Veeva Systems (NYSE:VEEV) Reaches New 52-Week High - Time to Buy?

Key Points

• Veeva Systems' stock reached a new 52-week high of $303.47 during trading, closing at $302.19 with significant trading volume.
• Several analysts raised their target prices for Veeva Systems, with Barclays and Wells Fargo suggesting a target of $325.00 and $326.00 respectively, while Needham & Company set a target at $355.00.
• Insider transactions included significant share sales by SVP Jonathan Faddis and insider Thomas D. Schwenger, with a total of 18,665 shares sold over the last three months.

Shares of Veeva Systems Inc. (NYSE:VEEV - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as $303.47 and last traded at $302.19, with a volume of 573750 shares traded. The stock had previously closed at $296.28.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Barclays upped their target price on shares of Veeva Systems from $300.00 to $325.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Wells Fargo & Company boosted their target price on Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 26th. Evercore ISI increased their price target on Veeva Systems from $285.00 to $295.00 and gave the company an "in-line" rating in a research report on Thursday, August 28th. Oppenheimer restated an "outperform" rating and issued a $325.00 price objective on shares of Veeva Systems in a research note on Thursday, August 28th. Finally, Needham & Company LLC lifted their target price on Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Sixteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Veeva Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $303.67.

Veeva Systems Stock Performance

The company's 50-day simple moving average is $281.68 and its two-hundred day simple moving average is $263.13. The firm has a market cap of $49.15 billion, a PE ratio of 61.57, a PEG ratio of 2.29 and a beta of 0.98.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 14,595 shares of the firm's stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $300.00, for a total value of $4,378,500.00. Following the completion of the sale, the senior vice president owned 8,588 shares of the company's stock, valued at $2,576,400. This trade represents a 62.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas D. Schwenger sold 3,350 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $300.04, for a total value of $1,005,134.00. Following the completion of the sale, the insider owned 23,773 shares in the company, valued at approximately $7,132,850.92. The trade was a 12.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,665 shares of company stock worth $5,589,280 over the last three months. Insiders own 10.30% of the company's stock.

Hedge Funds Weigh In On Veeva Systems

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Veeva Systems by 1.4% in the second quarter. Vanguard Group Inc. now owns 14,971,425 shares of the technology company's stock valued at $4,311,471,000 after purchasing an additional 210,859 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Veeva Systems by 3.7% in the second quarter. Alliancebernstein L.P. now owns 5,705,648 shares of the technology company's stock valued at $1,643,113,000 after acquiring an additional 205,997 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in Veeva Systems by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock valued at $1,205,372,000 after purchasing an additional 34,169 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Veeva Systems by 20.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock worth $924,754,000 after purchasing an additional 689,700 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Veeva Systems by 2.6% during the second quarter. JPMorgan Chase & Co. now owns 3,316,274 shares of the technology company's stock valued at $955,030,000 after purchasing an additional 85,516 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

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.

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