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

Key Points

• Canaccord Genuity raised its Veeva Systems price target to $315 from $260 but maintained a Hold rating, implying 2.66% upside from the prior close.
• Analyst sentiment is broadly positive: MarketBeat reports a Moderate Buy consensus and an average price target of $314.50, with 19 Buy, eight Hold, and one Sell rating.
• Veeva beat quarterly estimates, reporting EPS of $2.35 versus $2.23 expected and revenue of $927.96 million versus $905.38 million; revenue grew 17.6% year over year.

Veeva Systems (NYSE:VEEV - Get Free Report) had its price target boosted by research analysts at Canaccord Genuity Group from $260.00 to $315.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a "hold" rating on the technology company's stock. Canaccord Genuity Group's price target would indicate a potential upside of 2.66% from the stock's previous close.

Several other research analysts have also issued reports on VEEV. BMO Capital Markets increased their price target on Veeva Systems from $175.00 to $270.00 and gave the stock a "market perform" rating in a report on Thursday, August 27th. Piper Sandler upped their target price on Veeva Systems from $295.00 to $320.00 and gave the stock an "overweight" rating in a research report on Thursday, August 27th. Jefferies Financial Group lifted their price objective on shares of Veeva Systems from $295.00 to $375.00 and gave the company a "buy" rating in a report on Friday. Needham & Company LLC upped their price target on Veeva Systems from $310.00 to $360.00 and gave the stock a "buy" rating in a report on Friday. Finally, Oppenheimer reissued an "outperform" rating and set a $325.00 target price (up from $300.00) on shares of Veeva Systems in a research report on Thursday, October 15th. Nineteen analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $314.50.

Veeva Systems Trading Up 1.0%

VEEV stock traded up $3.10 during mid-day trading on Monday, reaching $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 12 month low of $148.05 and a 12 month high of $325.99. The business's 50 day moving average price is $289.24 and its 200 day moving average price is $211.95. The company has a market cap of $49.68 billion, a price-to-earnings ratio of 50.41, a price-to-earnings-growth ratio of 1.30 and a beta of 0.89.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.12. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The business had revenue of $927.96 million for the quarter, compared to analyst estimates of $905.38 million. During the same period in the prior year, the firm earned $1.99 earnings per share. Veeva Systems's revenue was up 17.6% on a year-over-year basis. 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. As a group, equities analysts expect that Veeva Systems will post 6.70 EPS for the current fiscal year.

Insider Transactions at Veeva Systems

In other news, EVP Daniel J. Rizzo sold 4,841 shares of the stock in a transaction on 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 transaction, the executive vice president owned 7,665 shares in the company, valued at approximately $2,119,449.15. This represents a 38.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $261.04, for a total value of $195,780.00. Following the completion of the sale, the director directly owned 3,242 shares of the company's stock, valued at approximately $846,291.68. This trade represents a 18.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 56,789 shares of company stock valued at $14,913,889. Corporate insiders own 10.60% of the company's stock.

Institutional Investors Weigh In On Veeva Systems

Institutional investors have recently added to or reduced their stakes in the business. Investment Research & Advisory Group Inc. grew its stake in Veeva Systems by 0.4% in the 3rd quarter. Investment Research & Advisory Group Inc. now owns 12,942 shares of the technology company's stock valued at $3,699,000 after buying an additional 51 shares in the last quarter. Chicago Partners Investment Group LLC boosted its holdings in Veeva Systems by 0.9% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 5,972 shares of the technology company's stock valued at $1,929,000 after purchasing an additional 55 shares during the period. Lodestone Wealth Management LLC grew its position in Veeva Systems by 68.3% during the third quarter. Lodestone Wealth Management LLC now owns 138 shares of the technology company's stock worth $39,000 after buying an additional 56 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its position in shares of Veeva Systems by 1.2% in the third quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 4,664 shares of the technology company's stock worth $1,331,000 after purchasing an additional 57 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC grew its stake in Veeva Systems by 4.9% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 1,212 shares of the technology company's stock worth $346,000 after buying an additional 57 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Company Profile

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.

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