Canaccord Genuity Group Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV) had its price objective upped by Canaccord Genuity Group from $260.00 to $315.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “hold” rating on the technology company’s stock. Canaccord Genuity Group‘s price objective points to a potential upside of 2.66% from the company’s current price.

Several other analysts have also recently weighed in on VEEV. Wells Fargo & Company reiterated an “overweight” rating and issued a $330.00 price target (up from $320.00) on shares of Veeva Systems in a report on Tuesday, September 8th. Citigroup raised their target price on shares of Veeva Systems from $190.00 to $273.00 and gave the stock a “neutral” rating in a research report on Friday, August 28th. BTIG Research raised their target price on shares of Veeva Systems from $340.00 to $360.00 and gave the stock a “buy” rating in a research report on Monday. Royal Bank Of Canada lifted their target price on shares of Veeva Systems from $325.00 to $365.00 and gave the company an “outperform” rating in a research note on Friday. Finally, JPMorgan Chase & Co. boosted their price target on shares of Veeva Systems from $272.00 to $299.00 in a research report on Thursday, August 27th. Nineteen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $314.50.

Veeva Systems Trading Up 1.0%

NYSE VEEV traded up $3.10 on Monday, hitting $306.83. The company’s stock had a trading volume of 454,638 shares, compared to its average volume of 2,261,234. Veeva Systems has a 52-week low of $148.05 and a 52-week high of $325.99. The company’s 50-day simple moving average is $289.24 and its 200 day simple moving average is $211.95. The firm has a market cap of $49.68 billion, a P/E ratio of 50.41, a PEG ratio of 1.30 and a beta of 0.89.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.12. The firm had revenue of $927.96 million for the quarter, compared to analysts’ expectations of $905.38 million. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%. The business’s revenue was up 17.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.99 earnings per share. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. On average, research analysts forecast that Veeva Systems will post 6.70 EPS for the current fiscal year.

Insider Buying and Selling at Veeva Systems

In related news, SVP Jonathan Faddis sold 5,198 shares of the business’s stock in a transaction dated Wednesday, October 14th. The shares were sold at an average price of $299.72, for a total transaction of $1,557,944.56. Following the sale, the senior vice president owned 4,130 shares of the company’s stock, valued at $1,237,843.60. The trade was a 55.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Daniel Rizzo sold 4,841 shares of the company’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $276.51, for a total transaction of $1,338,584.91. Following the completion of the sale, the executive vice president owned 7,665 shares in the company, valued at approximately $2,119,449.15. This trade represents a 38.71% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 56,789 shares of company stock worth $14,913,889. Insiders own 10.60% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors and hedge funds have recently modified their holdings of VEEV. Farmers & Merchants Investments Inc. increased its stake in Veeva Systems by 181.8% in the third quarter. Farmers & Merchants Investments Inc. now owns 93 shares of the technology company’s stock worth $27,000 after purchasing an additional 60 shares during the period. Burkett Financial Services LLC purchased a new stake in shares of Veeva Systems during the third quarter valued at $27,000. Pension & Wealth Management Advisors Inc. purchased a new stake in shares of Veeva Systems during the third quarter valued at $38,000. Lodestone Wealth Management LLC boosted its stake in shares of Veeva Systems by 68.3% during the third quarter. Lodestone Wealth Management LLC now owns 138 shares of the technology company’s stock valued at $39,000 after purchasing an additional 56 shares during the period. Finally, Compass Financial Management LLC bought a new position in shares of Veeva Systems in the second quarter worth about $27,000. 88.20% of the stock is currently owned by institutional investors.

About Veeva Systems

Veeva Systems Inc develops cloud-based software, data and consulting services for the life sciences industry. Its customers include pharmaceutical and biotechnology companies, medical device makers and contract research organizations.

The company’s products support commercial operations as well as clinical, regulatory, quality and safety activities. Its offerings include Veeva Vault applications for managing documents and business processes, customer relationship management software, and data and analytics services.

Founded in 2007 and headquartered in Pleasanton, California, Veeva serves life sciences companies in markets around the world.