Veeva Systems (NYSE:VEEV) Hits New 52-Week High - Still a Buy?

Key Points

• Veeva Systems (NYSE:VEEV) reached a new 52-week high of $296.72 during trading, indicating strong market performance amid significant trading volume of over 1.48 million shares.
• Analysts have upgraded Veeva's stock ratings, with several firms raising their target prices, indicating a favorable outlook; the consensus price target is now $274.17.
• The company reported strong quarterly earnings, posting $1.97 EPS and $759.04 million in revenue, both exceeding consensus estimates and representing a 16.7% year-over-year revenue growth.

Veeva Systems Inc. (NYSE:VEEV - Get Free Report) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $296.72 and last traded at $287.17, with a volume of 1480754 shares changing hands. The stock had previously closed at $292.59.

Wall Street Analysts Forecast Growth

A number of research firms have commented on VEEV. Morgan Stanley boosted their price target on shares of Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research report on Thursday, May 29th. KeyCorp upped their target price on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Citigroup lifted their price target on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Mizuho upped their price objective on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. Finally, Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $274.17.

Veeva Systems Stock Down 1.1%

The firm has a 50-day moving average of $279.05 and a two-hundred day moving average of $246.25. The stock has a market capitalization of $45.93 billion, a price-to-earnings ratio of 59.54, a price-to-earnings-growth ratio of 2.25 and a beta of 0.95.

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

Insider Buying and Selling

In other Veeva Systems news, Director Priscilla Hung sold 172 shares of Veeva Systems 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 in the company, valued at $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This represents a 8.35% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,378 shares of company stock worth $394,217. Insiders own 10.30% of the company's stock.

Institutional Trading of Veeva Systems

Several large investors have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership bought a new stake in Veeva Systems during the fourth quarter valued at about $21,013,000. O Shaughnessy Asset Management LLC boosted its stake in Veeva Systems by 23.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,079 shares of the technology company's stock valued at $1,699,000 after purchasing an additional 1,537 shares during the period. Summit Financial LLC grew its holdings in Veeva Systems by 64.0% in the 4th quarter. Summit Financial LLC now owns 2,537 shares of the technology company's stock valued at $533,000 after buying an additional 990 shares during the last quarter. B. Metzler seel. Sohn & Co. AG increased its position in Veeva Systems by 17.0% in the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 7,006 shares of the technology company's stock worth $1,473,000 after buying an additional 1,019 shares during the period. Finally, National Bank of Canada FI lifted its holdings in shares of Veeva Systems by 4.3% during the fourth quarter. National Bank of Canada FI now owns 9,038 shares of the technology company's stock worth $1,900,000 after buying an additional 376 shares during 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.