Veeva Systems (NYSE:VEEV) Price Target Raised to $365.00

Key Points

• Royal Bank of Canada raised its Veeva Systems price target to $365 from $325 and maintained an “outperform” rating, implying 21.26% upside from the stock’s then-current price.
• Analyst sentiment is broadly positive: the consensus rating is “Moderate Buy,” with a $304.29 average price target; 19 analysts rate the stock Buy, eight Hold, and one Sell.
• Veeva reported quarterly earnings of $2.35 per share, beating estimates of $2.23, while revenue rose 17.6% year over year to $927.96 million.

Veeva Systems (NYSE:VEEV - Get Free Report) had its price target boosted by equities research analysts at Royal Bank Of Canada from $325.00 to $365.00 in a research note issued on Friday, Benzinga reports. The firm currently has an "outperform" rating on the technology company's stock. Royal Bank Of Canada's target price points to a potential upside of 21.26% from the stock's current price.

Several other research analysts also recently issued reports on VEEV. Wells Fargo & Company restated an "overweight" rating and set a $330.00 price objective (up from $320.00) on shares of Veeva Systems in a research report on Tuesday, September 8th. BMO Capital Markets raised their price target on Veeva Systems from $175.00 to $270.00 and gave the stock a "market perform" rating in a research report on Thursday, August 27th. Guggenheim boosted their price target on Veeva Systems from $276.00 to $310.00 and gave the stock a "buy" rating in a report on Thursday, August 27th. Morgan Stanley upped their price objective on Veeva Systems from $215.00 to $275.00 and gave the company an "equal weight" rating in a research report on Thursday, August 27th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and set a $295.00 price objective (up from $250.00) on shares of Veeva Systems in a research note on Thursday, August 27th. Nineteen equities 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. Based on data from MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus price target of $304.29.

Veeva Systems Stock Performance

NYSE VEEV traded down $9.10 during trading hours on Friday, reaching $301.00. The company's stock had a trading volume of 785,662 shares, compared to its average volume of 2,265,102. The company's 50-day moving average is $288.82 and its two-hundred day moving average is $211.51. Veeva Systems has a fifty-two week low of $148.05 and a fifty-two week high of $325.99. The stock has a market cap of $48.73 billion, a PE ratio of 49.40, a PEG ratio of 1.33 and a beta of 0.89.

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

Insider Activity

In other Veeva Systems news, Director Priscilla Hung sold 750 shares of the stock in a transaction 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 transaction, the director owned 3,242 shares of the company's stock, valued at $846,291.68. This represents a 18.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Jonathan Faddis sold 5,198 shares of the firm's stock in a transaction 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 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 a total of 56,789 shares of company stock worth $14,913,889 in the last three months. 10.60% of the stock is owned by insiders.

Institutional Trading of Veeva Systems

A number of hedge funds have recently added to or reduced their stakes in VEEV. Allworth Financial LP grew its holdings in shares of Veeva Systems by 7.4% during the third quarter. Allworth Financial LP now owns 3,587 shares of the technology company's stock valued at $1,024,000 after purchasing an additional 247 shares during the last quarter. Fisher Asset Management LLC bought a new stake in shares of Veeva Systems in the 3rd quarter worth approximately $207,000. Nikulski Financial Inc. bought a new stake in shares of Veeva Systems in the 3rd quarter worth approximately $1,272,000. Maryland State Retirement & Pension System lifted its holdings in shares of Veeva Systems by 13.8% in the 3rd quarter. Maryland State Retirement & Pension System now owns 9,285 shares of the technology company's stock worth $2,650,000 after purchasing an additional 1,127 shares during the last quarter. Finally, Advisor Resource Council bought a new stake in shares of Veeva Systems in the 3rd quarter worth approximately $245,000. 88.20% of the stock is owned by institutional investors and hedge funds.

About Veeva Systems

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.

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.