Veeva Systems (NYSE:VEEV) Price Target Raised to $349.00 at Citigroup

Veeva Systems (NYSE:VEEV) had its target price upped by Citigroup from $329.00 to $349.00 in a research report released on Thursday morning,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

VEEV has been the subject of several other research reports. Wall Street Zen upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Friday, May 30th. Barclays increased their target price on shares of Veeva Systems from $300.00 to $325.00 and gave the company an “overweight” rating in a report on Thursday. Morgan Stanley increased their target price on shares of Veeva Systems from $210.00 to $222.00 and gave the company an “underweight” rating in a report on Thursday. JPMorgan Chase & Co. increased their target price on shares of Veeva Systems from $274.00 to $290.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Wells Fargo & Company increased their target price on shares of Veeva Systems from $300.00 to $326.00 and gave the company an “overweight” rating in a report on Tuesday. Sixteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $298.68.

Veeva Systems Trading Down 7.2%

Veeva Systems stock opened at $272.51 on Thursday. Veeva Systems has a 1-year low of $200.30 and a 1-year high of $296.72. The firm has a market capitalization of $44.53 billion, a price-to-earnings ratio of 55.96, a price-to-earnings-growth ratio of 2.33 and a beta of 0.95. The firm’s fifty day moving average price is $282.59 and its two-hundred day moving average price is $253.79.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.23. The firm had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a net margin of 27.29% and a return on equity of 14.19%. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period last year, the firm earned $1.50 earnings per share. On average, research analysts forecast that Veeva Systems will post 4.35 EPS for the current year.

Insider Buying and Selling

In other news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the transaction, the director owned 5,500 shares in the company, valued at $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the transaction, the senior vice president owned 7,902 shares of the company’s stock, valued at $2,256,969.24. The trade was a 8.35% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,378 shares of company stock worth $394,217. Insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Several large investors have recently modified their holdings of VEEV. Leigh Baldwin & CO. LLC purchased a new position in shares of Veeva Systems in the fourth quarter worth about $685,355,000. Nuveen LLC purchased a new position in shares of Veeva Systems in the first quarter worth about $365,684,000. Norges Bank purchased a new position in shares of Veeva Systems in the second quarter worth about $384,265,000. Durable Capital Partners LP purchased a new position in shares of Veeva Systems in the second quarter worth about $281,351,000. Finally, AQR Capital Management LLC increased its stake in shares of Veeva Systems by 111.7% in the second quarter. AQR Capital Management LLC now owns 1,838,046 shares of the technology company’s stock worth $526,508,000 after purchasing an additional 969,905 shares in 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.