Veeva Systems (NYSE:VEEV) Reaches New 12-Month High - Here's Why

Veeva Systems Inc. (NYSE:VEEV - Get Free Report)'s share price hit a new 52-week high during trading on Thursday . The company traded as high as $289.43 and last traded at $282.96, with a volume of 1814424 shares trading hands. The stock had previously closed at $284.75.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Stifel Nicolaus lifted their price target on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Truist Financial raised their target price on shares of Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research report on Thursday, May 29th. Scotiabank boosted their price target on shares of Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a research report on Thursday, March 6th. JPMorgan Chase & Co. increased their price target on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research note on Thursday, March 20th. Finally, Barclays lifted their price objective on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $269.80.

Veeva Systems Trading Down 1.7%

The company has a market capitalization of $46.38 billion, a PE ratio of 70.39, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99. The business's fifty day moving average is $234.43 and its two-hundred day moving average is $229.56.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.23. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The firm had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same quarter in the previous year, the business earned $1.50 earnings per share. The company's revenue was up 16.7% on a year-over-year basis. As a group, equities research analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current year.

Insider Transactions at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the transaction, the insider now directly owns 25,889 shares in the company, valued at approximately $5,720,692.33. This trade represents a 4.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,869 shares of company stock worth $1,284,917 over the last three months. 10.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Veeva Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VEEV. Vanguard Group Inc. raised its position in shares of Veeva Systems by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock valued at $3,418,990,000 after purchasing an additional 315,421 shares during the period. Alliancebernstein L.P. raised its holdings in Veeva Systems by 10.7% during the first quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock valued at $1,273,884,000 after acquiring an additional 532,269 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in Veeva Systems by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock valued at $1,205,372,000 after acquiring an additional 34,169 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Veeva Systems by 20.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock valued at $924,754,000 after acquiring an additional 689,700 shares in the last quarter. Finally, Leigh Baldwin & CO. LLC bought a new position in shares of Veeva Systems in the fourth quarter worth about $685,355,000. 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.