Veeva Systems (NYSE:VEEV) Sets New 1-Year High - Here's Why

Veeva Systems Inc. (NYSE:VEEV - Get Free Report)'s share price reached a new 52-week high on Thursday . The stock traded as high as $293.37 and last traded at $289.23, with a volume of 394553 shares trading hands. The stock had previously closed at $286.01.

Analysts Set New Price Targets

Several research firms have recently commented on VEEV. Wells Fargo & Company 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, May 29th. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Barclays raised their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. KeyCorp lifted their price target on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Finally, UBS Group lifted their target price on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $274.17.

Veeva Systems Trading Up 0.8%

The stock has a market capitalization of $47.84 billion, a price-to-earnings ratio of 62.03, a price-to-earnings-growth ratio of 2.30 and a beta of 0.98. The business has a 50 day simple moving average of $275.05 and a 200-day simple moving average of $244.65.

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 the consensus estimate of $1.74 by $0.23. The business had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The company's quarterly revenue was up 16.7% on a year-over-year basis. During the same period last year, the company earned $1.50 earnings per share. Research analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.

Insider Activity

In other news, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the sale, the director owned 5,500 shares of the company's stock, valued at $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the sale, the senior vice president owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. This trade represents a 8.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock valued at $394,217 in the last three months. Corporate insiders own 10.30% of the company's stock.

Institutional Investors Weigh In On Veeva Systems

Hedge funds have recently bought and sold shares of the business. Trust Co. of Toledo NA OH acquired a new stake in shares of Veeva Systems during the 2nd quarter valued at approximately $29,000. Abound Financial LLC bought a new stake in Veeva Systems during the first quarter valued at $25,000. ORG Partners LLC acquired a new stake in shares of Veeva Systems during the first quarter worth $26,000. Maseco LLP bought a new position in shares of Veeva Systems in the 2nd quarter worth about $35,000. Finally, Golden State Wealth Management LLC boosted its holdings in shares of Veeva Systems by 152.9% in the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after buying an additional 78 shares during the period. Institutional investors and hedge funds 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.