Veeva Systems (NYSE:VEEV) Stock Gets Price Target Boost from Robert W. Baird

Key Points

• Robert W. Baird raised Veeva Systems’ price target from $300 to $350 and maintained an “outperform” rating, implying approximately 8.25% upside from the reported share price.
• Analyst sentiment remains positive overall, with 19 Buy ratings, eight Holds and one Sell; MarketBeat reports a “Moderate Buy” consensus and an average target price of $289.88.
• Veeva recently exceeded quarterly expectations, reporting $2.35 in EPS versus a $2.23 consensus and $927.96 million in revenue, up 17.6% year over year. Shares opened at $323.31, near their reported 52-week high of $325.99.

Veeva Systems (NYSE:VEEV - Get Free Report) had its price target increased by research analysts at Robert W. Baird from $300.00 to $350.00 in a report released on Monday, Benzinga reports. The firm presently has an "outperform" rating on the technology company's stock. Robert W. Baird's price objective indicates a potential upside of 8.25% from the stock's current price.

Several other brokerages have also weighed in on VEEV. Royal Bank Of Canada upped their target price on Veeva Systems from $275.00 to $325.00 and gave the stock an "outperform" rating in a research report on Thursday, August 27th. Weiss Ratings raised shares of Veeva Systems from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. Morgan Stanley lifted their target price on shares of Veeva Systems from $215.00 to $275.00 and gave the company an "equal weight" rating in a research note on Thursday, August 27th. Needham & Company LLC lifted their target price on shares of Veeva Systems from $270.00 to $310.00 and gave the company a "buy" rating in a research note on Thursday, August 27th. Finally, Truist Financial boosted their target price on shares of Veeva Systems from $262.00 to $305.00 and gave the stock a "buy" rating in a research report 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 given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $289.88.

Veeva Systems Price Performance

Shares of NYSE:VEEV opened at $323.31 on Monday. The firm has a market capitalization of $52.35 billion, a PE ratio of 53.18, a price-to-earnings-growth ratio of 1.38 and a beta of 0.93. Veeva Systems has a 1 year low of $148.05 and a 1 year high of $325.99. The firm's 50-day moving average is $277.66 and its two-hundred day moving average is $213.32.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $905.38 million. During the same period in the previous year, the company earned $1.99 EPS. The company's revenue for the quarter 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. Analysts expect that Veeva Systems will post 6.70 EPS for the current fiscal year.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 5,198 shares of the 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 transaction, the senior vice president owned 4,130 shares of the company's stock, valued at $1,237,843.60. This represents a 55.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Daniel Rizzo sold 4,841 shares of Veeva Systems stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $276.51, for a total value of $1,338,584.91. Following the sale, the executive vice president directly owned 7,665 shares of the company's stock, valued at approximately $2,119,449.15. This trade represents a 38.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 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.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors have recently modified their holdings of VEEV. Equity Wealth Partners LLC bought a new stake in Veeva Systems during the third quarter valued at $214,000. Apollon Wealth Management LLC raised its holdings in Veeva Systems by 2.5% during the third quarter. Apollon Wealth Management LLC now owns 3,319 shares of the technology company's stock worth $947,000 after buying an additional 80 shares during the last quarter. Radnor Capital Management LLC bought a new position in Veeva Systems in the 3rd quarter valued at about $2,560,000. Signaturefd LLC boosted its position in shares of Veeva Systems by 29.8% during the third quarter. Signaturefd LLC now owns 1,510 shares of the technology company's stock valued at $431,000 after buying an additional 347 shares during the last quarter. Finally, Citizens Financial Group Inc. RI raised its holdings in shares of Veeva Systems by 29.8% in the third quarter. Citizens Financial Group Inc. RI now owns 7,121 shares of the technology company's stock valued at $2,033,000 after purchasing an additional 1,636 shares during the last quarter. 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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