Veeva Systems Inc. (NYSE:VEEV) Given Consensus Rating of “Buy” by Brokerages

Shares of Veeva Systems Inc. (NYSE:VEEV – Get Rating) have been given a consensus rating of “Buy” by the twenty-one brokerages that are currently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $261.28.

VEEV has been the topic of several analyst reports. Truist Financial lowered their price target on Veeva Systems from $275.00 to $225.00 and set a “buy” rating on the stock in a report on Thursday, June 2nd. JMP Securities lowered their price objective on shares of Veeva Systems from $265.00 to $240.00 and set a “market outperform” rating on the stock in a research note on Thursday, June 2nd. Canaccord Genuity Group lowered their price objective on shares of Veeva Systems from $300.00 to $200.00 and set a “hold” rating on the stock in a research note on Thursday, June 2nd. Royal Bank of Canada lowered their price objective on shares of Veeva Systems from $400.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday, March 3rd. Finally, Bank of America downgraded shares of Veeva Systems from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $300.00 to $220.00 in a research note on Thursday, March 3rd.

In other Veeva Systems news, CAO Michele O’connor sold 371 shares of the business’s stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $189.37, for a total value of $70,256.27. Following the sale, the chief accounting officer now owns 15,833 shares in the company, valued at approximately $2,998,295.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul J. Sekhri sold 11,000 shares of the business’s stock in a transaction that occurred on Thursday, March 31st. The shares were sold at an average price of $214.02, for a total value of $2,354,220.00. The disclosure for this sale can be found here. Insiders sold a total of 31,371 shares of company stock valued at $6,567,276 over the last quarter. 13.23% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the company. Tyler Stone Wealth Management bought a new stake in shares of Veeva Systems during the 4th quarter worth approximately $28,000. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Veeva Systems during the 1st quarter worth approximately $28,000. Ten Capital Wealth Advisors LLC bought a new stake in Veeva Systems in the 4th quarter valued at $29,000. Amplius Wealth Advisors LLC bought a new stake in Veeva Systems in the 4th quarter valued at $31,000. Finally, Global Wealth Management Investment Advisory Inc. raised its stake in Veeva Systems by 1,230.0% in the 4th quarter. Global Wealth Management Investment Advisory Inc. now owns 133 shares of the technology company’s stock valued at $34,000 after acquiring an additional 123 shares during the period.

Shares of VEEV opened at $192.06 on Wednesday. The firm has a market cap of $29.65 billion, a PE ratio of 75.61, a PEG ratio of 3.96 and a beta of 0.86. The firm’s 50 day moving average price is $182.96 and its 200 day moving average price is $215.78. Veeva Systems has a twelve month low of $152.04 and a twelve month high of $343.96.

Veeva Systems (NYSE:VEEV – Get Rating) last announced its quarterly earnings results on Wednesday, June 1st. The technology company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.92 by $0.07. Veeva Systems had a return on equity of 14.99% and a net margin of 21.43%. The company had revenue of $505.10 million for the quarter, compared to the consensus estimate of $495.88 million. During the same quarter last year, the company posted $0.67 earnings per share. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year. As a group, research analysts expect that Veeva Systems will post 2.76 EPS for the current year.

About Veeva Systems (Get Rating)

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety.

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