Veeva Systems (NYSE:VEEV) Stock Rating Upgraded by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has upgraded Veeva Systems' stock rating from "neutral" to "overweight" with a new target price of $330.00, indicating a potential upside of 20.83% from its previous close.
• Veeva Systems currently has an average rating of "Moderate Buy" from analysts, with a consensus target price of $301.48, based on ratings from seventeen equities research analysts.
• Institutional investors hold 88.20% of Veeva Systems' shares, reflecting significant confidence in the company's growth potential within the cloud-based software market for life sciences.

Veeva Systems (NYSE:VEEV - Get Free Report) was upgraded by investment analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a research note issued to investors on Monday,Benzinga reports. The firm currently has a $330.00 target price on the technology company's stock, up from their previous target price of $290.00. JPMorgan Chase & Co.'s target price indicates a potential upside of 20.83% from the stock's previous close.

A number of other research analysts also recently commented on the stock. Piper Sandler increased their price target on shares of Veeva Systems from $325.00 to $355.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Barclays boosted their target price on Veeva Systems from $300.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Evercore ISI boosted their target price 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 set a $325.00 target price on shares of Veeva Systems in a research report on Thursday, August 28th. Finally, Stifel Nicolaus boosted their target price on Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Seventeen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and a consensus target price of $301.48.

Veeva Systems Trading Up 1.1%

Shares of NYSE:VEEV opened at $273.12 on Monday. Veeva Systems has a 12 month low of $200.30 and a 12 month high of $296.72. The company has a 50-day moving average price of $281.33 and a 200 day moving average price of $255.67. The company has a market cap of $44.77 billion, a price-to-earnings ratio of 56.08, a PEG ratio of 2.12 and a beta of 0.95.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction that occurred 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 transaction, the senior vice president owned 7,902 shares of the company's stock, valued at $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 SEC, which is available at the SEC website. Also, Director Priscilla Hung sold 171 shares of the business's stock in a transaction that occurred 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 transaction, the director directly owned 3,966 shares of the company's stock, valued at $1,127,930.40. This trade represents a 4.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,063 shares of company stock valued at $302,955 in the last quarter. 10.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

A number of large investors have recently bought and sold shares of the business. Captrust Financial Advisors increased its position in shares of Veeva Systems by 20.8% during the fourth quarter. Captrust Financial Advisors now owns 9,497 shares of the technology company's stock worth $1,997,000 after purchasing an additional 1,632 shares in the last quarter. CoreCap Advisors LLC increased its position in shares of Veeva Systems by 31.7% in the 4th quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock valued at $52,000 after acquiring an additional 60 shares during the period. Ethic Inc. increased its position in shares of Veeva Systems by 11.5% in the 4th quarter. Ethic Inc. now owns 13,829 shares of the technology company's stock valued at $2,908,000 after acquiring an additional 1,426 shares during the period. Focus Partners Wealth increased its position in shares of Veeva Systems by 0.9% in the 4th quarter. Focus Partners Wealth now owns 96,961 shares of the technology company's stock valued at $20,386,000 after acquiring an additional 886 shares during the period. Finally, Janus Henderson Group PLC increased its position in shares of Veeva Systems by 7.0% in the 4th quarter. Janus Henderson Group PLC now owns 14,788 shares of the technology company's stock valued at $3,109,000 after acquiring an additional 964 shares during the period. Institutional investors own 88.20% of the company's stock.

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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