Veeva Systems (NYSE:VEEV) Upgraded to Buy at Wall Street Zen

Veeva Systems (NYSE:VEEV - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Friday.

A number of other equities research analysts have also issued reports on VEEV. UBS Group upped their target price on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a report on Thursday. Citigroup upped their price objective on shares of Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a report on Friday. JPMorgan Chase & Co. upped their price objective on shares of Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a report on Thursday, March 20th. Barclays upped their price objective on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday. Finally, Morgan Stanley upped their price objective on shares of Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a report on Thursday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $269.80.

Veeva Systems Price Performance

NYSE VEEV traded down $1.42 on Friday, hitting $278.28. The company had a trading volume of 2,281,880 shares, compared to its average volume of 1,137,243. Veeva Systems has a 12-month low of $171.10 and a 12-month high of $285.70. The company has a market capitalization of $45.28 billion, a PE ratio of 68.71, a PEG ratio of 1.89 and a beta of 0.96. The company's fifty day moving average price is $230.48 and its 200-day moving average price is $227.81.

Veeva Systems (NYSE:VEEV - Get Free Report) last released 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 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 quarter in the prior year, the firm earned $1.50 earnings per share. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Veeva Systems will post 4.35 EPS for the current year.

Insider Transactions at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,200 shares of the firm'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 sale, the insider now owns 25,889 shares of the company's stock, valued at $5,720,692.33. This trade represents a 4.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 transaction 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. This trade represents a 8.32% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,869 shares of company stock valued at $1,284,917. 10.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Veeva Systems

Hedge funds have recently added to or reduced their stakes in the company. Leigh Baldwin & CO. LLC acquired a new stake in Veeva Systems during the fourth quarter worth approximately $685,355,000. Nuveen LLC acquired a new stake in Veeva Systems during the first quarter worth approximately $365,684,000. Norges Bank acquired a new stake in Veeva Systems during the fourth quarter worth approximately $294,785,000. JPMorgan Chase & Co. raised its holdings in Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock worth $536,972,000 after purchasing an additional 1,081,501 shares in the last quarter. Finally, Wealthfront Advisers LLC raised its holdings in Veeva Systems by 29,760.5% during the fourth quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company's stock worth $220,489,000 after purchasing an additional 1,045,188 shares in 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.