Truist Financial Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV - Free Report) had its price target hoisted by Truist Financial from $217.00 to $230.00 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a hold rating on the technology company's stock.

Other equities analysts also recently issued reports about the stock. Barclays boosted their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday. Piper Sandler upped their price objective on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a report on Thursday. Needham & Company LLC upped their target price on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research report on Thursday. Morgan Stanley upped their target price on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research report on Thursday. Finally, Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $269.00.

Veeva Systems Stock Performance

VEEV traded up $0.99 during trading on Thursday, reaching $280.03. 3,578,987 shares of the company traded hands, compared to its average volume of 1,147,282. The firm has a fifty day simple moving average of $230.48 and a 200 day simple moving average of $227.86. Veeva Systems has a 12-month low of $170.25 and a 12-month high of $285.70. The company has a market cap of $45.56 billion, a P/E ratio of 69.14, a PEG ratio of 1.89 and a beta of 0.96.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.74 by $0.23. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The company 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 firm earned $1.50 earnings per share. Veeva Systems's quarterly revenue was up 16.7% compared to the same quarter last year. As a group, sell-side analysts expect that Veeva Systems will post 4.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Thomas D. Schwenger sold 1,200 shares of the business's stock in a transaction dated 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 owns 25,889 shares in the company, valued at approximately $5,720,692.33. The trade was a 4.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the transaction, the senior vice president now owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. This represents a 8.32% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,869 shares of company stock worth $1,284,917. 10.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Veeva Systems

Several large investors have recently added to or reduced their stakes in VEEV. Vanguard Group Inc. boosted its stake 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 buying an additional 315,421 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Veeva Systems by 10.7% during the 1st quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock worth $1,273,884,000 after purchasing an additional 532,269 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of Veeva Systems by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock worth $1,205,372,000 after purchasing an additional 34,169 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Veeva Systems by 20.9% in the 1st 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 acquiring an additional 689,700 shares in the last quarter. Finally, Leigh Baldwin & CO. LLC bought a new position in shares of Veeva Systems in the 4th quarter valued at approximately $685,355,000. 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.