Citigroup Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV - Free Report) had its price target increased by Citigroup from $265.00 to $329.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the technology company's stock.

Other research analysts also recently issued reports about the company. Stifel Nicolaus boosted their target price on Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a research note on Thursday. Raymond James upped their price objective on shares of Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a report on Thursday. Stephens reissued an "overweight" rating and set a $280.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. KeyCorp decreased their price target on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Robert W. Baird lifted their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a research note on Thursday, March 6th. 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $269.00.

Veeva Systems Trading Up 0.4%

Shares of VEEV traded up $0.99 during trading hours on Friday, hitting $280.03. The company had a trading volume of 3,578,987 shares, compared to its average volume of 1,132,660. The company has a market capitalization of $45.56 billion, a PE ratio of 69.14, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. Veeva Systems has a one year low of $171.10 and a one year high of $285.70. The company's fifty day moving average price is $230.48 and its two-hundred day moving average price is $227.81.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating the consensus estimate of $1.74 by $0.23. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The business had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. During the same period in the prior year, the firm 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 earnings per share for the current year.

Insider Transactions at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,200 shares of the company's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the transaction, the insider now owns 25,889 shares of the company's stock, valued at approximately $5,720,692.33. This represents a 4.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of the firm'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 completion of the sale, the senior vice president now directly owns 8,668 shares in the company, valued at approximately $1,960,701.60. The trade was a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock valued at $1,284,917 in the last ninety days. 10.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Veeva Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio purchased a new stake in shares of Veeva Systems during the first quarter worth about $11,628,000. Geneos Wealth Management Inc. increased its stake in Veeva Systems by 7.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 2,200 shares of the technology company's stock worth $510,000 after buying an additional 160 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Veeva Systems by 1.2% during the first quarter. Focus Partners Wealth now owns 98,113 shares of the technology company's stock valued at $22,726,000 after acquiring an additional 1,152 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Veeva Systems by 48.2% in the first 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 valued at $416,918,000 after acquiring an additional 585,785 shares in the last quarter. Finally, Peloton Wealth Strategists boosted its stake in shares of Veeva Systems by 8.6% in the first quarter. Peloton Wealth Strategists now owns 8,145 shares of the technology company's stock worth $1,887,000 after acquiring an additional 647 shares during the last quarter. Hedge funds and other 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.