Veeva Systems (NYSE:VEEV) Shares Gap Up on Analyst Upgrade

Veeva Systems Inc. (NYSE:VEEV) gapped up prior to trading on Thursday after Morgan Stanley raised their price target on the stock from $195.00 to $201.00. The stock had previously closed at $219.94, but opened at $232.84. Morgan Stanley currently has an underweight rating on the stock. Veeva Systems shares last traded at $237.12, with a volume of 627,134 shares trading hands.

VEEV has been the topic of a number of other research reports. Stifel Nicolaus increased their price target on Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Robert W. Baird increased their target price on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a report on Thursday. Evercore ISI upped their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research report on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and set a $270.00 price objective on shares of Veeva Systems in a research note on Thursday. Finally, Wells Fargo & Company boosted their price objective on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $254.80.

Institutional Investors Weigh In On Veeva Systems

A number of institutional investors have recently modified their holdings of the business. Cardinal Capital Management increased its position in shares of Veeva Systems by 0.3% during the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock worth $3,307,000 after purchasing an additional 44 shares in the last quarter. Johnson Financial Group Inc. raised its holdings in Veeva Systems by 22.7% in the 4th quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company’s stock valued at $56,000 after acquiring an additional 44 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its stake in Veeva Systems by 1.2% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock worth $904,000 after purchasing an additional 50 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Veeva Systems by 72.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after purchasing an additional 50 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC grew its position in shares of Veeva Systems by 0.7% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company’s stock valued at $1,467,000 after purchasing an additional 51 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Price Performance

The stock has a market cap of $38.50 billion, a price-to-earnings ratio of 58.55, a PEG ratio of 1.89 and a beta of 0.85. The firm has a fifty day moving average of $223.82 and a 200 day moving average of $219.54.

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.