Piper Sandler Forecasts Strong Price Appreciation for Veeva Systems (NYSE:VEEV) Stock

Key Points

• Piper Sandler raised its target price for Veeva Systems from $325 to $355, indicating a potential upside of 20.25% from its current stock price.
• The stock has received an overwhelming positive response from analysts, with fourteen ratings of "Buy" and an average consensus target price of $278.79.
• Veeva recently announced earnings of $1.97 per share, which exceeded estimates and demonstrated a 16.7% increase in revenue year-over-year.

Veeva Systems (NYSE:VEEV - Get Free Report) had its target price upped by Piper Sandler from $325.00 to $355.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. Piper Sandler's price target would indicate a potential upside of 20.25% from the stock's current price.

Several other brokerages also recently commented on VEEV. Citigroup boosted their target price on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Wells Fargo & Company raised their price target on shares of Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a report on Tuesday. Morgan Stanley raised their price target on shares of Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a report on Thursday, May 29th. UBS Group raised their price target on shares of Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. Finally, Barclays raised their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Fourteen analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $278.79.

Veeva Systems Price Performance

Shares of VEEV opened at $295.23 on Thursday. The company has a market capitalization of $48.24 billion, a P/E 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. The business's 50 day simple moving average is $282.76 and its 200-day simple moving average is $253.55.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced 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 13.96% and a net margin of 27.34%.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, sell-side analysts anticipate that Veeva Systems will post 4.35 EPS for the current fiscal year.

Insider Activity at Veeva Systems

In related 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 value of $205,646.40. Following the transaction, the senior vice president directly 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Priscilla Hung sold 172 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of the transaction, the director owned 4,137 shares in the company, valued at $1,170,771. This represents a 3.99% 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 over the last ninety days. Company insiders own 10.30% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Sigma Planning Corp grew its holdings in Veeva Systems by 1.2% during the second quarter. Sigma Planning Corp now owns 3,328 shares of the technology company's stock valued at $958,000 after purchasing an additional 39 shares during the period. Keybank National Association OH grew its holdings in Veeva Systems by 1.4% during the second quarter. Keybank National Association OH now owns 3,088 shares of the technology company's stock valued at $889,000 after purchasing an additional 42 shares during the period. Facet Wealth Inc. grew its holdings in Veeva Systems by 3.3% during the second quarter. Facet Wealth Inc. now owns 1,342 shares of the technology company's stock valued at $381,000 after purchasing an additional 43 shares during the period. TFB Advisors LLC grew its holdings in Veeva Systems by 1.2% during the first quarter. TFB Advisors LLC now owns 3,586 shares of the technology company's stock valued at $831,000 after purchasing an additional 44 shares during the period. Finally, Triangle Securities Wealth Management grew its holdings in Veeva Systems by 0.8% during the second quarter. Triangle Securities Wealth Management now owns 5,782 shares of the technology company's stock valued at $1,665,000 after purchasing an additional 45 shares during the period. Institutional investors and hedge funds 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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