Veeva Systems (NYSE:VEEV) Upgraded at StockNews.com

Veeva Systems (NYSE:VEEV) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Monday.

A number of other research firms have also recently issued reports on VEEV. Evercore ISI raised their target price on Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a research note on Friday, December 6th. Bank of America raised their target price on Veeva Systems from $280.00 to $290.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Stifel Nicolaus raised their target price on Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a research note on Friday, December 6th. KeyCorp cut their target price on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Finally, Piper Sandler lifted their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $253.96.

Veeva Systems Stock Performance

VEEV stock opened at $233.06 on Monday. The stock has a market capitalization of $37.84 billion, a price-to-earnings ratio of 57.54, a PEG ratio of 1.97 and a beta of 0.85. Veeva Systems has a 1 year low of $170.25 and a 1 year high of $258.93. The stock’s fifty day moving average is $224.24 and its two-hundred day moving average is $216.60.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the transaction, the senior vice president now owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 10.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Veeva Systems

A number of institutional investors have recently bought and sold shares of VEEV. Leigh Baldwin & CO. LLC purchased a new position in Veeva Systems in the 4th quarter worth about $685,355,000. Norges Bank purchased a new position in Veeva Systems during the 4th quarter valued at about $294,785,000. Massachusetts Financial Services Co. MA grew its stake in Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after acquiring an additional 1,392,256 shares in the last quarter. Principal Financial Group Inc. grew its stake in Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after acquiring an additional 1,267,061 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after acquiring an additional 1,081,501 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

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.