BTIG Research Forecasts Strong Price Appreciation for Veeva Systems (NYSE:VEEV) Stock

Key Points

• BTIG Research has raised its price target for Veeva Systems (NYSE:VEEV) from $335.00 to $340.00, suggesting a potential upside of 22.55% from the company's previous close.
• The stock currently receives a consensus rating of "Moderate Buy" from 15 analysts, with a consensus target price of $287.04.
• Veeva Systems reported a 16.7% year-over-year revenue increase, achieving $759.04 million in the recent quarter, significantly exceeding analyst expectations.

Veeva Systems (NYSE:VEEV - Get Free Report) had its price target upped by stock analysts at BTIG Research from $335.00 to $340.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. BTIG Research's price target indicates a potential upside of 22.55% from the company's previous close.

Several other equities research analysts also recently commented on the stock. Truist Financial upped their price target on shares of Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research report on Thursday. KeyCorp upped their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. UBS Group upped their price target on shares of Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a research report on Thursday. Mizuho increased their target price on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Finally, Evercore ISI increased their target price on shares of Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a research report on Thursday. Fifteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $287.04.

Veeva Systems Price Performance

VEEV stock opened at $277.43 on Thursday. Veeva Systems has a 12 month low of $200.30 and a 12 month high of $296.72. The firm has a market cap of $45.34 billion, a PE ratio of 58.89, a P/E/G ratio of 2.27 and a beta of 0.95. The firm has a 50 day simple moving average of $282.76 and a 200 day simple moving average of $253.55.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating the consensus estimate of $1.74 by $0.23. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. During the same period in the prior year, the business earned $1.50 earnings per share. The business's quarterly revenue was up 16.7% on a year-over-year basis. As a group, sell-side analysts expect that Veeva Systems will post 4.35 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction on Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director owned 5,500 shares in the company, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the sale, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock worth $394,217 in the last quarter. 10.30% of the stock is currently owned by company insiders.

Institutional Trading of Veeva Systems

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sowell Financial Services LLC acquired a new stake in shares of Veeva Systems during the 1st quarter valued at about $274,000. Crossmark Global Holdings Inc. acquired a new stake in shares of Veeva Systems during the 1st quarter valued at about $299,000. Janney Montgomery Scott LLC acquired a new stake in shares of Veeva Systems during the 1st quarter valued at about $5,876,000. GAMMA Investing LLC boosted its position in shares of Veeva Systems by 13.8% during the 1st quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after acquiring an additional 221 shares in the last quarter. Finally, Private Trust Co. NA boosted its position in shares of Veeva Systems by 35.0% during the 1st quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after acquiring an additional 64 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

About Veeva Systems

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.

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