Veeva Systems (NYSE:VEEV) Price Target Raised to $340.00

Veeva Systems (NYSE:VEEV) had its target price increased by BTIG Research from $335.00 to $340.00 in a report published on Thursday morning,Benzinga reports. BTIG Research currently has a buy rating on the technology company’s stock.

Several other equities research analysts also recently weighed in on VEEV. Morgan Stanley raised their price target on Veeva Systems from $201.00 to $210.00 and gave the stock an “underweight” rating in a report on Thursday, May 29th. Wells Fargo & Company raised their price target on Veeva Systems from $300.00 to $326.00 and gave the stock an “overweight” rating in a report on Tuesday, August 26th. Barclays lifted their target price on Veeva Systems from $285.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, May 29th. Evercore ISI lifted their target price on Veeva Systems from $285.00 to $295.00 and gave the stock an “in-line” rating in a report on Thursday. Finally, Stifel Nicolaus lifted their target price on Veeva Systems from $272.00 to $295.00 and gave the stock a “buy” rating in a report on Thursday, May 29th. Sixteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $299.88.

Veeva Systems Trading Down 1.3%

Shares of Veeva Systems stock opened at $268.85 on Thursday. The stock’s fifty day moving average price is $282.38 and its 200-day moving average price is $254.17. Veeva Systems has a 12 month low of $200.30 and a 12 month high of $296.72. The firm has a market cap of $43.93 billion, a P/E ratio of 55.21, a P/E/G ratio of 2.13 and a beta of 0.95.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.23. The business had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a return on equity of 14.19% and a net margin of 27.29%.The company’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the company earned $1.50 earnings per share. Analysts forecast that Veeva Systems will post 4.35 earnings per share for the current year.

Insider Buying and Selling at Veeva Systems

In other news, Director Priscilla Hung sold 172 shares of the business’s stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the sale, the director directly owned 4,137 shares in the company, valued at $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Jonathan Faddis sold 720 shares of the business’s stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the sale, the senior vice president owned 7,902 shares of the company’s stock, valued at $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is owned by company insiders.

Institutional Trading of Veeva Systems

Institutional investors and hedge funds have recently made changes to their positions in the business. Abound Financial LLC purchased a new stake in shares of Veeva Systems in the first quarter valued at approximately $25,000. ORG Partners LLC purchased a new stake in shares of Veeva Systems during the first quarter worth approximately $26,000. Trust Co. of Toledo NA OH purchased a new stake in shares of Veeva Systems during the second quarter worth approximately $29,000. Golden State Wealth Management LLC increased its position in shares of Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company’s stock worth $30,000 after purchasing an additional 78 shares in the last quarter. Finally, Wayfinding Financial LLC purchased a new stake in shares of Veeva Systems during the first quarter worth approximately $32,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

About Veeva Systems

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.