Raymond James Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV - Get Free Report) had its price target raised by equities researchers at Raymond James from $285.00 to $310.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the technology company's stock. Raymond James' target price would suggest a potential upside of 10.70% from the company's current price.

A number of other brokerages also recently issued reports on VEEV. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Monday, February 17th. Needham & Company LLC raised their price target on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a report on Thursday. KeyCorp cut their price target on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Robert W. Baird lifted their target price on shares of Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a report on Thursday, March 6th. Finally, UBS Group lifted their target price on shares of Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, Veeva Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $269.00.

Veeva Systems Trading Up 0.4%

VEEV stock traded up $0.99 during mid-day trading on Thursday, reaching $280.03. The company's stock had a trading volume of 3,578,987 shares, compared to its average volume of 1,147,282. The stock has a market cap of $45.56 billion, a PE ratio of 69.14, a P/E/G ratio of 1.89 and a beta of 0.96. Veeva Systems has a fifty-two week low of $170.25 and a fifty-two week high of $285.70. The company's 50 day moving average is $230.48 and its two-hundred day moving average is $227.86.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The business 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 business's revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.50 EPS. On average, analysts forecast that Veeva Systems will post 4.35 earnings per share for the current fiscal year.

Insider Transactions at Veeva Systems

In other news, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction on Friday, April 4th. The shares were sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the sale, the director now directly owns 5,500 shares of the company's stock, valued at approximately $1,192,565. The trade was a 41.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the sale, the senior vice president now directly owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders 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

A number of institutional investors and hedge funds have recently bought and sold shares of VEEV. Barclays PLC lifted its position in Veeva Systems by 18.2% in the third quarter. Barclays PLC now owns 185,206 shares of the technology company's stock valued at $38,870,000 after acquiring an additional 28,497 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Veeva Systems by 73.2% in the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock valued at $536,972,000 after buying an additional 1,081,501 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Veeva Systems by 28.0% in the fourth quarter. Blue Trust Inc. now owns 1,262 shares of the technology company's stock valued at $265,000 after buying an additional 276 shares during the last quarter. KBC Group NV raised its holdings in shares of Veeva Systems by 21.0% in the fourth quarter. KBC Group NV now owns 52,790 shares of the technology company's stock valued at $11,099,000 after buying an additional 9,161 shares during the last quarter. Finally, Pacer Advisors Inc. raised its holdings in shares of Veeva Systems by 442.6% in the fourth quarter. Pacer Advisors Inc. now owns 25,902 shares of the technology company's stock valued at $5,446,000 after buying an additional 21,128 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

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.