Royal Bank of Canada Boosts Veeva Systems (NYSE:VEEV) Price Target to $285.00

Veeva Systems (NYSE:VEEV) had its price target boosted by equities research analysts at Royal Bank of Canada from $275.00 to $285.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price target points to a potential upside of 12.20% from the stock’s current price.

A number of other equities analysts have also recently commented on the stock. Raymond James lifted their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Robert W. Baird lifted their target price on Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a report on Friday. BNP Paribas assumed coverage on Veeva Systems in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price target for the company. StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Finally, Scotiabank initiated coverage on Veeva Systems in a research note on Monday, November 18th. They set a “sector perform” rating and a $235.00 target price for the company. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, Veeva Systems has an average rating of “Moderate Buy” and a consensus target price of $249.62.

Veeva Systems Stock Performance

VEEV stock traded up $22.36 during mid-day trading on Friday, hitting $254.02. 1,178,054 shares of the company were exchanged, compared to its average volume of 965,444. Veeva Systems has a 1-year low of $165.12 and a 1-year high of $258.93. The firm has a market cap of $41.13 billion, a P/E ratio of 67.74, a P/E/G ratio of 2.20 and a beta of 0.82. The firm’s 50 day simple moving average is $217.50 and its 200 day simple moving average is $202.61.

Insider Buying and Selling

In other news, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 10.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. General American Investors Co. Inc. acquired a new stake in Veeva Systems in the third quarter valued at $5,133,000. Procyon Advisors LLC purchased a new position in shares of Veeva Systems during the third quarter worth about $712,000. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Veeva Systems by 44.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock worth $5,450,000 after buying an additional 9,232 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of 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 worth $457,366,000 after buying an additional 1,267,061 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. grew its holdings in shares of Veeva Systems by 3.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock worth $16,370,000 after buying an additional 2,733 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.