Stifel Nicolaus Forecasts Strong Price Appreciation for Veeva Systems (NYSE:VEEV) Stock

Key Points

• Stifel Nicolaus raised its price target for Veeva Systems from $295 to $320, suggesting a potential upside of 15.34% from its previous close, and maintains a "buy" rating on the stock.
• Veeva Systems reported earnings of $1.97 per share for the recent quarter, surpassing analysts' expectations, and its revenue grew by 16.7% year-over-year to $759.04 million.
• Recent trading activity indicates insider selling, with significant shares sold by SVP Jonathan Faddis and Director Priscilla Hung, reflecting a combined decrease in their respective positions.

Veeva Systems (NYSE:VEEV - Get Free Report) had its price objective increased by equities research analysts at Stifel Nicolaus from $295.00 to $320.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Stifel Nicolaus' target price would indicate a potential upside of 15.34% from the stock's previous close.

Several other brokerages have also recently issued reports on VEEV. Raymond James Financial boosted their price target on shares of Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research report on Thursday, May 29th. Mizuho increased their price target on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Wells Fargo & Company raised their price objective on shares of Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a research report on Tuesday. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, UBS Group upped their price target on shares of Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a report on Thursday. Fifteen equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $287.04.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $277.43 on Thursday. The stock has a market cap of $45.34 billion, a price-to-earnings ratio of 58.89, a PEG ratio of 2.27 and a beta of 0.95. Veeva Systems has a fifty-two week low of $200.30 and a fifty-two week high of $296.72. The firm'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 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. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. During the same period in the previous year, the business earned $1.50 EPS. Veeva Systems's revenue was up 16.7% compared to the same quarter last year. On average, sell-side analysts predict that Veeva Systems will post 4.35 EPS for the current year.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction 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 completion of the sale, the senior vice president owned 7,902 shares in the company, valued at approximately $2,256,969.24. This trade represents a 8.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the transaction, the director owned 3,966 shares of the company's stock, valued at $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,378 shares of company stock worth $394,217. Company insiders own 10.30% of the company's stock.

Institutional Investors Weigh In On Veeva Systems

Institutional investors have recently bought and sold shares of the stock. Trust Co. of Toledo NA OH acquired a new stake in Veeva Systems in the 2nd quarter valued at about $29,000. Abound Financial LLC acquired a new position in shares of Veeva Systems in the 1st quarter valued at about $25,000. Legacy Investment Solutions LLC acquired a new position in shares of Veeva Systems in the 2nd quarter valued at about $32,000. ORG Partners LLC bought a new position in Veeva Systems during the first quarter valued at approximately $26,000. Finally, Maseco LLP bought a new position in Veeva Systems during the second quarter valued at approximately $35,000. Institutional investors and hedge funds 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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