Veeva Systems (NYSE:VEEV) Shares Gap Up on Analyst Upgrade

Veeva Systems Inc. (NYSE:VEEV – Get Rating) shares gapped up prior to trading on Thursday after Piper Sandler raised their price target on the stock from $204.00 to $212.00. The stock had previously closed at $166.13, but opened at $178.87. Veeva Systems shares last traded at $174.87, with a volume of 349,706 shares trading hands.

Other analysts also recently issued reports about the stock. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price objective on shares of Veeva Systems in a research report on Thursday. JMP Securities upped their target price on shares of Veeva Systems from $215.00 to $230.00 and gave the stock a “market outperform” rating in a report on Thursday. Cowen started coverage on Veeva Systems in a research note on Tuesday, December 6th. They issued a “market perform” rating for the company. Barclays decreased their price target on shares of Veeva Systems from $205.00 to $197.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Morgan Stanley cut their price target on Veeva Systems from $190.00 to $181.00 and set an “equal weight” rating for the company in a report on Friday, January 6th. Eleven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $199.00.

Insider Transactions at Veeva Systems

In other news, CEO Peter P. Gassner sold 58,333 shares of Veeva Systems stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $168.83, for a total transaction of $9,848,360.39. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Veeva Systems news, Director Paul Edward Chamberlain sold 160 shares of Veeva Systems stock in a transaction on Monday, December 12th. The stock was sold at an average price of $173.21, for a total value of $27,713.60. Following the completion of the sale, the director now owns 16,609 shares of the company’s stock, valued at approximately $2,876,844.89. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Peter P. Gassner sold 58,333 shares of the business’s stock in a transaction dated Monday, December 5th. The shares were sold at an average price of $168.83, for a total value of $9,848,360.39. The disclosure for this sale can be found here. Insiders sold 318,610 shares of company stock valued at $53,449,824 in the last ninety days. 13.23% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Veeva Systems

A number of hedge funds have recently made changes to their positions in VEEV. Natixis raised its position in Veeva Systems by 14.1% in the fourth quarter. Natixis now owns 6,274 shares of the technology company’s stock valued at $1,012,000 after purchasing an additional 774 shares during the period. Macquarie Group Ltd. raised its position in shares of Veeva Systems by 281.9% in the 4th quarter. Macquarie Group Ltd. now owns 188,771 shares of the technology company’s stock worth $30,464,000 after buying an additional 139,336 shares during the period. Blue Whale Capital LLP raised its position in Veeva Systems by 44.4% in the fourth quarter. Blue Whale Capital LLP now owns 311,500 shares of the technology company’s stock valued at $50,270,000 after purchasing an additional 95,750 shares during the period. National Pension Service grew its stake in shares of Veeva Systems by 8.3% during the fourth quarter. National Pension Service now owns 193,406 shares of the technology company’s stock valued at $31,212,000 after acquiring an additional 14,780 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC acquired a new position in Veeva Systems in the fourth quarter worth about $1,482,000. 78.76% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Up 4.5 %

The stock has a 50 day simple moving average of $167.41 and a 200 day simple moving average of $173.90. The company has a market capitalization of $27.02 billion, a price-to-earnings ratio of 70.84, a P/E/G ratio of 3.89 and a beta of 0.90.

Veeva Systems (NYSE:VEEV – Get Rating) last released its quarterly earnings data on Thursday, December 1st. The technology company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.03. The business had revenue of $552.35 million during the quarter, compared to analyst estimates of $545.78 million. Veeva Systems had a net margin of 19.08% and a return on equity of 12.81%. As a group, analysts forecast that Veeva Systems Inc. will post 2.52 EPS for the current year.

Veeva Systems Company Profile

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Veeva Systems, Inc engages in the provision of industry cloud solutions for the global life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.