Veeva Systems (NYSE:VEEV) Reaches New 12-Month High - Still a Buy?

Veeva Systems Inc. (NYSE:VEEV - Get Free Report) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $291.69 and last traded at $290.48, with a volume of 269666 shares changing hands. The stock had previously closed at $288.55.

Wall Street Analyst Weigh In

VEEV has been the topic of several analyst reports. Raymond James increased their price target on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. Truist Financial raised their price target on shares of Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a research note on Thursday, May 29th. Scotiabank lifted their price objective on Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a research report on Thursday, March 6th. Barclays lifted their price objective on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Finally, Stifel Nicolaus raised 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, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, Veeva Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $269.80.

Veeva Systems Stock Down 2.3%

The company's fifty day simple moving average is $240.79 and its two-hundred day simple moving average is $231.94. The company has a market capitalization of $45.86 billion, a price-to-earnings ratio of 69.59, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The firm's revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.50 earnings per share. Equities research analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Insider Buying and Selling at Veeva Systems

In related news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the sale, the director now directly owns 5,500 shares in the company, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the sale, the insider now owns 25,889 shares in the company, valued at approximately $5,720,692.33. This represents a 4.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,184 shares of company stock valued at $1,376,179 in the last ninety days. 10.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Inspire Investing LLC lifted its position in shares of Veeva Systems by 47.7% during the 1st quarter. Inspire Investing LLC now owns 28,703 shares of the technology company's stock valued at $6,648,000 after acquiring an additional 9,268 shares during the period. Strs Ohio bought a new stake in shares of Veeva Systems in the 1st quarter worth $11,628,000. Geneos Wealth Management Inc. grew its stake in shares of Veeva Systems by 7.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,200 shares of the technology company's stock worth $510,000 after acquiring an additional 160 shares in the last quarter. Focus Partners Wealth grew its stake in shares of Veeva Systems by 1.2% in the 1st quarter. Focus Partners Wealth now owns 98,113 shares of the technology company's stock worth $22,726,000 after acquiring an additional 1,152 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Veeva Systems by 48.2% during 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 buying an additional 585,785 shares during the period. 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.