Guggenheim Initiates Coverage on Veeva Systems (NYSE:VEEV)

Research analysts at Guggenheim assumed coverage on shares of Veeva Systems (NYSE:VEEV) in a research note issued on Thursday. The brokerage set a “buy” rating and a $232.00 price target on the technology company’s stock. Guggenheim’s target price suggests a potential upside of 25.89% from the stock’s current price.

VEEV has been the subject of several other research reports. Wells Fargo & Company raised their price objective on shares of Veeva Systems from $317.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. Oppenheimer reiterated an “outperform” rating on shares of Veeva Systems in a research report on Monday. Raymond James Financial reissued an “outperform” rating and set a $225.00 price target on shares of Veeva Systems in a research note on Thursday, June 4th. Zacks Research cut Veeva Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 14th. Finally, Wall Street Zen downgraded Veeva Systems from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Nineteen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $247.08.

Veeva Systems Trading Down 2.6%

Shares of VEEV stock opened at $184.29 on Thursday. The company has a market cap of $29.94 billion, a price-to-earnings ratio of 32.85, a price-to-earnings-growth ratio of 0.81 and a beta of 0.94. The stock has a 50 day simple moving average of $173.59 and a 200-day simple moving average of $181.85. Veeva Systems has a 12-month low of $148.05 and a 12-month high of $310.50.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, June 3rd. The technology company reported $2.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.10. The firm had revenue of $882.95 million for the quarter, compared to analyst estimates of $857.73 million. Veeva Systems had a return on equity of 13.72% and a net margin of 28.37%.Veeva Systems’s quarterly revenue was up 16.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.97 earnings per share. Veeva Systems has set its FY 2027 guidance at 9.050-9.050 EPS and its Q2 2027 guidance at 2.210-2.220 EPS. On average, equities analysts forecast that Veeva Systems will post 6.65 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Priscilla Hung sold 750 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $155.64, for a total value of $116,730.00. Following the sale, the director directly owned 3,253 shares in the company, valued at $506,296.92. This represents a 18.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Veeva Systems

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Veeva Systems in the fourth quarter worth $332,412,000. Durable Capital Partners LP purchased a new stake in Veeva Systems during the 2nd quarter worth about $281,351,000. Arrowstreet Capital Limited Partnership increased its position in Veeva Systems by 203.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company’s stock worth $160,427,000 after purchasing an additional 611,868 shares in the last quarter. AQR Capital Management LLC raised its stake in Veeva Systems by 31.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,412,210 shares of the technology company’s stock valued at $706,078,000 after purchasing an additional 574,164 shares during the last quarter. Finally, Swedbank AB raised its stake in Veeva Systems by 43.5% in the 1st quarter. Swedbank AB now owns 1,645,128 shares of the technology company’s stock valued at $288,983,000 after purchasing an additional 498,971 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Company Profile

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.