Veeva Systems (NYSE:VEEV) Stock Rating Reaffirmed by Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Veeva Systems (NYSE:VEEV) in a research note published on Thursday, Benzinga reports. They currently have a $260.00 price objective on the technology company’s stock.

VEEV has been the subject of several other research reports. Royal Bank of Canada reaffirmed an outperform rating and issued a $250.00 price objective on shares of Veeva Systems in a research note on Friday, June 21st. Bank of America lifted their price objective on shares of Veeva Systems from $204.00 to $240.00 and gave the company a neutral rating in a research note on Thursday. UBS Group lifted their target price on shares of Veeva Systems from $185.00 to $215.00 and gave the stock a neutral rating in a report on Monday, August 26th. Citigroup lifted their target price on shares of Veeva Systems from $256.00 to $273.00 and gave the stock a buy rating in a report on Tuesday, August 27th. Finally, Evercore ISI dropped their target price on shares of Veeva Systems from $230.00 to $200.00 and set an in-line rating on the stock in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, Veeva Systems presently has an average rating of Moderate Buy and an average price target of $230.13.

Veeva Systems Trading Down 0.3 %

VEEV stock opened at $216.44 on Thursday. Veeva Systems has a 1 year low of $162.72 and a 1 year high of $236.90. The company has a fifty day simple moving average of $189.12 and a 200 day simple moving average of $202.04. The firm has a market cap of $34.99 billion, a PE ratio of 63.85, a PEG ratio of 2.12 and a beta of 0.80.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Thursday, May 30th. The technology company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.10. Veeva Systems had a net margin of 23.91% and a return on equity of 13.69%. The business had revenue of $650.35 million during the quarter, compared to analyst estimates of $641.73 million. As a group, analysts forecast that Veeva Systems will post 4.19 EPS for the current fiscal year.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the sale, the senior vice president now owns 9,035 shares of the company’s stock, valued at $1,807,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Veeva Systems news, CFO Timothy S. Cabral sold 15,000 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $184.33, for a total value of $2,764,950.00. Following the transaction, the chief financial officer now directly owns 8,391 shares in the company, valued at $1,546,713.03. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the transaction, the senior vice president now owns 9,035 shares in the company, valued at $1,807,000. The disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Veeva Systems by 7.5% during the first quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock worth $3,278,430,000 after purchasing an additional 991,208 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Veeva Systems by 6.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,167,960 shares of the technology company’s stock worth $417,376,000 after buying an additional 122,546 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Veeva Systems by 9.0% during the first quarter. Van ECK Associates Corp now owns 1,934,150 shares of the technology company’s stock worth $448,123,000 after buying an additional 159,085 shares during the last quarter. Norges Bank bought a new stake in shares of Veeva Systems during the fourth quarter worth approximately $305,543,000. Finally, TD Asset Management Inc raised its stake in shares of Veeva Systems by 17.5% during the first quarter. TD Asset Management Inc now owns 1,227,223 shares of the technology company’s stock worth $284,335,000 after buying an additional 182,762 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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.