Veeva Systems (NYSE:VEEV) Price Target Raised to $249.00

Veeva Systems (NYSE:VEEV) had its target price lifted by Guggenheim from $233.00 to $249.00 in a research note released on Tuesday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Other research analysts have also recently issued research reports about the company. Royal Bank of Canada reiterated an outperform rating and issued a $250.00 price target on shares of Veeva Systems in a research note on Thursday, August 29th. Citigroup raised their price target on shares of Veeva Systems from $256.00 to $273.00 and gave the stock a buy rating in a research report on Tuesday, August 27th. Raymond James boosted their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the company an outperform rating in a research report on Thursday, August 29th. TD Cowen raised their target price on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a hold rating in a report on Thursday, August 29th. Finally, Robert W. Baird upped their target price on Veeva Systems from $245.00 to $251.00 and gave the company an outperform rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, Veeva Systems presently has a consensus rating of Moderate Buy and an average price target of $230.65.

Veeva Systems Price Performance

Shares of NYSE VEEV opened at $204.53 on Tuesday. Veeva Systems has a 1-year low of $162.72 and a 1-year high of $236.90. The company has a market capitalization of $33.06 billion, a price-to-earnings ratio of 60.33, a PEG ratio of 2.02 and a beta of 0.81. The business has a 50-day moving average of $203.71 and a 200-day moving average of $200.28.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.04 by $0.03. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. The firm had revenue of $676.18 million for the quarter, compared to analyst estimates of $667.21 million. Research analysts expect that Veeva Systems will post 4.21 EPS for the current fiscal year.

Insider Buying and Selling at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the sale, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at $1,807,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 10.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Veeva Systems

Large investors have recently added to or reduced their stakes in the company. TFO Wealth Partners LLC raised its position in Veeva Systems by 37,850.0% during the fourth quarter. TFO Wealth Partners LLC now owns 759 shares of the technology company’s stock valued at $146,000 after buying an additional 757 shares during the period. Bank of Nova Scotia lifted its position in shares of Veeva Systems by 1,165.4% in the fourth quarter. Bank of Nova Scotia now owns 39,469 shares of the technology company’s stock worth $7,599,000 after purchasing an additional 36,350 shares in the last quarter. California State Teachers Retirement System boosted its holdings in shares of Veeva Systems by 6.4% during the fourth quarter. California State Teachers Retirement System now owns 244,328 shares of the technology company’s stock worth $47,038,000 after purchasing an additional 14,780 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in Veeva Systems during the fourth quarter valued at approximately $1,164,000. Finally, Rafferty Asset Management LLC increased its stake in Veeva Systems by 24.0% in the 4th quarter. Rafferty Asset Management LLC now owns 15,899 shares of the technology company’s stock valued at $3,061,000 after buying an additional 3,077 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

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.