Veeva Systems (NYSE:VEEV) Upgraded by TD Cowen to “Buy” Rating

TD Cowen upgraded shares of Veeva Systems (NYSE:VEEV) from a hold rating to a buy rating in a research report report published on Tuesday morning, MarketBeat.com reports. The firm currently has $380.00 target price on the technology company’s stock, up from their previous target price of $297.00.

A number of other research analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of Veeva Systems from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd. Weiss Ratings restated a “hold (c+)” rating on shares of Veeva Systems in a research report on Saturday, September 27th. JPMorgan Chase & Co. upgraded shares of Veeva Systems from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $290.00 to $330.00 in a research report on Monday, September 8th. Wells Fargo & Company increased their price objective on shares of Veeva Systems from $300.00 to $326.00 and gave the company an “overweight” rating in a research report on Tuesday, August 26th. Finally, UBS Group increased their price objective on shares of Veeva Systems from $285.00 to $310.00 and gave the company a “neutral” rating in a research report on Thursday, August 28th. Sixteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $307.58.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $306.45 on Tuesday. The firm’s 50 day moving average price is $282.21 and its 200-day moving average price is $263.86. The company has a market cap of $50.23 billion, a PE ratio of 62.93, a P/E/G ratio of 2.32 and a beta of 0.98. Veeva Systems has a 52-week low of $201.54 and a 52-week high of $310.50.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 14,595 shares of the stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $300.00, for a total value of $4,378,500.00. Following the completion of the sale, the senior vice president directly owned 8,588 shares of the company’s stock, valued at $2,576,400. This represents a 62.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Thomas D. Schwenger sold 3,350 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $300.04, for a total transaction of $1,005,134.00. Following the completion of the sale, the insider directly owned 23,773 shares of the company’s stock, valued at approximately $7,132,850.92. This trade represents a 12.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,665 shares of company stock valued at $5,589,280. Corporate insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors have recently bought and sold shares of the stock. Sowell Financial Services LLC purchased a new position in shares of Veeva Systems in the 1st quarter worth $274,000. Crossmark Global Holdings Inc. purchased a new position in shares of Veeva Systems in the 1st quarter worth $299,000. Janney Montgomery Scott LLC purchased a new position in shares of Veeva Systems in the 1st quarter worth $5,876,000. GAMMA Investing LLC grew its stake in shares of Veeva Systems by 13.8% in the 1st quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company’s stock worth $422,000 after buying an additional 221 shares in the last quarter. Finally, Private Trust Co. NA grew its stake in shares of Veeva Systems by 35.0% in the 1st quarter. Private Trust Co. NA now owns 247 shares of the technology company’s stock worth $57,000 after buying an additional 64 shares in the last quarter. 88.20% of the stock is 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.