Veeva Systems (NYSE:VEEV) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Veeva Systems (NYSE:VEEV - Free Report) had its price target raised by Morgan Stanley from $201.00 to $210.00 in a report released on Thursday,Benzinga reports. Morgan Stanley currently has an underweight rating on the technology company's stock.

A number of other analysts have also recently commented on the company. Truist Financial upped their price objective on Veeva Systems from $210.00 to $217.00 and gave the company a "hold" rating in a research report on Thursday, March 6th. Needham & Company LLC upped their price objective on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research report on Thursday. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. Stephens reiterated an "overweight" rating and set a $280.00 price objective on shares of Veeva Systems in a research report on Thursday, March 6th. Finally, JPMorgan Chase & Co. upped their price objective on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $269.00.

Veeva Systems Stock Up 0.4%

Shares of NYSE VEEV traded up $0.99 during trading hours on Thursday, reaching $280.03. 3,578,987 shares of the stock traded hands, compared to its average volume of 1,132,660. The company's 50-day simple moving average is $230.48 and its two-hundred day simple moving average is $227.83. The company has a market capitalization of $45.56 billion, a P/E ratio of 69.14, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. Veeva Systems has a 52-week low of $171.10 and a 52-week high of $285.70.

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, topping the consensus estimate of $1.74 by $0.23. The business had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.50 earnings per share. As a group, sell-side analysts forecast that Veeva Systems will post 4.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the sale, the insider now directly owns 25,889 shares of the company's stock, valued at approximately $5,720,692.33. This trade represents a 4.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the sale, the director now directly owns 5,500 shares of the company's stock, valued at $1,192,565. The trade was a 41.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,869 shares of company stock worth $1,284,917 in the last quarter. 10.30% of the stock is owned by insiders.

Institutional Trading of Veeva Systems

A number of hedge funds have recently added to or reduced their stakes in VEEV. Centricity Wealth Management LLC acquired a new stake in Veeva Systems during the 4th quarter worth approximately $25,000. Abound Financial LLC acquired a new stake in shares of Veeva Systems in the 1st quarter valued at approximately $25,000. ORG Partners LLC acquired a new stake in shares of Veeva Systems in the 1st quarter valued at approximately $26,000. Smithfield Trust Co lifted its holdings in shares of Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock valued at $27,000 after buying an additional 80 shares during the period. Finally, Avion Wealth lifted its holdings in shares of Veeva Systems by 635.0% in the 4th quarter. Avion Wealth now owns 147 shares of the technology company's stock valued at $30,000 after buying an additional 127 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

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.