Needham & Company LLC Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Key Points

• Needham raised its Veeva Systems price target to $360 from $310 and reiterated a Buy rating, implying 16.45% upside from the current share price.
• Analyst sentiment is broadly positive: 19 analysts rate the stock Buy, eight Hold and one Sell, for a Moderate Buy consensus and an average target of $302.62.
• Veeva beat quarterly expectations, reporting EPS of $2.35 versus $2.23 forecast and revenue of $927.96 million versus $905.38 million expected; revenue grew 17.6% year over year.

Veeva Systems (NYSE:VEEV - Get Free Report) had its price target upped by analysts at Needham & Company LLC from $310.00 to $360.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the technology company's stock. Needham & Company LLC's price objective would indicate a potential upside of 16.45% from the company's current price.

A number of other analysts have also recently issued reports on VEEV. Robert W. Baird increased their target price on Veeva Systems from $300.00 to $350.00 and gave the stock an "outperform" rating in a research note on Monday, October 26th. Raymond James Financial boosted their target price on Veeva Systems from $225.00 to $330.00 in a report on Thursday, August 27th. BNP Paribas Exane increased their price target on Veeva Systems from $285.00 to $300.00 in a research note on Thursday, August 27th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $330.00 price target (up from $320.00) on shares of Veeva Systems in a report on Tuesday, September 8th. Finally, BMO Capital Markets raised their price target on Veeva Systems from $175.00 to $270.00 and gave the company a "market perform" rating in a report on Thursday, August 27th. Nineteen research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $302.62.

Veeva Systems Trading Down 0.5%

Shares of Veeva Systems stock opened at $309.14 on Friday. The stock's fifty day simple moving average is $288.82 and its 200 day simple moving average is $211.51. The company has a market capitalization of $50.05 billion, a PE ratio of 50.85, a PEG ratio of 1.33 and a beta of 0.89. Veeva Systems has a 12 month low of $148.05 and a 12 month high of $325.99.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.23 by $0.12. The firm had revenue of $927.96 million during 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 company's revenue was up 17.6% on a year-over-year basis. 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. Analysts predict that Veeva Systems will post 6.70 EPS for the current fiscal year.

Insider Transactions at Veeva Systems

In other news, insider Thomas D. Schwenger sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $281.33, for a total transaction of $2,813,300.00. Following the transaction, the insider owned 19,449 shares in the company, valued at approximately $5,471,587.17. This trade represents a 33.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jonathan Faddis sold 5,198 shares of Veeva Systems stock in a transaction that occurred on Wednesday, October 14th. The stock was sold at an average price of $299.72, for a total value of $1,557,944.56. Following the sale, the senior vice president directly owned 4,130 shares of the company's stock, valued at approximately $1,237,843.60. The trade was a 55.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 56,789 shares of company stock worth $14,913,889. Insiders own 10.60% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Compass Financial Management LLC bought a new stake in Veeva Systems during the 2nd quarter worth $27,000. Burkett Financial Services LLC acquired a new position in Veeva Systems in the 3rd quarter worth about $27,000. Farmers & Merchants Investments Inc. increased its holdings in Veeva Systems by 181.8% in the 3rd quarter. Farmers & Merchants Investments Inc. now owns 93 shares of the technology company's stock worth $27,000 after purchasing an additional 60 shares in the last quarter. Arlington Trust Co LLC bought a new position in Veeva Systems in the second quarter valued at about $29,000. Finally, Field & Main Bank bought a new position in Veeva Systems in the second quarter valued at about $29,000. Institutional investors own 88.20% of the company's stock.

Veeva Systems Company Profile

Veeva Systems Inc is a cloud software company that develops technology for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other healthcare companies that use Veeva's applications to manage commercial, clinical, regulatory, quality and operational processes.

The company's Veeva Vault platform provides cloud applications for areas such as clinical data management, electronic trial management, regulatory information, quality management, safety and content management.

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