Veeva Systems (NYSE:VEEV) Price Target Raised to $300.00

Veeva Systems (NYSE:VEEV - Free Report) had its price objective increased by Needham & Company LLC from $270.00 to $300.00 in a research note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage currently has a buy rating on the technology company's stock.

VEEV has been the subject of several other research reports. JPMorgan Chase & Co. boosted their price objective on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. Truist Financial boosted their price objective on Veeva Systems from $210.00 to $217.00 and gave the company a "hold" rating in a research report on Thursday, March 6th. Piper Sandler lowered their price objective on Veeva Systems from $290.00 to $255.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, Robert W. Baird boosted their price objective on Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $269.00.

Veeva Systems Stock Performance

VEEV traded up $0.99 during midday trading on Thursday, hitting $280.03. The stock had a trading volume of 3,578,987 shares, compared to its average volume of 1,147,282. The company has a market cap of $45.56 billion, a P/E ratio of 69.14, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. The business has a fifty day moving average of $230.48 and a 200 day moving average of $227.86. Veeva Systems has a 1 year low of $170.25 and a 1 year high of $285.70.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its earnings results 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 business had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. Veeva Systems's revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.50 earnings per share. On average, equities research analysts anticipate that Veeva Systems will post 4.35 earnings per share for the current year.

Insider Transactions at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction 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 directly owns 25,889 shares of the company's stock, valued at $5,720,692.33. This trade represents a 4.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of the 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 sale, the director now directly owns 5,500 shares in the company, valued at $1,192,565. This trade represents a 41.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,869 shares of company stock valued at $1,284,917. Insiders own 10.30% of the company's stock.

Institutional Investors Weigh In On Veeva Systems

Several institutional investors have recently modified their holdings of VEEV. Centricity Wealth Management LLC bought a new position in Veeva Systems in the fourth quarter valued at about $25,000. Abound Financial LLC purchased a new position in Veeva Systems in the first quarter worth about $25,000. ORG Partners LLC purchased a new position in Veeva Systems in the first quarter worth about $26,000. Smithfield Trust Co boosted its position in Veeva Systems by 145.5% in the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after purchasing an additional 80 shares during the last quarter. Finally, Avion Wealth boosted its position in Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company's stock worth $30,000 after purchasing an additional 127 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other 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.