Veeva Systems (NYSE:VEEV) Sets New 1-Year High - Should You Buy?

Key Points

• Veeva Systems shares recently reached a new 52-week high of $297.99 during trading, reflecting strong investor interest and confidence in the stock.
• Several analysts have issued upgraded target prices for Veeva Systems, with all ratings indicating a Buy, showing a strong consensus on the stock's potential for growth.
• Institutional and hedge funds own approximately 88.20% of Veeva Systems’ stock, indicating significant institutional confidence in the company.

Veeva Systems Inc. (NYSE:VEEV - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $297.38 and last traded at $297.99, with a volume of 803832 shares. The stock had previously closed at $293.00.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on VEEV shares. Piper Sandler increased their target price on shares of Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Needham & Company LLC increased their target price on shares of Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Stifel Nicolaus increased their target price on shares of Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Citigroup increased their target price on shares of Veeva Systems from $329.00 to $349.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Finally, BTIG Research increased their target price on shares of Veeva Systems from $335.00 to $340.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Seventeen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $301.48.

Veeva Systems Stock Up 1.7%

The business's 50 day moving average is $280.99 and its 200-day moving average is $261.43. The firm has a market cap of $48.84 billion, a P/E ratio of 61.19, a price-to-earnings-growth ratio of 2.24 and a beta of 0.95.

Insiders Place Their Bets

In related news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction on 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 in the company, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction on Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the completion of the sale, the director owned 3,966 shares of the company's stock, valued at approximately $1,127,930.40. This trade represents a 4.13% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,063 shares of company stock valued at $302,955. Insiders own 10.30% of the company's stock.

Hedge Funds Weigh In On Veeva Systems

Several hedge funds and other institutional investors have recently modified their holdings of VEEV. Nuveen LLC acquired a new position in shares of Veeva Systems during the first quarter valued at $365,684,000. Norges Bank bought a new position in Veeva Systems in the 2nd quarter valued at about $384,265,000. Durable Capital Partners LP bought a new position in Veeva Systems in the 2nd quarter valued at about $281,351,000. AQR Capital Management LLC grew its position in Veeva Systems by 111.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,838,046 shares of the technology company's stock valued at $526,508,000 after buying an additional 969,905 shares in the last quarter. Finally, Schroder Investment Management Group grew its position in Veeva Systems by 1,039.4% in the 2nd quarter. Schroder Investment Management Group now owns 1,014,974 shares of the technology company's stock valued at $292,292,000 after buying an additional 925,896 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.

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