Veeva Systems (NYSE:VEEV) Given New $400.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised its Veeva Systems price target to $400 from $330 and maintained an “overweight” rating, implying about 30.7% upside from the stock’s then-current price.
• Veeva reported quarterly EPS of $2.35, above the $2.23 consensus estimate, and revenue of $927.96 million, up 17.6% year over year.
• Analyst sentiment was broadly positive: MarketBeat reported a “Moderate Buy” consensus rating and an average price target of $317.42.

Veeva Systems (NYSE:VEEV - Get Free Report) had its target price upped by investment analysts at Wells Fargo & Company from $330.00 to $400.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an "overweight" rating on the technology company's stock. Wells Fargo & Company's price objective points to a potential upside of 30.68% from the stock's current price.

VEEV has been the subject of a number of other research reports. 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. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Saturday, October 10th. Guggenheim boosted their price objective on shares of Veeva Systems from $276.00 to $310.00 and gave the stock a "buy" rating in a research note on Thursday, August 27th. BTIG Research boosted their price objective on shares of Veeva Systems from $340.00 to $360.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Truist Financial upped their price objective on shares of Veeva Systems from $305.00 to $360.00 and gave the stock a "buy" rating in a report on Monday. Nineteen equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $317.42.

Veeva Systems Trading Up 0.2%

NYSE VEEV traded up $0.54 during trading on Wednesday, reaching $306.09. The company's stock had a trading volume of 112,855 shares, compared to its average volume of 2,249,283. The stock has a market capitalization of $49.56 billion, a PE ratio of 50.49, a PEG ratio of 1.31 and a beta of 0.89. Veeva Systems has a 1-year low of $148.05 and a 1-year high of $325.99. The business has a 50-day moving average price of $290.24 and a 200-day moving average price of $212.79.

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

Insiders Place Their Bets

In related news, Director Priscilla Hung sold 750 shares of the stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $261.04, for a total transaction of $195,780.00. Following the completion of the sale, the director owned 3,242 shares in the company, valued at $846,291.68. This represents a 18.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Jonathan Faddis sold 5,198 shares of the firm's stock in a transaction that occurred on Wednesday, October 14th. The shares were sold at an average price of $299.72, for a total value of $1,557,944.56. Following the completion of the sale, the senior vice president directly owned 4,130 shares in the company, valued at $1,237,843.60. This trade represents a 55.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 56,789 shares of company stock worth $14,913,889 in the last 90 days. 10.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

A number of institutional investors and hedge funds have recently bought and sold shares of VEEV. Private Wealth Asset Management LLC increased its holdings in shares of Veeva Systems by 4,300.0% during the 3rd quarter. Private Wealth Asset Management LLC now owns 3,300 shares of the technology company's stock worth $1,002,000 after purchasing an additional 3,225 shares during the period. Private Advisor Group LLC lifted its stake in shares of Veeva Systems by 86.8% in the third quarter. Private Advisor Group LLC now owns 4,652 shares of the technology company's stock valued at $1,328,000 after buying an additional 2,162 shares during the period. Taylor Hoffman Capital Management LLC acquired a new stake in Veeva Systems during the third quarter worth about $302,000. Ieq Capital LLC grew its position in Veeva Systems by 7.0% during the third quarter. Ieq Capital LLC now owns 88,582 shares of the technology company's stock worth $25,285,000 after buying an additional 5,807 shares in the last quarter. Finally, Focus Advisor Solutions LLC grew its position in Veeva Systems by 117.6% during the third quarter. Focus Advisor Solutions LLC now owns 15,759 shares of the technology company's stock worth $4,499,000 after buying an additional 8,518 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.