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

StockNews.com upgraded shares of Veeva Systems (NYSE:VEEV) from a hold rating to a buy rating in a research note issued to investors on Friday morning.

VEEV has been the subject of a number of other reports. Robert W. Baird raised their price objective on Veeva Systems from $245.00 to $251.00 and gave the stock an outperform rating in a research report on Friday, March 1st. JPMorgan Chase & Co. raised their price objective on Veeva Systems from $183.00 to $222.00 and gave the stock a neutral rating in a research report on Wednesday, March 13th. Royal Bank of Canada reaffirmed an outperform rating and set a $250.00 target price on shares of Veeva Systems in a research note on Wednesday, March 27th. 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. Finally, Stifel Nicolaus raised their target price on Veeva Systems from $205.00 to $250.00 and gave the stock a buy rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $234.90.

Veeva Systems Trading Down 2.1 %

Veeva Systems stock opened at $206.75 on Friday. The company has a market capitalization of $33.35 billion, a PE ratio of 64.21, a P/E/G ratio of 2.13 and a beta of 0.74. Veeva Systems has a 12 month low of $160.21 and a 12 month high of $236.90. The stock has a 50-day moving average price of $222.40 and a two-hundred day moving average price of $202.87.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Thursday, February 29th. The technology company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.81 by $0.11. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. The firm had revenue of $630.62 million during the quarter, compared to the consensus estimate of $620.75 million. As a group, analysts predict that Veeva Systems will post 4.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Alan Mateo sold 910 shares of Veeva Systems stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $204.72, for a total transaction of $186,295.20. Following the sale, the executive vice president now directly owns 21,983 shares in the company, valued at $4,500,359.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Veeva Systems news, Director Timothy S. Cabral sold 15,000 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was 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 in the company, valued at $5,287,301.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Alan Mateo sold 910 shares of Veeva Systems stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $204.72, for a total value of $186,295.20. Following the completion of the transaction, the executive vice president now owns 21,983 shares of the company’s stock, valued at $4,500,359.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,148 shares of company stock worth $3,836,900. 10.98% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

Several hedge funds have recently made changes to their positions in the stock. First Financial Corp IN purchased a new position in shares of Veeva Systems in the first quarter valued at $35,000. Gateway Investment Advisers LLC grew its position in shares of Veeva Systems by 14.5% in the first quarter. Gateway Investment Advisers LLC now owns 43,045 shares of the technology company’s stock valued at $9,973,000 after purchasing an additional 5,435 shares in the last quarter. Strategic Planning Group LLC grew its position in shares of Veeva Systems by 16.2% in the first quarter. Strategic Planning Group LLC now owns 12,967 shares of the technology company’s stock valued at $3,004,000 after purchasing an additional 1,811 shares in the last quarter. CGN Advisors LLC grew its position in shares of Veeva Systems by 20.1% in the first quarter. CGN Advisors LLC now owns 7,736 shares of the technology company’s stock valued at $1,792,000 after purchasing an additional 1,295 shares in the last quarter. Finally, Rockland Trust Co. grew its position in Veeva Systems by 9.6% during the first quarter. Rockland Trust Co. now owns 90,901 shares of the technology company’s stock worth $21,061,000 after buying an additional 7,992 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

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.