Veeva Systems (NYSE:VEEV) Upgraded by StockNews.com to Buy Rating

StockNews.com upgraded shares of Veeva Systems (NYSE:VEEV) from a hold rating to a buy rating in a report released on Saturday.

Several other research firms also recently weighed in on VEEV. BNP Paribas began coverage on Veeva Systems in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 target price on the stock. JPMorgan Chase & Co. raised their price objective on Veeva Systems from $203.00 to $208.00 and gave the company a “neutral” rating in a report on Monday, September 9th. Truist Financial upped their target price on shares of Veeva Systems from $197.00 to $207.00 and gave the stock a “hold” rating in a report on Tuesday, September 3rd. Royal Bank of Canada raised their price target on shares of Veeva Systems from $250.00 to $275.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Barclays upped their price objective on shares of Veeva Systems from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. One investment 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’s stock. According to data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus price target of $237.00.

Veeva Systems Price Performance

Shares of VEEV stock opened at $236.49 on Friday. The stock has a 50 day simple moving average of $214.39 and a 200-day simple moving average of $200.01. Veeva Systems has a 1-year low of $162.85 and a 1-year high of $240.68. The company has a market cap of $38.30 billion, a price-to-earnings ratio of 63.20, a PEG ratio of 2.29 and a beta of 0.81.

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

Insider Activity at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the 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 of the company’s stock, valued at $6,483,390.13. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the transaction, the insider now directly owns 27,013 shares in the company, valued at $6,483,390.13. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value 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. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is owned by insiders.

Institutional Trading of Veeva Systems

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Veeva Systems by 7.5% in the first quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock valued at $3,278,430,000 after purchasing an additional 991,208 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Veeva Systems by 64.7% in the third 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. grew its stake in shares of Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after acquiring an additional 1,267,061 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Veeva Systems by 3.7% during the third quarter. Van ECK Associates Corp now owns 1,995,006 shares of the technology company’s stock worth $434,372,000 after acquiring an additional 71,525 shares during the period. Finally, TD Asset Management Inc boosted its holdings in Veeva Systems by 17.5% in the first quarter. TD Asset Management Inc now owns 1,227,223 shares of the technology company’s stock valued at $284,335,000 after purchasing an additional 182,762 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

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.