Guggenheim Initiates Coverage on Veeva Systems (NYSE:VEEV)

Key Points

• Guggenheim initiated coverage on Veeva Systems with a buy rating and a $232 price target, implying about 25.9% upside from the stock’s current price.
• Analyst sentiment remains constructive overall: Veeva has 19 Buy ratings, 8 Hold ratings, and 1 Sell rating, with a consensus Moderate Buy and average price target of $247.08.
• Veeva recently reported strong quarterly results, beating EPS and revenue estimates, with revenue up 16.3% year over year; however, the stock was down 2.6% in Thursday trading.

Analysts at Guggenheim assumed coverage on shares of Veeva Systems (NYSE:VEEV - Get Free Report) in a note issued to investors on Thursday. The brokerage set a "buy" rating and a $232.00 price target on the technology company's stock. Guggenheim's target price suggests a potential upside of 25.89% from the stock's current price.

Several other brokerages have also commented on VEEV. Wall Street Zen lowered shares of Veeva Systems from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Raymond James Financial restated an "outperform" rating and set a $225.00 price objective on shares of Veeva Systems in a research report on Thursday, June 4th. BMO Capital Markets lowered their target price on shares of Veeva Systems from $220.00 to $175.00 and set a "market perform" rating for the company in a report on Thursday, June 4th. Weiss Ratings raised shares of Veeva Systems from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, July 10th. Finally, Oppenheimer reiterated an "outperform" rating on shares of Veeva Systems in a research note on Monday. Nineteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $247.08.

Veeva Systems Trading Down 2.6%

Shares of VEEV stock opened at $184.29 on Thursday. The firm has a fifty day moving average price of $173.59 and a 200 day moving average price of $181.85. The company has a market cap of $29.94 billion, a P/E ratio of 32.85, a PEG ratio of 0.81 and a beta of 0.94. Veeva Systems has a 12 month low of $148.05 and a 12 month high of $310.50.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings results on Wednesday, June 3rd. The technology company reported $2.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.14 by $0.10. Veeva Systems had a return on equity of 13.72% and a net margin of 28.37%.The company had revenue of $882.95 million during the quarter, compared to the consensus estimate of $857.73 million. During the same period in the previous year, the business earned $1.97 EPS. Veeva Systems's revenue for the quarter was up 16.3% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 9.050-9.050 EPS and its Q2 2027 guidance at 2.210-2.220 EPS. On average, equities analysts forecast that Veeva Systems will post 6.65 EPS for the current year.

Insiders Place Their Bets

• Veeva Systems NYSE: VEEV Stock a Buy: Cloud Software for Life Sciences

In other news, Director Priscilla Hung sold 750 shares of the stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $155.64, for a total value of $116,730.00. Following the completion of the sale, the director directly owned 3,253 shares of the company's stock, valued at approximately $506,296.92. This represents a 18.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 10.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of VEEV. SHP Wealth Management acquired a new stake in shares of Veeva Systems during the fourth quarter worth $26,000. Newbridge Financial Services Group Inc. raised its position in Veeva Systems by 322.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company's stock worth $29,000 after buying an additional 100 shares during the last quarter. Activest Wealth Management raised its position in Veeva Systems by 3,175.0% during the 4th quarter. Activest Wealth Management now owns 131 shares of the technology company's stock worth $29,000 after buying an additional 127 shares during the last quarter. Arlington Trust Co LLC acquired a new stake in shares of Veeva Systems in the 2nd quarter worth $29,000. Finally, MV Capital Management Inc. acquired a new stake in shares of Veeva Systems in the 4th quarter worth $30,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

About Veeva Systems

Veeva Systems NYSE: VEEV is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva's product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional 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.