Veeva Systems (NYSE:VEEV) Reaches New 52-Week High – Here’s Why

Veeva Systems Inc. (NYSE:VEEV)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $289.43 and last traded at $282.96, with a volume of 1814424 shares trading hands. The stock had previously closed at $284.75.

Analysts Set New Price Targets

VEEV has been the topic of several research analyst reports. Robert W. Baird upped their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a research note on Thursday, March 6th. Scotiabank increased their price target on Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research report on Thursday, March 6th. Morgan Stanley raised their price target on Veeva Systems from $201.00 to $210.00 and gave the company an “underweight” rating in a report on Thursday, May 29th. UBS Group boosted their price objective on Veeva Systems from $250.00 to $285.00 and gave the stock a “neutral” rating in a research note on Thursday, May 29th. Finally, JPMorgan Chase & Co. increased their target price on Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a report on Thursday, March 20th. Two research 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.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.80.

Veeva Systems Price Performance

The business’s 50-day moving average is $235.57 and its 200 day moving average is $230.08. The firm has a market capitalization of $46.38 billion, a P/E ratio of 70.39, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99.

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

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 25,889 shares in the company, valued at $5,720,692.33. This represents a 4.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the company’s stock in a transaction dated Friday, April 4th. The shares were 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 owns 5,500 shares in the company, valued at $1,192,565. This trade represents a 41.38% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,869 shares of company stock worth $1,284,917. Corporate insiders own 10.30% of the company’s stock.

Institutional Trading of Veeva Systems

Large investors have recently bought and sold shares of the business. Inspire Investing LLC lifted its stake in shares of Veeva Systems by 47.7% in the first quarter. Inspire Investing LLC now owns 28,703 shares of the technology company’s stock valued at $6,648,000 after buying an additional 9,268 shares in the last quarter. Strs Ohio acquired a new stake in shares of Veeva Systems in the 1st quarter worth about $11,628,000. Geneos Wealth Management Inc. lifted its position in Veeva Systems by 7.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,200 shares of the technology company’s stock valued at $510,000 after acquiring an additional 160 shares in the last quarter. Focus Partners Wealth boosted its stake in Veeva Systems by 1.2% during the 1st quarter. Focus Partners Wealth now owns 98,113 shares of the technology company’s stock valued at $22,726,000 after purchasing an additional 1,152 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Veeva Systems by 48.2% during 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 worth $416,918,000 after purchasing an additional 585,785 shares in 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.