UBS Group Increases Veeva Systems (NYSE:VEEV) Price Target to $310.00

Key Points

• UBS Group has raised its price target for Veeva Systems from $285.00 to $310.00, indicating a potential upside of 11.91% from the previous close.
• The stock has received multiple upgrades from various analysts, with a consensus rating of "Moderate Buy" and an average target price of $287.04.
• Veeva Systems recently reported quarterly earnings exceeding expectations, with a revenue of $759.04 million and earnings per share of $1.97.

Veeva Systems (NYSE:VEEV - Get Free Report) had its price objective increased by stock analysts at UBS Group from $285.00 to $310.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the technology company's stock. UBS Group's price target would indicate a potential upside of 11.91% from the company's previous close.

VEEV has been the subject of a number of other reports. Truist Financial upped their price objective on shares of Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research report on Thursday. KeyCorp upped their price objective 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. Citigroup upped their target price on shares of Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Piper Sandler upped their target price on shares of Veeva Systems from $325.00 to $355.00 and gave the company an "overweight" rating in a research note on Thursday. Finally, Raymond James Financial upped their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research note on Thursday, May 29th. Fifteen equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $287.04.

Veeva Systems Trading Down 5.7%

Shares of Veeva Systems stock opened at $277.00 on Thursday. The company has a fifty day moving average price of $282.76 and a 200 day moving average price of $253.55. Veeva Systems has a twelve month low of $200.30 and a twelve month high of $296.72. The stock has a market cap of $45.26 billion, a price-to-earnings ratio of 58.89, a price-to-earnings-growth ratio of 2.27 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted 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. The company had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The firm's revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.50 EPS. Analysts forecast that Veeva Systems will post 4.35 earnings per share for the current year.

Insider Activity

In other news, 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 value of $48,676.00. Following the completion of the transaction, the director directly owned 4,137 shares in the company, valued at $1,170,771. This trade represents a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Timothy S. Cabral sold 315 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the transaction, the director owned 5,500 shares of the company's stock, valued at $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock worth $394,217 over the last three months. Corporate insiders own 10.30% of the company's stock.

Institutional Trading of Veeva Systems

Hedge funds and other institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC lifted its position in Veeva Systems by 81.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,037 shares of the technology company's stock worth $428,000 after buying an additional 916 shares in the last quarter. Integrated Wealth Concepts LLC boosted its holdings in Veeva Systems by 61.8% in the fourth quarter. Integrated Wealth Concepts LLC now owns 2,276 shares of the technology company's stock worth $479,000 after purchasing an additional 869 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new stake in shares of Veeva Systems in the fourth quarter worth about $381,000. Beacon Pointe Advisors LLC bought a new position in Veeva Systems in the 4th quarter worth $261,000. Finally, Northern Trust Corp raised its holdings in Veeva Systems by 12.6% in the 4th quarter. Northern Trust Corp now owns 1,004,186 shares of the technology company's stock worth $211,130,000 after acquiring an additional 112,758 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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