Veeva Systems (NYSE:VEEV) Rating Reiterated by Raymond James

Veeva Systems (NYSE:VEEV)‘s stock had its “outperform” rating reissued by analysts at Raymond James in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $260.00 price target on the technology company’s stock. Raymond James’ price objective indicates a potential upside of 11.33% from the company’s previous close.

Several other research firms have also issued reports on VEEV. Piper Sandler boosted their target price on shares of Veeva Systems from $220.00 to $245.00 and gave the company an “overweight” rating in a report on Friday, March 1st. UBS Group raised their target price on Veeva Systems from $185.00 to $235.00 and gave the stock a “neutral” rating in a research note on Monday, February 26th. Barclays boosted their price target on Veeva Systems from $240.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. Citigroup raised their price objective on shares of Veeva Systems from $240.00 to $264.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Finally, JPMorgan Chase & Co. boosted their target price on shares of Veeva Systems from $183.00 to $222.00 and gave the company a “neutral” rating in a research report on Wednesday, March 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $234.90.

Veeva Systems Stock Up 0.4 %

Shares of Veeva Systems stock opened at $233.53 on Tuesday. The stock has a market cap of $37.60 billion, a price-to-earnings ratio of 72.48, a P/E/G ratio of 2.32 and a beta of 0.74. Veeva Systems has a twelve month low of $160.21 and a twelve month high of $236.90. The company’s fifty day moving average is $219.45 and its 200 day moving average is $201.94.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Thursday, February 29th. The technology company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.11. The firm had revenue of $630.62 million for the quarter, compared to analyst estimates of $620.75 million. Veeva Systems had a return on equity of 11.59% and a net margin of 22.24%. As a group, equities analysts anticipate that Veeva Systems will post 4.11 earnings per share for the current fiscal year.

Insider Activity at Veeva Systems

In related news, Director Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the transaction, the director now directly owns 23,391 shares of the company’s stock, valued at $5,287,301.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Veeva Systems news, COO Thomas D. Schwenger sold 1,238 shares of the business’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $210.02, for a total value of $260,004.76. Following the transaction, the chief operating officer now owns 24,342 shares of the company’s stock, valued at $5,112,306.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $226.04, for a total value of $3,390,600.00. Following the sale, the director now directly owns 23,391 shares of the company’s stock, valued at $5,287,301.64. The disclosure for this sale can be found here. In the last three months, insiders sold 29,498 shares of company stock valued at $6,219,253. 10.98% of the stock is owned by insiders.

Hedge Funds Weigh In On Veeva Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in Veeva Systems during the fourth quarter valued at $259,703,000. Wellington Management Group LLP grew its stake in shares of Veeva Systems by 1,578.4% during the 1st quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company’s stock worth $319,616,000 after acquiring an additional 1,414,726 shares during the period. Linonia Partnership LP bought a new position in shares of Veeva Systems during the 4th quarter worth $157,043,000. Invesco Ltd. increased its holdings in Veeva Systems by 239.7% in the 3rd quarter. Invesco Ltd. now owns 956,355 shares of the technology company’s stock worth $194,570,000 after acquiring an additional 674,785 shares during the last quarter. Finally, Viking Global Investors LP bought a new stake in Veeva Systems in the 4th quarter valued at about $111,614,000. 88.20% of the stock is 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 data 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.