Veeva Systems (NYSE:VEEV) Price Target Increased to $192.00 by Analysts at TD Cowen

Veeva Systems (NYSE:VEEV) had its target price raised by TD Cowen from $180.00 to $192.00 in a research note released on Thursday, Benzinga reports. They currently have a hold rating on the technology company’s stock.

Several other analysts also recently weighed in on the company. Citigroup boosted their price target on Veeva Systems from $256.00 to $273.00 and gave the company a buy rating in a research note on Tuesday. Canaccord Genuity Group cut their price objective on shares of Veeva Systems from $220.00 to $210.00 and set a hold rating on the stock in a research note on Friday, May 31st. Truist Financial reduced their target price on shares of Veeva Systems from $203.00 to $197.00 and set a hold rating for the company in a report on Friday, June 14th. Raymond James upped their price target on shares of Veeva Systems from $230.00 to $235.00 and gave the company an outperform rating in a report on Thursday. Finally, Bank of America lifted their price objective on Veeva Systems from $204.00 to $240.00 and gave the company a neutral rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Veeva Systems presently has a consensus rating of Moderate Buy and a consensus price target of $230.13.

Veeva Systems Stock Performance

NYSE VEEV opened at $217.00 on Thursday. The company’s 50-day simple moving average is $187.82 and its two-hundred day simple moving average is $202.03. Veeva Systems has a one year low of $162.72 and a one year high of $236.90. The company has a market capitalization of $35.08 billion, a price-to-earnings ratio of 64.01, a price-to-earnings-growth ratio of 1.95 and a beta of 0.80.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.03. The business had revenue of $676.18 million during the quarter, compared to the consensus estimate of $667.21 million. Veeva Systems had a net margin of 22.34% and a return on equity of 12.74%. Equities analysts expect that Veeva Systems will post 4.19 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $184.33, for a total value of $2,764,950.00. Following 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 legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems 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 transaction, the chief financial officer now directly owns 8,391 shares in the company, valued at approximately $1,546,713.03. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the transaction, the senior vice president now directly owns 9,035 shares in the company, valued at $1,807,000. The disclosure for this sale can be found here. Corporate insiders own 10.50% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

Several institutional investors and hedge funds have recently modified their holdings of VEEV. Sycomore Asset Management bought a new position in shares of Veeva Systems in the 2nd quarter valued at approximately $8,298,000. Clearbridge Investments LLC increased its position in shares of Veeva Systems by 0.4% during the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock valued at $2,138,000 after purchasing an additional 52 shares during the period. New Wave Wealth Advisors LLC bought a new position in Veeva Systems in the second quarter worth $231,000. Regal Investment Advisors LLC boosted its stake in Veeva Systems by 42.9% during the second quarter. Regal Investment Advisors LLC now owns 2,535 shares of the technology company’s stock worth $464,000 after buying an additional 761 shares in the last quarter. Finally, Quarry LP increased its holdings in Veeva Systems by 39.4% in the 2nd quarter. Quarry LP now owns 421 shares of the technology company’s stock valued at $77,000 after buying an additional 119 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

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 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.