TD Cowen Upgrades Veeva Systems (NYSE:VEEV) to Buy

Key Points

• TD Cowen upgraded Veeva Systems from a "hold" rating to a "buy" rating, setting a price target of $380.00, indicating a potential upside of 26.73% from the current price.
• Multiple analysts, including Citigroup and Wells Fargo, have raised their price targets for Veeva Systems, with an overall consensus target price of $306.72.
• Insider selling has recently occurred, with key executives selling a total of 18,665 shares valued at $5.6 million in the last three months.

Veeva Systems (NYSE:VEEV - Get Free Report) was upgraded by analysts at TD Cowen from a "hold" rating to a "buy" rating in a research note issued on Tuesday, MarketBeat.com reports. The firm currently has a $380.00 target price on the technology company's stock. TD Cowen's price target suggests a potential upside of 26.73% from the company's current price.

A number of other equities analysts have also commented on the company. Citigroup raised their price target on Veeva Systems from $329.00 to $349.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Wells Fargo & Company lifted their price target on Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 26th. KeyCorp upped their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Stifel Nicolaus boosted their price objective on Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $325.00 target price on shares of Veeva Systems in a research note on Thursday, August 28th. Seventeen analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus target price of $306.72.

Veeva Systems Trading Up 1.2%

NYSE:VEEV opened at $299.84 on Tuesday. The stock has a market capitalization of $49.15 billion, a PE ratio of 61.57, a price-to-earnings-growth ratio of 2.29 and a beta of 0.98. The firm's 50 day moving average is $281.83 and its 200 day moving average is $263.56. Veeva Systems has a 12 month low of $200.30 and a 12 month high of $303.47.

Insider Buying and Selling at Veeva Systems

In other news, insider Thomas D. Schwenger sold 3,350 shares of the business's stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $300.04, for a total transaction of $1,005,134.00. Following the sale, the insider owned 23,773 shares in the company, valued at approximately $7,132,850.92. The trade was a 12.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 14,595 shares of the company's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $300.00, for a total transaction of $4,378,500.00. Following the completion of the sale, the senior vice president directly owned 8,588 shares in the company, valued at $2,576,400. This represents a 62.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,665 shares of company stock valued at $5,589,280 in the last three months. Insiders own 10.30% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wedmont Private Capital raised its position in shares of Veeva Systems by 4.1% in the 1st quarter. Wedmont Private Capital now owns 2,200 shares of the technology company's stock worth $480,000 after purchasing an additional 87 shares during the last quarter. CHICAGO TRUST Co NA increased its position in shares of Veeva Systems by 17.3% during the first quarter. CHICAGO TRUST Co NA now owns 2,205 shares of the technology company's stock valued at $511,000 after acquiring an additional 325 shares in the last quarter. Pallas Capital Advisors LLC raised its holdings in Veeva Systems by 11.1% in the 1st quarter. Pallas Capital Advisors LLC now owns 2,627 shares of the technology company's stock worth $608,000 after acquiring an additional 262 shares during the last quarter. GAMMA Investing LLC raised its holdings in Veeva Systems by 13.8% in the 1st quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock worth $422,000 after acquiring an additional 221 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in Veeva Systems by 226.2% in the 1st quarter. SG Americas Securities LLC now owns 44,983 shares of the technology company's stock valued at $10,419,000 after acquiring an additional 31,191 shares in the last quarter. Institutional investors 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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