Evercore ISI Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV) had its price objective increased by Evercore ISI from $220.00 to $245.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “in-line” rating on the technology company’s stock. Evercore ISI’s price objective would suggest a potential downside of 3.12% from the company’s current price.

Several other brokerages have also issued reports on VEEV. Bank of America boosted their price target on Veeva Systems from $280.00 to $290.00 and gave the company a “neutral” rating in a research note on Friday. Canaccord Genuity Group boosted their target price on Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a research report on Friday. Guggenheim increased their price target on Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Mizuho began coverage on Veeva Systems in a research report on Wednesday. They set an “outperform” rating and a $275.00 target price on the stock. Finally, Robert W. Baird boosted their price target on shares of Veeva Systems from $275.00 to $283.00 and gave the company an “outperform” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $253.27.

Veeva Systems Price Performance

Shares of VEEV traded up $21.23 during trading hours on Friday, hitting $252.89. 1,794,732 shares of the stock were exchanged, compared to its average volume of 968,299. Veeva Systems has a fifty-two week low of $165.12 and a fifty-two week high of $258.93. The business has a 50-day moving average of $217.50 and a 200-day moving average of $202.61. The firm has a market capitalization of $40.95 billion, a P/E ratio of 68.12, a price-to-earnings-growth ratio of 2.20 and a beta of 0.82.

Insider Activity at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the sale, the insider now directly owns 27,013 shares in the company, valued at $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 10.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

Several hedge funds have recently bought and sold shares of VEEV. Massachusetts Financial Services Co. MA grew its position in shares of Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after purchasing an additional 1,392,256 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after buying an additional 1,267,061 shares during the period. FMR LLC grew its position in Veeva Systems by 25.7% during the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after buying an additional 610,021 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in Veeva Systems by 761.7% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 297,771 shares of the technology company’s stock worth $62,493,000 after acquiring an additional 263,214 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Veeva Systems in the 3rd quarter worth approximately $50,584,000. 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.