Veeva Systems (NYSE:VEEV) Price Target Raised to $300.00

Veeva Systems (NYSE:VEEV) had its price objective lifted by equities research analysts at Wells Fargo & Company from $285.00 to $300.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 7.13% from the company’s current price.

VEEV has been the topic of a number of other reports. Truist Financial raised their target price on Veeva Systems from $217.00 to $230.00 and gave the stock a “hold” rating in a report on Thursday. KeyCorp cut their price target on Veeva Systems from $260.00 to $250.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Barclays increased their price target on Veeva Systems from $285.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday. Morgan Stanley increased their price target on Veeva Systems from $201.00 to $210.00 and gave the stock an “underweight” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. increased their price target on Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research note on Thursday, March 20th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, Veeva Systems has a consensus rating of “Moderate Buy” and a consensus price target of $269.00.

Veeva Systems Stock Performance

Shares of Veeva Systems stock opened at $280.03 on Thursday. Veeva Systems has a one year low of $170.25 and a one year high of $285.70. The stock’s fifty day moving average is $230.48 and its 200 day moving average is $227.86. The stock has a market cap of $45.56 billion, a P/E ratio of 69.14, a P/E/G ratio of 1.89 and a beta of 0.96.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.23. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The company had revenue of $759.04 million for the quarter, compared to analysts’ expectations of $728.38 million. During the same period last year, the firm earned $1.50 EPS. Veeva Systems’s revenue for the quarter was up 16.7% compared to the same quarter last year. Analysts predict that Veeva Systems will post 4.35 EPS for the current year.

Insider Activity

In other Veeva Systems news, Director Timothy S. Cabral sold 3,882 shares of the business’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the sale, the director now directly owns 5,500 shares of the company’s stock, valued at $1,192,565. The trade was a 41.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Thomas D. Schwenger sold 1,200 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the sale, the insider now directly owns 25,889 shares in the company, valued at $5,720,692.33. The trade was a 4.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,869 shares of company stock worth $1,284,917 over the last 90 days. Corporate insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

Large investors have recently added to or reduced their stakes in the stock. Abound Financial LLC bought a new stake in Veeva Systems during the first quarter worth approximately $25,000. ORG Partners LLC bought a new position in shares of Veeva Systems during the first quarter valued at approximately $26,000. Centricity Wealth Management LLC bought a new position in shares of Veeva Systems during the fourth quarter valued at approximately $25,000. Golden State Wealth Management LLC grew its stake in shares of Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company’s stock valued at $30,000 after buying an additional 78 shares during the last quarter. Finally, Smithfield Trust Co grew its stake in shares of Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock valued at $27,000 after buying an additional 80 shares during the last quarter. 88.20% of the stock is owned by 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 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.