Goldman Sachs Group Increases Veeva Systems (NYSE:VEEV) Price Target to $228.00

Veeva Systems (NYSE:VEEV) had its price target boosted by analysts at Goldman Sachs Group from $197.00 to $228.00 in a research report issued on Monday, The Fly reports. Goldman Sachs Group’s price target indicates a potential downside of 2.74% from the stock’s current price.

VEEV has been the subject of several other research reports. Morgan Stanley lifted their target price on shares of Veeva Systems from $226.00 to $230.00 and gave the company an “overweight” rating in a report on Friday, May 29th. Piper Sandler lifted their target price on shares of Veeva Systems from $180.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, May 29th. Citigroup initiated coverage on shares of Veeva Systems in a report on Monday, June 8th. They issued a “buy” rating and a $265.00 target price for the company. Barclays lifted their target price on shares of Veeva Systems from $176.00 to $200.00 and gave the company an “equal weight” rating in a report on Wednesday, May 27th. Finally, Robert W. Baird lifted their target price on shares of Veeva Systems from $242.00 to $256.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Eight research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Veeva Systems has an average rating of “Buy” and an average target price of $203.23.

VEEV stock opened at $234.42 on Monday. The company has a market cap of $34.36 billion, a P/E ratio of 118.39, a price-to-earnings-growth ratio of 7.64 and a beta of 0.94. Veeva Systems has a 1 year low of $118.11 and a 1 year high of $244.10. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.04 and a quick ratio of 3.04. The stock’s fifty day moving average price is $214.13 and its 200-day moving average price is $168.82.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Thursday, May 28th. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.07. The firm had revenue of $337.11 million for the quarter, compared to the consensus estimate of $291.10 million. Veeva Systems had a return on equity of 16.28% and a net margin of 26.26%. The company’s revenue for the quarter was up 37.7% on a year-over-year basis. During the same period last year, the business posted $0.50 EPS. As a group, analysts expect that Veeva Systems will post 1.8 earnings per share for the current year.

In related news, CFO Timothy S. Cabral sold 30,000 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $241.07, for a total transaction of $7,232,100.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Timothy S. Cabral sold 37,146 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $215.60, for a total transaction of $8,008,677.60. Following the sale, the chief financial officer now directly owns 32,634 shares in the company, valued at approximately $7,035,890.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 83,105 shares of company stock worth $18,205,178. 13.17% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Westside Investment Management Inc. bought a new position in Veeva Systems during the 1st quarter valued at $27,000. Orion Portfolio Solutions LLC acquired a new position in shares of Veeva Systems in the 4th quarter worth approximately $32,000. First Horizon Advisors Inc. grew its stake in shares of Veeva Systems by 45.6% in the 1st quarter. First Horizon Advisors Inc. now owns 233 shares of the technology company’s stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Balentine LLC acquired a new position in shares of Veeva Systems in the 1st quarter worth approximately $37,000. Finally, Credit Agricole S A acquired a new position in shares of Veeva Systems in the 1st quarter worth approximately $46,000. 80.46% 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 in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.

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