Veeva Systems (NYSE:VEEV) Stock Price Expected to Rise, Barclays Analyst Says

Veeva Systems (NYSE:VEEV) had its price target boosted by stock analysts at Barclays from $285.00 to $300.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Barclays‘s target price would indicate a potential upside of 7.13% from the stock’s current price.

Several other research firms have also issued reports on VEEV. Stephens reissued an “overweight” rating and issued a $280.00 price objective on shares of Veeva Systems in a research report on Thursday, March 6th. KeyCorp lowered their price target on shares of Veeva Systems from $260.00 to $250.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Robert W. Baird raised their price target on shares of Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a report on Thursday, March 6th. Piper Sandler lowered their price target on shares of Veeva Systems from $290.00 to $255.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Finally, Wall Street Zen raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $269.00.

Veeva Systems Stock Performance

Shares of VEEV opened at $280.03 on Thursday. The company has a market capitalization of $45.56 billion, a price-to-earnings ratio of 69.14, a PEG ratio of 1.89 and a beta of 0.96. The company’s 50 day simple moving average is $230.48 and its 200 day simple moving average is $227.86. Veeva Systems has a 1 year low of $170.25 and a 1 year high of $285.70.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.23. The business had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The company’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.50 earnings per share. Equities analysts expect that Veeva Systems will post 4.35 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Timothy S. Cabral sold 3,882 shares of the company’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the sale, the director now directly owns 5,500 shares of the company’s stock, valued at $1,192,565. This represents a 41.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the sale, the senior vice president now directly owns 8,668 shares of the company’s stock, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock worth $1,284,917 in the last 90 days. Corporate insiders own 10.30% of the company’s stock.

Institutional Trading of Veeva Systems

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Strs Ohio bought a new stake in shares of Veeva Systems in the 1st quarter valued at about $11,628,000. Geneos Wealth Management Inc. boosted its position in Veeva Systems by 7.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 2,200 shares of the technology company’s stock worth $510,000 after acquiring an additional 160 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of Veeva Systems by 1.2% in the 1st quarter. Focus Partners Wealth now owns 98,113 shares of the technology company’s stock valued at $22,726,000 after buying an additional 1,152 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Veeva Systems by 48.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,799,931 shares of the technology company’s stock valued at $416,918,000 after buying an additional 585,785 shares during the last quarter. Finally, Peloton Wealth Strategists lifted its holdings in Veeva Systems by 8.6% during the 1st quarter. Peloton Wealth Strategists now owns 8,145 shares of the technology company’s stock valued at $1,887,000 after purchasing an additional 647 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.