Veeva Systems (NYSE:VEEV) Hits New 52-Week High on Analyst Upgrade

Veeva Systems Inc. (NYSE:VEEV - Get Free Report)'s stock price reached a new 52-week high during trading on Friday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The company traded as high as $285.70 and last traded at $278.85, with a volume of 6130238 shares. The stock had previously closed at $234.49.

VEEV has been the topic of a number of other research reports. Morgan Stanley lifted their price target on shares of Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a report on Thursday. Piper Sandler lifted their price target on shares of Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a report on Thursday. Raymond James lifted their price target on shares of Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a report on Thursday. Scotiabank lifted their price target on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a report on Thursday, March 6th. Finally, KeyCorp lowered their price target on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus price target of $269.00.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 3,882 shares of the company's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the transaction, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. The trade was a 41.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the sale, the senior vice president now owns 8,668 shares of the company's stock, 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. Over the last ninety days, insiders sold 5,869 shares of company stock worth $1,284,917. Corporate insiders own 10.30% of the company's stock.

Institutional Investors Weigh In On Veeva Systems

Several institutional investors have recently bought and sold shares of the stock. Venturi Wealth Management LLC boosted its stake in shares of Veeva Systems by 2,716.7% during the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock valued at $36,000 after purchasing an additional 163 shares during the period. SYM FINANCIAL Corp bought a new stake in Veeva Systems during the 4th quarter valued at $729,000. Linonia Partnership LP boosted its position in Veeva Systems by 42.1% during the 4th quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company's stock valued at $252,925,000 after buying an additional 356,300 shares during the period. Boston Trust Walden Corp bought a new stake in Veeva Systems in the 4th quarter worth $7,964,000. Finally, William Allan Corp increased its position in shares of Veeva Systems by 3.8% in the fourth quarter. William Allan Corp now owns 12,860 shares of the technology company's stock valued at $2,704,000 after acquiring an additional 474 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

The firm's 50 day moving average price is $230.48 and its 200 day moving average price is $227.86. The stock has a market capitalization of $45.56 billion, a P/E ratio of 69.14, a P/E/G ratio of 1.89 and a beta of 0.96.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The company had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. During the same quarter in the previous year, the business earned $1.50 EPS. Veeva Systems's revenue was up 16.7% compared to the same quarter last year. On average, equities research analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

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.