VEEVA SYSTEMS shares rise as Goldman Sachs starts coverage

June 24, 2022

Trending News ☀️

VEEVA SYSTEMS ($NYSE:VEEV) shares rose on Thursday as investment firm Goldman Sachs started coverage on the cloud computing company, noting the stock could see a healthy return from current levels. In a note to clients, Borges said VEEVA SYSTEMS’ “best-in-class” software offerings and strong customer relationships position it well for long-term growth. The analyst added that the company’s “land and expand” business model should allow it to continue winning market share. Looking ahead, VEEVA SYSTEMS is well positioned to continue its strong growth trajectory, backed by its best-in-class software offerings, strong customer relationships, and land-and-expand business model. Goldman Sachs believe the stock could see a healthy return from current levels and maintain their Buy rating.

Market Reaction

On Thursday, VEEVA SYSTEMS stock opened at $192.6 and closed at $199.9, representing a 6.5% increase from its previous closing price of $187.7. This was the stock’s highest closing price in over a month.

VI Analysis

VEEVA Systems is a cloud-based software company that provides customer relationship management (CRM) and content management solutions for the life sciences industry. The company’s fundamentals reflect its long-term potential, and the fair value of its shares is around $295.8, calculated by VI Line. VEEVA’s stock is currently traded at $199.9, which is 32% below its fair value. This may be a good time to buy the stock.

Summary

The stock price rose 6.5% following the news. Goldman Sachs predicts that VEEVA SYSTEMS will continue to outperform the market and recommends that investors buy the stock.

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