Veeva Systems stock saw a welcome improvement to its Relative Strength (RS) Rating on Wednesday, rising from 68 to 72.
IBD's proprietary RS Rating identifies market leadership by using a 1 (worst) to 99 (best) score that indicates how a stock's price performance over the last 52 weeks compares to the rest of the market.
Decades of market research reveals that the stocks that go on to make the biggest gains tend to have an 80 or higher RS Rating as they begin their largest climbs. See if Veeva Systems stock can continue to rebound and clear that threshold.
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Is Veeva System Stock A Buy?
Veeva System stock cleared a cup-with-handle pattern with a 226.47 entry point back in November. Since then, it's pulled back slightly and not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock goes on to form a base and break out.
The cloud-based software company for life science industry reported 31% EPS growth in the latest quarterly report, while sales growth came in at 13%.
Veeva Systems stock earns the No. 4 rank among its peers in the Computer Software-Medical industry group. Doximity is the top-ranked stock within the group.
