Veeva Systems (NYSE:VEEV) Sets New 1-Year High on Analyst Upgrade

Shares of Veeva Systems Inc. (NYSE:VEEVGet Free Report) reached a new 52-week high on Friday after Bank of America raised their price target on the stock from $200.00 to $220.00. Bank of America currently has a neutral rating on the stock. Veeva Systems traded as high as $214.75 and last traded at $214.19, with a volume of 177189 shares. The stock had previously closed at $208.70.

A number of other brokerages have also recently commented on VEEV. Canaccord Genuity Group lifted their target price on shares of Veeva Systems from $170.00 to $210.00 and gave the company a “hold” rating in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 target price on shares of Veeva Systems in a report on Thursday. Raymond James lifted their target price on shares of Veeva Systems from $210.00 to $240.00 and gave the company an “outperform” rating in a report on Thursday. Stifel Nicolaus lifted their target price on shares of Veeva Systems from $205.00 to $211.00 and gave the company a “buy” rating in a report on Thursday. Finally, Robert W. Baird lifted their target price on shares of Veeva Systems from $235.00 to $242.00 and gave the company an “outperform” rating in a report on Thursday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $213.43.

View Our Latest Stock Report on VEEV

Insiders Place Their Bets

In other Veeva Systems news, Director Paul Edward Chamberlain sold 160 shares of the business’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $189.22, for a total transaction of $30,275.20. Following the sale, the director now directly owns 16,942 shares in the company, valued at approximately $3,205,765.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 10.98% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

Institutional investors and hedge funds have recently made changes to their positions in the business. Pinnacle Bancorp Inc. purchased a new stake in shares of Veeva Systems in the 1st quarter worth about $26,000. Ahrens Investment Partners LLC purchased a new position in Veeva Systems in the 1st quarter valued at about $27,000. Barrett & Company Inc. purchased a new position in Veeva Systems in the 1st quarter valued at about $28,000. Nkcfo LLC purchased a new position in Veeva Systems in the 2nd quarter valued at about $30,000. Finally, Resurgent Financial Advisors LLC purchased a new position in Veeva Systems in the 4th quarter valued at about $33,000. 80.07% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Performance

The company has a market capitalization of $34.71 billion, a PE ratio of 65.24, a price-to-earnings-growth ratio of 3.48 and a beta of 0.96. The stock’s fifty day simple moving average is $197.49 and its 200-day simple moving average is $184.82.

Veeva Systems (NYSE:VEEVGet Free Report) last released its earnings results on Wednesday, August 30th. The technology company reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.08. The company had revenue of $590.23 million for the quarter, compared to analyst estimates of $582.28 million. Veeva Systems had a net margin of 23.85% and a return on equity of 10.88%. The firm’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.56 EPS. On average, equities analysts anticipate that Veeva Systems Inc. will post 2.7 EPS for the current year.

Veeva Systems Company Profile

(Get Free Report)

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.

Further Reading

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