Veeva Systems (NYSE:VEEV) Price Target Raised to $355.00

Veeva Systems (NYSE:VEEV) had its price target lifted by Needham & Company LLC from $300.00 to $355.00 in a report published on Thursday,Benzinga reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company raised their price objective on shares of Veeva Systems from $300.00 to $326.00 and gave the company an “overweight” rating in a report on Tuesday, August 26th. Wall Street Zen upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Friday, May 30th. Stifel Nicolaus raised their price objective on shares of Veeva Systems from $272.00 to $295.00 and gave the company a “buy” rating in a report on Thursday, May 29th. Raymond James Financial raised their price objective on shares of Veeva Systems from $285.00 to $310.00 and gave the company an “outperform” rating in a report on Thursday, May 29th. Finally, Mizuho lifted their price target on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an “outperform” rating in a research note on Monday, June 2nd. Sixteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $299.88.

Veeva Systems Stock Down 1.3%

Shares of VEEV stock opened at $268.85 on Thursday. Veeva Systems has a 52 week low of $200.30 and a 52 week high of $296.72. The stock has a market capitalization of $43.93 billion, a PE ratio of 55.21, a P/E/G ratio of 2.13 and a beta of 0.95. The firm has a 50 day moving average of $282.38 and a two-hundred day moving average of $254.17.

Veeva Systems (NYSE:VEEV) last announced 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. Veeva Systems had a net margin of 27.29% and a return on equity of 14.19%. The business had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. During the same period last year, the business earned $1.50 EPS. The company’s revenue was up 16.7% on a year-over-year basis. Analysts expect that Veeva Systems will post 4.35 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Veeva Systems

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Veeva Systems by 1.4% in the second quarter. Vanguard Group Inc. now owns 14,971,425 shares of the technology company’s stock valued at $4,311,471,000 after acquiring an additional 210,859 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Veeva Systems by 3.7% in the second quarter. Alliancebernstein L.P. now owns 5,705,648 shares of the technology company’s stock valued at $1,643,113,000 after acquiring an additional 205,997 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Veeva Systems by 0.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company’s stock valued at $1,205,372,000 after acquiring an additional 34,169 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Veeva Systems by 20.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company’s stock worth $924,754,000 after buying an additional 689,700 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Veeva Systems by 2.6% during the second quarter. JPMorgan Chase & Co. now owns 3,316,274 shares of the technology company’s stock worth $955,030,000 after buying an additional 85,516 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

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.