Veeva Systems (NYSE:VEEV) Given New $275.00 Price Target at Barclays

Veeva Systems (NYSE:VEEV) had its price objective increased by Barclays from $260.00 to $275.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Barclays‘s target price suggests a potential upside of 9.60% from the company’s current price.

Several other analysts have also recently issued reports on the stock. Royal Bank of Canada increased their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. BNP Paribas started coverage on Veeva Systems in a research note on Tuesday, October 8th. They set an “outperform” rating and a $286.00 target price on the stock. Evercore ISI boosted their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a research report on Friday. Finally, Robert W. Baird increased their price target on shares of Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $253.85.

Veeva Systems Price Performance

Shares of NYSE:VEEV traded up $19.26 during trading on Friday, hitting $250.92. 1,948,944 shares of the company were exchanged, compared to its average volume of 968,917. Veeva Systems has a 52-week low of $165.12 and a 52-week high of $258.93. The stock has a 50 day moving average of $217.50 and a 200 day moving average of $202.61. The company has a market cap of $40.63 billion, a PE ratio of 66.75, a P/E/G ratio of 2.20 and a beta of 0.82.

Insiders Place Their Bets

In related news, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. This represents a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Large investors have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA lifted its stake in 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 worth $744,084,000 after acquiring an additional 1,392,256 shares in the last quarter. Principal Financial Group Inc. boosted its position in Veeva Systems by 138.9% in the 3rd 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 increased its position in shares of 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 acquiring an additional 610,021 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Veeva Systems by 761.7% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 297,771 shares of the technology company’s stock valued at $62,493,000 after acquiring an additional 263,214 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Veeva Systems in the third quarter valued at $50,584,000. 88.20% of the stock is currently 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.