Veeva Systems (NYSE:VEEV) Stock Price Expected to Rise, Barclays Analyst Says

Key Points

• Barclays analysts have raised the price target for Veeva Systems from $300 to $325, indicating a potential upside of 15.55% for the stock.
• Other firms like Wells Fargo and Piper Sandler also increased their price targets, suggesting a strong overall market sentiment with a consensus rating of "Moderate Buy."
• Veeva Systems reported quarterly earnings of $1.97 per share, surpassing estimates, with a year-over-year revenue growth of 16.7% to $759.04 million.

Veeva Systems (NYSE:VEEV - Get Free Report) had its price target boosted by research analysts at Barclays from $300.00 to $325.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the technology company's stock. Barclays's price objective points to a potential upside of 15.55% from the stock's previous close.

Several other research analysts have also recently weighed in on the company. Wells Fargo & Company boosted their price target on Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a research note on Tuesday. Morgan Stanley boosted their price target on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a report on Thursday, May 29th. Piper Sandler upped their price objective on Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Thursday. 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 note on Thursday. Finally, KeyCorp raised their price objective on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Fifteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $288.04.

Veeva Systems Stock Performance

VEEV traded down $12.32 on Thursday, hitting $281.27. 1,188,456 shares of the company were exchanged, compared to its average volume of 1,303,905. The firm has a fifty day simple moving average of $282.76 and a two-hundred day simple moving average of $253.55. Veeva Systems has a 12 month low of $200.30 and a 12 month high of $296.72. The stock has a market capitalization of $45.96 billion, a PE ratio of 59.54, a price-to-earnings-growth ratio of 2.27 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.23. The business had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%.The business's revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the business posted $1.50 EPS. On average, equities analysts expect that Veeva Systems will post 4.35 earnings per share for the current year.

Insiders Place Their Bets

In other Veeva Systems news, Director Priscilla Hung sold 172 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the transaction, the director owned 4,137 shares in the company, valued at approximately $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director directly owned 5,500 shares of the company's stock, valued at $1,593,460. The trade was a 5.42% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Abound Financial LLC acquired a new position in shares of Veeva Systems during the 1st quarter worth about $25,000. ORG Partners LLC purchased a new stake in Veeva Systems during the 1st quarter valued at approximately $26,000. Trust Co. of Toledo NA OH purchased a new stake in Veeva Systems during the 2nd quarter valued at approximately $29,000. Golden State Wealth Management LLC raised its stake in Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after acquiring an additional 78 shares during the last quarter. Finally, Wayfinding Financial LLC acquired a new position in Veeva Systems during the 1st quarter worth approximately $32,000. 88.20% of the stock is owned by institutional investors and hedge funds.

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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