Veeva Systems (NYSE:VEEV) Given New $275.00 Price Target at Truist Financial

Key Points

• Veeva Systems' price target has been raised by Truist Financial from $268.00 to $275.00, indicating a potential downside of 6.85% from the current stock price, which is rated as a "hold."
• Other analysts have provided varying price targets; Barclays and Wells Fargo set targets at $300.00 and $326.00 respectively, with a consensus rating of "Moderate Buy" and an average price target of $282.75.
• The company reported earnings of $1.97 per share, exceeding expectations, along with a revenue of $759.04 million for the latest quarter.

Veeva Systems (NYSE:VEEV - Get Free Report) had its price target raised by investment analysts at Truist Financial from $268.00 to $275.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "hold" rating on the technology company's stock. Truist Financial's price target would indicate a potential downside of 6.85% from the company's current price.

Several other research analysts have also recently weighed in on VEEV. Morgan Stanley raised their target price on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research note on Thursday, May 29th. Barclays increased their price target on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Wells Fargo & Company increased their price target on Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a research report on Tuesday. UBS Group increased their price target on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research report on Thursday, May 29th. Finally, Piper Sandler increased their price target on Veeva Systems from $325.00 to $355.00 and gave the company an "overweight" rating in a research report on Thursday. Fourteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $282.75.

Veeva Systems Stock Performance

Shares of VEEV opened at $295.23 on Thursday. The stock's fifty day moving average is $282.76 and its 200-day moving average is $253.55. Veeva Systems has a one year low of $198.12 and a one year high of $296.72. The firm has a market capitalization of $48.24 billion, a price-to-earnings ratio of 62.55, a price-to-earnings-growth ratio of 2.27 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%.The business had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same quarter last year, the business posted $1.50 earnings per share. The company's quarterly revenue was up 16.7% on a year-over-year basis. Analysts forecast that Veeva Systems will post 4.35 EPS for the current fiscal year.

Insider Activity at Veeva Systems

In related news, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the sale, the director owned 5,500 shares of the company's stock, valued at $1,593,460. The trade was a 5.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Priscilla Hung sold 172 shares of the business's stock in a transaction 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 in the company, valued at approximately $1,170,771. This represents a 3.99% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,378 shares of company stock valued at $394,217. Corporate insiders own 10.30% of the company's stock.

Institutional Trading of Veeva Systems

Large investors have recently made changes to their positions in the business. Sigma Planning Corp grew its holdings in Veeva Systems by 1.2% during the 2nd quarter. Sigma Planning Corp now owns 3,328 shares of the technology company's stock worth $958,000 after acquiring an additional 39 shares during the last quarter. Keybank National Association OH grew its stake in shares of Veeva Systems by 1.4% during the second quarter. Keybank National Association OH now owns 3,088 shares of the technology company's stock valued at $889,000 after purchasing an additional 42 shares during the last quarter. Facet Wealth Inc. increased its holdings in shares of Veeva Systems by 3.3% in the second quarter. Facet Wealth Inc. now owns 1,342 shares of the technology company's stock valued at $381,000 after purchasing an additional 43 shares in the last quarter. TFB Advisors LLC increased its holdings in shares of Veeva Systems by 1.2% in the first quarter. TFB Advisors LLC now owns 3,586 shares of the technology company's stock valued at $831,000 after purchasing an additional 44 shares in the last quarter. Finally, Triangle Securities Wealth Management increased its holdings in shares of Veeva Systems by 0.8% in the second quarter. Triangle Securities Wealth Management now owns 5,782 shares of the technology company's stock valued at $1,665,000 after purchasing an additional 45 shares in the last quarter. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.