Veeva Systems (NYSE:VEEV) Price Target Raised to $355.00

Key Points

• Needham & Company LLC has raised its price target for Veeva Systems from $300.00 to $355.00, indicating a potential upside of 20.25% from its previous close.
• Veeva Systems reported earnings of $1.97 per share for the last quarter, surpassing analysts' expectations and showing a 16.7% increase in revenue year-over-year.
• Fourteen research analysts have rated Veeva Systems with a Buy rating, while holding an average target price of $278.79 for the stock.

Veeva Systems (NYSE:VEEV - Get Free Report) had its price target increased by equities researchers at Needham & Company LLC from $300.00 to $355.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Needham & Company LLC's price target points to a potential upside of 20.25% from the stock's previous close.

Several other research analysts have also recently commented on the stock. KeyCorp upped their target price on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Wells Fargo & Company upped their target price on shares of Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a research report on Tuesday. Citigroup boosted their price target on shares of Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Raymond James Financial boosted their price target on shares of Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. Finally, Mizuho raised their price objective 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. Fourteen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $278.79.

Veeva Systems Stock Up 3.0%

Shares of NYSE VEEV opened at $295.23 on Thursday. The firm's 50-day moving average price is $282.76 and its two-hundred day moving average price is $253.55. Veeva Systems has a 52-week low of $198.12 and a 52-week high of $296.72. The stock has a market capitalization of $48.24 billion, a P/E ratio of 62.55, a P/E/G ratio of 2.27 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 (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The firm had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. During the same quarter last year, the company posted $1.50 earnings per share. Veeva Systems's revenue was up 16.7% on a year-over-year basis. As a group, equities research analysts expect that Veeva Systems will post 4.35 earnings per share for the current year.

Insider Activity at Veeva Systems

In other news, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Priscilla Hung sold 171 shares of the company's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the completion of the transaction, the director owned 3,966 shares in the company, valued at $1,127,930.40. This represents a 4.13% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Sigma Planning Corp increased its stake in shares of Veeva Systems by 1.2% during the 2nd quarter. Sigma Planning Corp now owns 3,328 shares of the technology company's stock worth $958,000 after purchasing an additional 39 shares during the last quarter. Keybank National Association OH lifted its position in shares of Veeva Systems by 1.4% in the second quarter. Keybank National Association OH now owns 3,088 shares of the technology company's stock worth $889,000 after buying an additional 42 shares during the last quarter. Facet Wealth Inc. lifted its position in shares of Veeva Systems by 3.3% in the second quarter. Facet Wealth Inc. now owns 1,342 shares of the technology company's stock worth $381,000 after buying an additional 43 shares during the last quarter. TFB Advisors LLC lifted its position in shares of Veeva Systems by 1.2% in the first quarter. TFB Advisors LLC now owns 3,586 shares of the technology company's stock worth $831,000 after buying an additional 44 shares during the last quarter. Finally, Triangle Securities Wealth Management lifted its position in shares of Veeva Systems by 0.8% in the second quarter. Triangle Securities Wealth Management now owns 5,782 shares of the technology company's stock worth $1,665,000 after buying an additional 45 shares during the last quarter. Institutional investors and hedge funds 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.

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