Veeva Solid Buy at $140?
Veeva is a technology company that connects pharmaceutical companies with clinical trial sponsors operating under the guise of Salesforce cloud.
Earnings are on June 1st and the stock typically gaps down. Luckily, there is major support going back to 2019 at $137. That would price it at around a 30 forward PE in 2 years. I would like to see it consolidate around $145 to $165 for a few months before moving higher, though it is in a downtrend (blue line). Then, it needs to attack the 50 day EMA (orange line) which was in a death cross with the 200 day moving average (green line) back in November 2021. The bottom of the gap in March 2022 has acted as strong resistance.
Earnings are on June 1st and the stock typically gaps down. Luckily, there is major support going back to 2019 at $137. That would price it at around a 30 forward PE in 2 years. I would like to see it consolidate around $145 to $165 for a few months before moving higher, though it is in a downtrend (blue line). Then, it needs to attack the 50 day EMA (orange line) which was in a death cross with the 200 day moving average (green line) back in November 2021. The bottom of the gap in March 2022 has acted as strong resistance.
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