Veeva Systems (NYSE:VEEV) Earns Overweight Rating from Analysts at Piper Sandler

Key Points

• Piper Sandler initiated coverage of Veeva Systems with an “overweight” rating and a $295 price target, implying 18.59% upside from the prior close.
• Analyst sentiment is broadly positive: 19 analysts rate the stock a Buy, eight rate it Hold and one rates it Sell, producing a “Moderate Buy” consensus and a $258.08 average price target.
• Veeva’s latest quarter exceeded expectations, with EPS of $2.24 versus $2.14 expected and revenue of $882.95 million, up 16.3% year over year. The stock recently traded at $248.75, while an insider sold 36,000 shares under a pre-arranged trading plan.

Equities research analysts at Piper Sandler assumed coverage on shares of Veeva Systems (NYSE:VEEV - Get Free Report) in a report released on Monday. The brokerage set an "overweight" rating and a $295.00 price target on the technology company's stock. Piper Sandler's price objective would suggest a potential upside of 18.59% from the company's previous close.

Several other research analysts have also recently issued reports on VEEV. BMO Capital Markets cut their price objective on Veeva Systems from $220.00 to $175.00 and set a "market perform" rating for the company in a research report on Thursday, June 4th. Canaccord Genuity Group reduced their target price on Veeva Systems from $235.00 to $220.00 and set a "hold" rating on the stock in a research note on Thursday, June 4th. Barclays raised their price target on Veeva Systems from $235.00 to $275.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 18th. Needham & Company LLC reissued a "buy" rating and issued a $270.00 price target on shares of Veeva Systems in a report on Monday. Finally, Guggenheim upped their price objective on Veeva Systems from $232.00 to $276.00 and gave the company a "buy" rating in a research report on Thursday. Nineteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $258.08.

Veeva Systems Stock Up 0.3%

VEEV traded up $0.85 on Monday, hitting $248.75. 163,498 shares of the company traded hands, compared to its average volume of 2,456,708. The company has a 50 day moving average of $198.19 and a 200-day moving average of $181.80. Veeva Systems has a 12-month low of $148.05 and a 12-month high of $310.50. The stock has a market capitalization of $40.41 billion, a PE ratio of 44.24, a PEG ratio of 1.07 and a beta of 0.92.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The technology company reported $2.24 earnings per share for the quarter, beating analysts' consensus estimates of $2.14 by $0.10. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. The firm had revenue of $882.95 million for the quarter, compared to analyst estimates of $857.73 million. During the same period last year, the firm posted $1.97 EPS. Veeva Systems's quarterly revenue was up 16.3% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 9.050-9.050 EPS and its Q2 2027 guidance at 2.210-2.220 EPS. On average, research analysts anticipate that Veeva Systems will post 6.65 EPS for the current year.

Insider Transactions at Veeva Systems

In related news, insider Thomas D. Schwenger sold 36,000 shares of the firm's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $250.23, for a total transaction of $9,008,280.00. Following the sale, the insider owned 19,449 shares in the company, valued at approximately $4,866,723.27. This trade represents a 64.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 10.60% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Sivia Capital Partners LLC grew its holdings in Veeva Systems by 225.9% in the second quarter. Sivia Capital Partners LLC now owns 3,122 shares of the technology company's stock valued at $899,000 after purchasing an additional 2,164 shares during the period. Bank of Nova Scotia raised its stake in Veeva Systems by 44.5% during the second quarter. Bank of Nova Scotia now owns 5,866 shares of the technology company's stock worth $1,689,000 after purchasing an additional 1,806 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Veeva Systems by 34.6% in the 2nd quarter. NewEdge Advisors LLC now owns 8,832 shares of the technology company's stock valued at $2,543,000 after purchasing an additional 2,272 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in shares of Veeva Systems by 2.2% in the 2nd quarter. Treasurer of the State of North Carolina now owns 68,950 shares of the technology company's stock valued at $19,856,000 after purchasing an additional 1,452 shares during the last quarter. Finally, Diversify Wealth Management LLC boosted its holdings in shares of Veeva Systems by 5.3% in the 2nd quarter. Diversify Wealth Management LLC now owns 11,399 shares of the technology company's stock valued at $3,140,000 after purchasing an additional 575 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

About Veeva Systems

Veeva Systems NYSE: VEEV is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva's product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source