Veeva Systems Inc. (NYSE:VEEV) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Veeva Systems has a consensus rating of "Moderate Buy" from 24 brokerages, with a price target averaging $274.17.
• Recent analyst upgrades have set new price targets for Veeva Systems, with estimates as high as $329.00 from Citigroup.
• Insider trading shows recent sales by executives, with a total of 1,378 shares sold worth approximately $394,217 in the last three months.

Veeva Systems Inc. (NYSE:VEEV - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the twenty-four brokerages that are covering the company, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12 month price target among brokers that have covered the stock in the last year is $274.1667.

Several analysts have weighed in on the company. KeyCorp upped their target price on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Raymond James Financial upped their target price on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a report on Thursday, May 29th. 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 report on Thursday, May 29th. Wells Fargo & Company upped their target price on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Finally, Citigroup upped their price objective on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research report on Friday, May 30th.

Insider Activity

In other news, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the sale, the senior vice president directly owned 7,902 shares in the company, valued at $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Priscilla Hung sold 171 shares of the company's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the completion of the sale, the director owned 3,966 shares in the company, valued at $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock worth $394,217 over the last three months. 10.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Veeva Systems

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Trust Co. of Toledo NA OH purchased a new position in Veeva Systems during the second quarter worth about $29,000. Abound Financial LLC purchased a new position in Veeva Systems during the first quarter worth about $25,000. Legacy Investment Solutions LLC purchased a new position in Veeva Systems during the second quarter worth about $32,000. ORG Partners LLC purchased a new position in Veeva Systems during the first quarter worth about $26,000. Finally, Maseco LLP purchased a new position in Veeva Systems during the second quarter worth about $35,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Trading Down 1.8%

Shares of NYSE VEEV opened at $285.54 on Tuesday. Veeva Systems has a twelve month low of $197.01 and a twelve month high of $296.72. The stock has a 50 day moving average of $282.38 and a two-hundred day moving average of $253.03. The stock has a market cap of $46.66 billion, a P/E ratio of 60.50, a P/E/G ratio of 2.30 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The firm had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%.Veeva Systems's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.50 earnings per share. As a group, research analysts predict that Veeva Systems will post 4.35 earnings per share for the current year.

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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