Evercore ISI Boosts Veeva Systems (NYSE:VEEV) Price Target to $295.00

Key Points

• Evercore ISI has raised its price target for Veeva Systems from $285.00 to $295.00, maintaining an "in-line" rating on the stock.
• Veeva Systems recently reported quarterly earnings of $1.97 per share, exceeding the consensus estimate of $1.74, with revenue reaching $759.04 million.
• The stock has received multiple upgrades from different analysts, with prices ranging from $230.00 to $329.00, indicating strong interest and support from the analyst community.

Veeva Systems (NYSE:VEEV - Get Free Report) had its price objective lifted by equities researchers at Evercore ISI from $285.00 to $295.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an "in-line" rating on the technology company's stock. Evercore ISI's price target would suggest a potential downside of 0.08% from the company's current price.

VEEV has been the subject of several other research reports. Truist Financial increased their price target on shares of Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a research note on Thursday, May 29th. KeyCorp increased their price objective on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. UBS Group upped their price target on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research note on Thursday, May 29th. Finally, Citigroup increased their price target on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Fourteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Veeva Systems has an average rating of "Moderate Buy" and an average price target of $280.88.

Veeva Systems Stock Performance

Shares of Veeva Systems stock opened at $295.23 on Thursday. The business's 50 day moving average price is $282.76 and its 200 day moving average price is $253.55. The company has a market cap of $48.24 billion, a price-to-earnings ratio of 62.55, a PEG ratio of 2.27 and a beta of 0.95. Veeva Systems has a one year low of $198.12 and a one year high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%.The business had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. During the same quarter in the previous year, the firm earned $1.50 EPS. The company's quarterly revenue was up 16.7% compared to the same quarter last year. On average, analysts predict that Veeva Systems will post 4.35 EPS for the current fiscal year.

Insider Buying and Selling

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the transaction, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Priscilla Hung sold 172 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the transaction, the director directly owned 4,137 shares in the company, valued at $1,170,771. This trade represents a 3.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock worth $394,217 over the last 90 days. 10.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Veeva Systems

Several institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted its position in shares of Veeva Systems by 81.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,037 shares of the technology company's stock worth $428,000 after buying an additional 916 shares during the last quarter. Integrated Wealth Concepts LLC raised its stake in Veeva Systems by 61.8% during the 4th quarter. Integrated Wealth Concepts LLC now owns 2,276 shares of the technology company's stock worth $479,000 after acquiring an additional 869 shares in the last quarter. Kovitz Investment Group Partners LLC purchased a new stake in Veeva Systems in the fourth quarter valued at $381,000. Beacon Pointe Advisors LLC acquired a new position in Veeva Systems in the fourth quarter valued at $261,000. Finally, Northern Trust Corp grew its holdings in shares of Veeva Systems by 12.6% during the fourth quarter. Northern Trust Corp now owns 1,004,186 shares of the technology company's stock worth $211,130,000 after purchasing an additional 112,758 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

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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