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

Veeva Systems (NYSE:VEEV) had its price target raised by Piper Sandler from $325.00 to $355.00 in a report released on Thursday, MarketBeat Ratings reports. Piper Sandler currently has an overweight rating on the technology company’s stock.

Several other research firms have also issued reports on VEEV. Mizuho raised their price target on Veeva Systems from $280.00 to $295.00 and gave the stock an “outperform” rating in a research report on Monday, June 2nd. Wall Street Zen upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. Morgan Stanley lifted their price objective on Veeva Systems from $201.00 to $210.00 and gave the company an “underweight” rating in a research note on Thursday, May 29th. Needham & Company LLC lifted their price objective on Veeva Systems from $300.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday. Finally, UBS Group boosted their price target on Veeva Systems from $250.00 to $285.00 and gave the stock a “neutral” rating in a research note on Thursday, May 29th. Sixteen equities 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 MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and an average price target of $299.88.

Veeva Systems Trading Down 1.3%

Shares of NYSE VEEV opened at $268.85 on Thursday. The stock has a market cap of $43.93 billion, a price-to-earnings ratio of 55.21, a P/E/G ratio of 2.13 and a beta of 0.95. Veeva Systems has a 1-year low of $200.30 and a 1-year high of $296.72. The stock’s 50-day moving average is $282.38 and its 200 day moving average is $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 return on equity of 14.19% and a net margin of 27.29%.The company had revenue of $759.04 million for the quarter, compared to analysts’ expectations of $728.38 million. During the same period last year, the firm posted $1.50 EPS. Veeva Systems’s revenue for the quarter was up 16.7% compared to the same quarter last year. On average, analysts forecast that Veeva Systems will post 4.35 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Timothy S. Cabral sold 315 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the transaction, the director directly owned 5,500 shares of the company’s stock, valued at approximately $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Priscilla Hung sold 171 shares of the stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the transaction, the director directly owned 3,966 shares of the company’s stock, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock worth $394,217 over the last quarter. 10.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Veeva Systems

Hedge funds and other institutional investors have recently modified their holdings of the business. Abound Financial LLC purchased a new position in Veeva Systems during the 1st quarter worth $25,000. ORG Partners LLC acquired a new stake in shares of Veeva Systems in the 1st quarter worth $26,000. Trust Co. of Toledo NA OH acquired a new stake in shares of Veeva Systems in the 2nd quarter worth $29,000. Golden State Wealth Management LLC boosted its position in shares of Veeva Systems by 152.9% in the 1st 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 acquired a new stake in shares of Veeva Systems in the 1st quarter worth $32,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

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.