Veeva Systems (NYSE:VEEV) Price Target Raised to $326.00

Key Points

• Wells Fargo & Company has raised its price target for Veeva Systems (NYSE:VEEV) from $300.00 to $326.00, indicating a potential upside of 14.17% from the stock's previous close.
• Veeva has received multiple ratings upgrades from various analysts, with current consensus reflecting a Moderate Buy designation and a price target of $275.25.
• In its recent quarterly earnings report, Veeva Systems outperformed expectations with earnings per share of $1.97, surpassing the projected $1.74.

Veeva Systems (NYSE:VEEV - Get Free Report) had its target price boosted by equities researchers at Wells Fargo & Company from $300.00 to $326.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. Wells Fargo & Company's price objective points to a potential upside of 21.26% from the stock's previous close.

A number of other equities analysts have also recently issued reports on VEEV. Morgan Stanley increased their price objective 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. Raymond James Financial raised their price target on shares of Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research report on Thursday, May 29th. Mizuho raised their price target on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. UBS Group raised their price target on shares of Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research report on Thursday, May 29th. Finally, Stifel Nicolaus raised their price target on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Sixteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Veeva Systems currently has an average rating of "Moderate Buy" and an average target price of $299.88.

Veeva Systems Stock Down 1.3%

Veeva Systems stock traded down $3.48 during trading hours on Tuesday, reaching $268.85. 1,999,687 shares of the company's stock were exchanged, compared to its average volume of 1,271,084. The firm's 50 day simple moving average is $282.59 and its 200 day simple moving average is $253.79. Veeva Systems has a twelve month low of $200.30 and a twelve month high of $296.72. The firm has a market capitalization of $43.93 billion, a PE ratio of 54.47, a PEG ratio of 2.16 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a return on equity of 14.19% and a net margin of 27.29%.The firm had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. During the same period last year, the business posted $1.50 EPS. The business's revenue was up 16.7% compared to the same quarter last year. Analysts anticipate that Veeva Systems will post 4.35 EPS for the current year.

Insider Activity at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the transaction, the director directly owned 5,500 shares of the company's stock, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 completion of the transaction, the senior vice president directly owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,378 shares of company stock worth $394,217. Corporate insiders own 10.30% of the company's stock.

Institutional Trading of Veeva Systems

A number of hedge funds have recently made changes to their positions in the stock. Sigma Planning Corp grew its stake in Veeva Systems by 1.2% during the second quarter. Sigma Planning Corp now owns 3,328 shares of the technology company's stock valued at $958,000 after acquiring an additional 39 shares in the last quarter. Keybank National Association OH lifted its holdings in Veeva Systems by 1.4% during the 2nd quarter. Keybank National Association OH now owns 3,088 shares of the technology company's stock valued at $889,000 after buying an additional 42 shares in the last quarter. Facet Wealth Inc. lifted its holdings in Veeva Systems by 3.3% during the 2nd quarter. Facet Wealth Inc. now owns 1,342 shares of the technology company's stock valued at $381,000 after buying an additional 43 shares in the last quarter. Johnson Financial Group Inc. lifted its holdings in Veeva Systems by 22.7% during the 4th quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock valued at $56,000 after buying an additional 44 shares in the last quarter. Finally, TFB Advisors LLC lifted its holdings in Veeva Systems by 1.2% during the 1st quarter. TFB Advisors LLC now owns 3,586 shares of the technology company's stock valued at $831,000 after buying an additional 44 shares in the last quarter. 88.20% of the stock is 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.