of trading, and 193.65 for the last 200 days.
Veeva Systems Inc. [VEEV]: An insightful look at the core fundamentals
Veeva Systems Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.20 and a Current Ratio set at 4.20.
Earnings per share (EPS) analysis for Veeva Systems Inc. [VEEV] stock
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for VEEV. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Veeva Systems Inc. go to 13.30%.
Veeva Systems Inc. [VEEV]: Insider Ownership positions
There are presently around $20,974 million, or 94.70% of VEEV stock, in the hands of institutional investors. The top three institutional holders of VEEV stocks are: PRICE T ROWE ASSOCIATES INC /MD/ with ownership of 16,414,343, which is approximately 14.321% of the company’s market cap and around 0.10% of the total institutional ownership; VANGUARD GROUP INC, holding 13,175,431 shares of the stock with an approximate value of $2.2 billion in VEEV stocks shares; and BLACKROCK INC., currently with $1.57 billion in VEEV stock with ownership of nearly -4.879% of the company’s market capitalization.
Positions in Veeva Systems Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 382 institutional holders increased their position in Veeva Systems Inc. [NYSE:VEEV] by around 11,652,317 shares. Additionally, 323 investors decreased positions by around 10,120,430 shares, while 113 investors held positions by with 103,706,005 shares. The mentioned changes placed institutional holdings at 125,478,752 shares, according to the latest SEC report filing. VEEV stock had 87 new institutional investments in for a total of 1,647,590 shares, while 76 institutional investors sold positions of 396,004 shares during the same period.