The stock of Veeva Systems Inc. (NYSE:VEEV) is now priced at $294.08 and the shares are 11.81 points up or 4.18% higher compared to its previous closing price of $282.27. The stock had 1.093 million contracts set over the past session. VEEV shares’ daily volume is compared to its average trading volume at 975107 shares. However, it has a float of 134 million and although its performance was 13.03% over the week, it’s one to watch. Analysts have given the VEEV stock a yearly average price target of $244.3 per share. It means the stock’s downside potential is -16.93% with the VEEV share price recently placing at $285.6 to $294.99. However, some brokerage firms have priced the stock below the average, including one that has called $275.
The shorts are running away from the Veeva Systems Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the VEEV shares have declined. Short interest in the stock represents just 1.48% of its float, but the volume has dropped by 0.
In the last trading session, Veeva Systems Inc. (NYSE:VEEV) raised by $33.9 over the week and gained $25.85 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $294.99. The stock recorded its established 52-week high on 09/01/20.
Since 03/17/20, the stock has traded to a low of $118.11 at 148.99%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.92. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Veeva Systems Inc.’s two-week RSI is 72.84. This suggests that the stock is oversold at the moment and that VEEV shares’ price movement remains not stable. The stochastic readings are equally revealing at 80.1% meaning the VEEV share price is currently in oversold territory.
The technical chart shows that the VEEV stock will likely settle at between $297.51 and $300.95 per share. However, if the stock dips below $288.12, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $282.17.
Currently, the stock is trading in the green of MACD, with a reading of 11.67. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Needham though raised target price of VEEV stock from $235 to $310 but maintained Buy recommendation in their August 28 review. FBN Securities analysts see the stock as a Outperform in a flash note released to investors on July 23 initiating covering the stock. Stephens analysts see the stock as Overweight when the analysts initiated the share price coverage on July 07, placing it at $290.
The average rating for the VEEV equity is 1.95 and is currently gathering a bullish momentum. Of 22 analysts tracking Veeva Systems Inc. polled by Reuters, 6 rated VEEV as a hold. The remaining 16 analysts were split evenly. However, the split wasn’t equal as a majority (16) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the VEEV stock price is 95.95X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Veeva Systems Inc. (NYSE:VEEV) will decrease by about -99.9%, which will see them reach $361 million. The company’s full-year revenues are, however, expected to increase by about 29.09%, up from $1100 million to $1420 million. VEEV’s expected adjusted earnings should surge almost 13.33% to end up at $0.68 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 22.37% to record $2.68/share.