Veeva Systems Inc. (NYSE:VEEV) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Veeva Systems Inc. (NYSE:VEEV) has received an average recommendation of "Moderate Buy" from 25 research firms, with 17 buy ratings, 6 holds, and 2 sells.
• The average target price for Veeva Systems shares has increased to $301.48, reflecting recent upgrades by several research firms, with Needham & Company setting the highest target at $355.00.
• Insider selling was reported, with two executives reducing their stakes, indicating a potential shift in sentiment among company leadership.

Shares of Veeva Systems Inc. (NYSE:VEEV - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the twenty-five analysts that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and seventeen have given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $301.48.

A number of brokerages have recently weighed in on VEEV. Evercore ISI upped their target price on Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a research report on Thursday, August 28th. Citigroup raised their target price on Veeva Systems from $329.00 to $349.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Stifel Nicolaus raised their target price on Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. KeyCorp lifted their price objective on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Finally, JPMorgan Chase & Co. raised shares of Veeva Systems from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $290.00 to $330.00 in a research note on Monday, September 8th.

Veeva Systems Stock Performance

Shares of VEEV stock traded up $2.09 on Friday, hitting $279.88. The company's stock had a trading volume of 430,251 shares, compared to its average volume of 1,327,511. The stock's 50 day moving average is $280.65 and its 200-day moving average is $259.41. The company has a market capitalization of $45.87 billion, a PE ratio of 57.39, a PEG ratio of 2.15 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.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 720 shares of the 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 directly owned 7,902 shares of the company's stock, valued at $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Priscilla Hung sold 172 shares of the firm's 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 sale, the director directly owned 4,137 shares of the company's stock, valued at $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,063 shares of company stock valued at $302,955. 10.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Veeva Systems

A number of large investors have recently modified their holdings of the business. Vident Advisory LLC increased its stake in shares of Veeva Systems by 27.9% in the 4th quarter. Vident Advisory LLC now owns 2,752 shares of the technology company's stock valued at $579,000 after purchasing an additional 601 shares in the last quarter. Vise Technologies Inc. purchased a new position in shares of Veeva Systems in the fourth quarter valued at $204,000. Vega Investment Solutions purchased a new stake in Veeva Systems during the 4th quarter worth about $582,000. Public Employees Retirement System of Ohio grew its holdings in Veeva Systems by 16.6% in the 4th quarter. Public Employees Retirement System of Ohio now owns 62,804 shares of the technology company's stock valued at $13,205,000 after buying an additional 8,947 shares during the period. Finally, North Star Asset Management Inc. boosted its position in shares of Veeva Systems by 4.7% in the fourth quarter. North Star Asset Management Inc. now owns 114,108 shares of the technology company's stock worth $23,991,000 after buying an additional 5,170 shares during the period. Hedge funds and other 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.