Veeva Systems (NYSE:VEEV – Free Report) had its price objective lifted by Piper Sandler from $232.00 to $235.00 in a report released on Thursday morning, MarketBeat.com reports. They currently have an overweight rating on the technology company’s stock.
A number of other research analysts have also recently weighed in on VEEV. Robert W. Baird lifted their target price on Veeva Systems from $235.00 to $242.00 and gave the company an outperform rating in a report on Thursday. KeyCorp boosted their price objective on Veeva Systems from $185.00 to $210.00 in a research note on Friday, June 2nd. Raymond James boosted their price objective on Veeva Systems from $200.00 to $210.00 in a research note on Thursday, June 1st. Morgan Stanley cut Veeva Systems from an equal weight rating to an underweight rating and set a $181.00 price objective on the stock. in a research note on Wednesday, June 28th. Finally, StockNews.com began coverage on Veeva Systems in a research note on Thursday, August 17th. They set a hold rating on the stock. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Veeva Systems has an average rating of Moderate Buy and a consensus price target of $213.43.
Veeva Systems Stock Up 8.4 %
Veeva Systems (NYSE:VEEV – Get Free Report) last issued its earnings results on Wednesday, August 30th. The technology company reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. Veeva Systems had a return on equity of 10.88% and a net margin of 23.85%. The firm had revenue of $590.23 million for the quarter, compared to analysts’ expectations of $582.28 million. During the same quarter last year, the firm earned $0.56 earnings per share. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. Sell-side analysts expect that Veeva Systems will post 2.7 earnings per share for the current fiscal year.
In other news, Director Paul Edward Chamberlain sold 160 shares of the business’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $189.22, for a total transaction of $30,275.20. Following the completion of the transaction, the director now directly owns 16,942 shares in the company, valued at $3,205,765.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 10.98% of the company’s stock.
Hedge Funds Weigh In On Veeva Systems
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Bank Julius Baer & Co. Ltd Zurich boosted its position in shares of Veeva Systems by 90,363.8% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 98,398,383 shares of the technology company’s stock worth $19,456,312,000 after buying an additional 98,289,612 shares during the period. Vanguard Group Inc. lifted its position in Veeva Systems by 1.0% in the first quarter. Vanguard Group Inc. now owns 12,888,204 shares of the technology company’s stock worth $2,738,229,000 after purchasing an additional 132,560 shares during the period. Artisan Partners Limited Partnership lifted its position in Veeva Systems by 3.0% in the second quarter. Artisan Partners Limited Partnership now owns 10,568,726 shares of the technology company’s stock worth $2,089,754,000 after purchasing an additional 306,477 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Veeva Systems by 3.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,784,552 shares of the technology company’s stock worth $1,430,724,000 after purchasing an additional 277,228 shares during the period. Finally, Alliancebernstein L.P. lifted its position in Veeva Systems by 4.3% in the second quarter. Alliancebernstein L.P. now owns 7,779,200 shares of the technology company’s stock worth $1,538,181,000 after purchasing an additional 323,959 shares during the period. 80.07% of the stock is currently owned by institutional investors and hedge funds.
Veeva Systems Company Profile
Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and data solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.
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