Stifel Nicolaus Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV) had its target price increased by Stifel Nicolaus from $272.00 to $295.00 in a report issued on Thursday,Benzinga reports. Stifel Nicolaus currently has a buy rating on the technology company’s stock.

A number of other equities research analysts also recently issued reports on the stock. KeyCorp cut their target price on shares of Veeva Systems from $260.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Scotiabank boosted their target price on Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a report on Thursday, March 6th. Stephens reiterated an “overweight” rating and issued a $280.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Morgan Stanley increased their target price on Veeva Systems from $201.00 to $210.00 and gave the company an “underweight” rating in a research note on Thursday. Finally, Truist Financial increased their price objective on Veeva Systems from $210.00 to $217.00 and gave the company a “hold” rating in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and an average target price of $269.00.

Veeva Systems Trading Up 0.4%

Shares of Veeva Systems stock opened at $280.03 on Thursday. Veeva Systems has a 52 week low of $171.10 and a 52 week high of $285.70. The stock has a market cap of $45.56 billion, a PE ratio of 69.14, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. The company’s 50-day moving average price is $230.48 and its two-hundred day moving average price is $227.83.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million for the quarter, compared to analysts’ expectations of $728.38 million. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The company’s quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.50 EPS. On average, equities analysts predict that Veeva Systems will post 4.35 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Veeva Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC lifted its position in Veeva Systems by 18.2% during the 3rd quarter. Barclays PLC now owns 185,206 shares of the technology company’s stock worth $38,870,000 after buying an additional 28,497 shares in the last quarter. JPMorgan Chase & Co. increased its position in Veeva Systems by 73.2% in 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. Blue Trust Inc. raised its stake in shares of Veeva Systems by 28.0% in the fourth quarter. Blue Trust Inc. now owns 1,262 shares of the technology company’s stock worth $265,000 after acquiring an additional 276 shares during the last quarter. KBC Group NV lifted its position in shares of Veeva Systems by 21.0% during the fourth quarter. KBC Group NV now owns 52,790 shares of the technology company’s stock worth $11,099,000 after purchasing an additional 9,161 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in shares of Veeva Systems by 442.6% during the fourth quarter. Pacer Advisors Inc. now owns 25,902 shares of the technology company’s stock valued at $5,446,000 after purchasing an additional 21,128 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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.