BTIG Research Begins Coverage on Veeva Systems (NYSE:VEEV)

Research analysts at BTIG Research assumed coverage on shares of Veeva Systems (NYSE:VEEVGet Free Report) in a research report issued on Tuesday, Marketbeat reports. The firm set a “buy” rating and a $240.00 price target on the technology company’s stock. BTIG Research’s price target would indicate a potential upside of 31.21% from the stock’s previous close.

Several other analysts have also commented on VEEV. Needham & Company LLC reaffirmed a “buy” rating and issued a $260.00 price objective on shares of Veeva Systems in a research report on Friday, May 31st. Raymond James reaffirmed an “outperform” rating and set a $260.00 price objective on shares of Veeva Systems in a research note on Tuesday, March 26th. Robert W. Baird boosted their price objective on shares of Veeva Systems from $251.00 to $255.00 and gave the company an “outperform” rating in a research note on Wednesday, May 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $250.00 price target on shares of Veeva Systems in a research note on Friday, June 21st. Finally, UBS Group cut their price target on shares of Veeva Systems from $235.00 to $185.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $228.52.

View Our Latest Research Report on Veeva Systems

Veeva Systems Stock Down 0.3 %

Shares of NYSE VEEV opened at $182.91 on Tuesday. Veeva Systems has a twelve month low of $162.72 and a twelve month high of $236.90. The firm has a fifty day simple moving average of $192.51 and a 200 day simple moving average of $205.24. The company has a market capitalization of $29.57 billion, a PE ratio of 53.96, a P/E/G ratio of 1.80 and a beta of 0.80.

Veeva Systems (NYSE:VEEVGet Free Report) last posted its quarterly earnings results on Thursday, May 30th. The technology company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.10. The business had revenue of $650.35 million during the quarter, compared to analysts’ expectations of $641.73 million. Veeva Systems had a net margin of 22.34% and a return on equity of 12.74%. As a group, equities analysts expect that Veeva Systems will post 4.19 earnings per share for the current fiscal year.

Insider Activity at Veeva Systems

In related news, CFO Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the completion of the sale, the chief financial officer now directly owns 8,391 shares in the company, valued at approximately $1,546,713.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Veeva Systems news, SVP Jonathan Faddis sold 3,598 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $207.42, for a total value of $746,297.16. Following the completion of the transaction, the senior vice president now directly owns 10,668 shares in the company, valued at approximately $2,212,756.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the completion of the transaction, the chief financial officer now owns 8,391 shares of the company’s stock, valued at $1,546,713.03. The disclosure for this sale can be found here. Insiders sold 21,989 shares of company stock worth $4,192,363 in the last three months. 10.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Veeva Systems by 7.5% in the 1st quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock worth $3,278,430,000 after purchasing an additional 991,208 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Veeva Systems by 9.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company’s stock worth $674,499,000 after buying an additional 289,133 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Veeva Systems by 6.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,167,960 shares of the technology company’s stock worth $417,376,000 after buying an additional 122,546 shares during the period. Van ECK Associates Corp grew its position in shares of Veeva Systems by 9.0% in the 1st quarter. Van ECK Associates Corp now owns 1,934,150 shares of the technology company’s stock worth $448,123,000 after buying an additional 159,085 shares during the period. Finally, Norges Bank purchased a new stake in shares of Veeva Systems in the 4th quarter worth about $305,543,000. 88.20% of the stock is currently owned by institutional investors.

About Veeva Systems

(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 analytics 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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Analyst Recommendations for Veeva Systems (NYSE:VEEV)

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