Veeva Systems (NYSE:VEEV) Raised to “Buy” at StockNews.com

Veeva Systems (NYSE:VEEV) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Saturday.

A number of other research firms have also recently weighed in on VEEV. JPMorgan Chase & Co. raised their price target on shares of Veeva Systems from $203.00 to $208.00 and gave the company a “neutral” rating in a report on Monday, September 9th. TD Cowen lifted their price target on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. Royal Bank of Canada increased their price objective on Veeva Systems from $250.00 to $275.00 and gave the company an “outperform” rating in a report on Friday. Robert W. Baird dropped their target price on Veeva Systems from $251.00 to $245.00 and set an “outperform” rating on the stock in a research note on Monday, October 28th. Finally, Raymond James upped their target price on Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. One equities 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 company. Based on data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and an average target price of $237.00.

Veeva Systems Trading Up 5.2 %

Veeva Systems stock opened at $235.02 on Friday. The firm has a market capitalization of $38.06 billion, a PE ratio of 62.67, a price-to-earnings-growth ratio of 2.10 and a beta of 0.81. Veeva Systems has a 12-month low of $162.72 and a 12-month high of $240.68. The firm has a 50-day moving average price of $213.98 and a 200-day moving average price of $199.75.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.03. The company had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. As a group, sell-side analysts predict that Veeva Systems will post 4.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Veeva Systems

In related news, 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 sale, the senior vice president now directly owns 9,035 shares in the company, valued at approximately $1,807,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Institutional investors have recently added to or reduced their stakes in the stock. General American Investors Co. Inc. purchased a new position in Veeva Systems during the third quarter worth about $5,133,000. Procyon Advisors LLC purchased a new position in Veeva Systems in the third quarter worth approximately $712,000. Envestnet Portfolio Solutions Inc. increased its stake in Veeva Systems by 44.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock worth $5,450,000 after acquiring an additional 9,232 shares during the last quarter. Principal Financial Group Inc. raised its position in Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after purchasing an additional 1,267,061 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its stake in shares of Veeva Systems by 46.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 132,760 shares of the technology company’s stock valued at $30,786,000 after purchasing an additional 42,396 shares during the last quarter. Hedge funds and other institutional investors 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.