Veeva Systems (NYSE:VEEV) Given New $295.00 Price Target at Stifel Nicolaus

Veeva Systems (NYSE:VEEV - Get Free Report) had its price target boosted by equities researchers at Stifel Nicolaus from $272.00 to $295.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Stifel Nicolaus' target price indicates a potential upside of 5.34% from the company's previous close.

Other equities analysts have also issued research reports about the company. Needham & Company LLC boosted their target price on Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday. Scotiabank boosted their target price on Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a research report on Thursday, March 6th. JPMorgan Chase & Co. boosted their target price on Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research report on Thursday, March 20th. Morgan Stanley boosted their target price on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research report on Thursday. Finally, Truist Financial boosted their target price on Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company's stock. According to MarketBeat, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus price target of $269.00.

Veeva Systems Stock Performance

Shares of VEEV traded up $0.99 during trading hours on Thursday, hitting $280.03. The company had a trading volume of 3,578,987 shares, compared to its average volume of 1,147,282. The firm has a fifty day moving average price of $230.48 and a 200-day moving average price of $227.86. The stock has a market capitalization of $45.56 billion, a price-to-earnings ratio of 69.14, a P/E/G ratio of 1.89 and a beta of 0.96. Veeva Systems has a 52-week low of $170.25 and a 52-week high of $285.70.

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 (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.23. The firm had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. Veeva Systems's quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.50 EPS. Research analysts anticipate that Veeva Systems will post 4.35 earnings per share for the current fiscal year.

Insider Activity at Veeva Systems

In related news, Director Timothy S. Cabral sold 3,882 shares of the business's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the transaction, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. The trade was a 41.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Thomas D. Schwenger sold 1,200 shares of the business's 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 owns 25,889 shares of the company's stock, valued at approximately $5,720,692.33. This trade represents a 4.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,869 shares of company stock worth $1,284,917. 10.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Strs Ohio bought a new position in Veeva Systems in the 1st quarter worth approximately $11,628,000. Geneos Wealth Management Inc. boosted its stake in Veeva Systems by 7.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,200 shares of the technology company's stock worth $510,000 after purchasing an additional 160 shares during the period. Focus Partners Wealth boosted its stake in Veeva Systems by 1.2% in the 1st quarter. Focus Partners Wealth now owns 98,113 shares of the technology company's stock worth $22,726,000 after purchasing an additional 1,152 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Veeva Systems by 48.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,799,931 shares of the technology company's stock worth $416,918,000 after purchasing an additional 585,785 shares during the period. Finally, Peloton Wealth Strategists boosted its stake in Veeva Systems by 8.6% in the 1st quarter. Peloton Wealth Strategists now owns 8,145 shares of the technology company's stock worth $1,887,000 after purchasing an additional 647 shares during the period. 88.20% of the stock is currently owned by institutional investors.

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.