KeyCorp Raises Veeva Systems (NYSE:VEEV) Price Target to $325.00

Veeva Systems (NYSE:VEEV - Get Free Report) had its price objective increased by stock analysts at KeyCorp from $285.00 to $325.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "overweight" rating on the technology company's stock. KeyCorp's target price suggests a potential upside of 17.83% from the company's current price.

A number of other research analysts have also commented on VEEV. Mizuho boosted their price target on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. JPMorgan Chase & Co. boosted their price target on shares of Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Morgan Stanley boosted their price target on shares of Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research report on Thursday, May 29th. Wells Fargo & Company boosted their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Finally, UBS Group lifted their price objective on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Veeva Systems currently has an average rating of "Moderate Buy" and an average price target of $274.17.

Veeva Systems Trading Down 2.1%

Veeva Systems stock opened at $275.82 on Monday. Veeva Systems has a 1-year low of $177.41 and a 1-year high of $291.69. The firm has a market capitalization of $45.07 billion, a price-to-earnings ratio of 58.44, a P/E/G ratio of 2.19 and a beta of 0.98. The firm has a 50 day simple moving average of $266.10 and a 200 day simple moving average of $239.69.

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

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 720 shares of the 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 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Priscilla Hung sold 171 shares of the stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the sale, the director owned 3,966 shares in the company, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Veeva Systems

A number of institutional investors have recently made changes to their positions in VEEV. Vanguard Group Inc. lifted its position in Veeva Systems by 2.2% during the first quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock valued at $3,418,990,000 after purchasing an additional 315,421 shares during the period. Alliancebernstein L.P. lifted its position in Veeva Systems by 10.7% during the first quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock valued at $1,273,884,000 after purchasing an additional 532,269 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in Veeva Systems by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock valued at $1,205,372,000 after purchasing an additional 34,169 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Veeva Systems by 20.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock valued at $924,754,000 after purchasing an additional 689,700 shares during the period. Finally, Leigh Baldwin & CO. LLC bought a new position in Veeva Systems during the fourth quarter valued at approximately $685,355,000. Hedge funds and other institutional investors own 88.20% of the company's stock.

Veeva Systems Company Profile

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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