Veeva Systems (NYSE:VEEV) Upgraded by Guggenheim to "Strong-Buy" Rating

Key Points

• Guggenheim upgraded Veeva Systems to “Strong-Buy”, adding to a mixed but generally positive analyst picture for the stock. Across the street, the consensus remains “Moderate Buy” with an average price target of $247.08.
• Veeva reported stronger-than-expected quarterly results, posting EPS of $2.24 versus estimates of $2.14 and revenue of $882.95 million, up 16.3% year over year. The company also highlighted future guidance, including FY 2027 EPS guidance of 9.05.
• The stock has come off its highs but remains sizable, opening at $179.36 with a market cap of $29.14 billion. It trades well below its 52-week high of $310.50, while institutional ownership remains high at 88.2%.

Veeva Systems (NYSE:VEEV - Get Free Report) was upgraded by investment analysts at Guggenheim to a "strong-buy" rating in a report released on Wednesday,Zacks.com reports.

A number of other research firms have also recently commented on VEEV. Zacks Research cut shares of Veeva Systems from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 14th. Barclays reduced their price objective on Veeva Systems from $250.00 to $235.00 and set an "overweight" rating for the company in a report on Thursday, June 4th. Raymond James Financial reissued an "outperform" rating and issued a $225.00 target price on shares of Veeva Systems in a research report on Thursday, June 4th. Needham & Company LLC reaffirmed a "buy" rating and set a $270.00 price target on shares of Veeva Systems in a research report on Thursday, June 4th. Finally, Mizuho cut their price target on Veeva Systems from $295.00 to $270.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus price target of $247.08.

Veeva Systems Stock Performance

NYSE VEEV opened at $179.36 on Wednesday. Veeva Systems has a 52-week low of $148.05 and a 52-week high of $310.50. The company has a 50-day simple moving average of $174.05 and a 200 day simple moving average of $181.57. The company has a market capitalization of $29.14 billion, a PE ratio of 31.97, a price-to-earnings-growth ratio of 0.79 and a beta of 0.94.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The technology company reported $2.24 EPS for the quarter, topping the consensus estimate of $2.14 by $0.10. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. The business had revenue of $882.95 million for the quarter, compared to analyst estimates of $857.73 million. During the same quarter in the previous year, the firm posted $1.97 earnings per share. The company's revenue for the quarter was up 16.3% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 9.050-9.050 EPS and its Q2 2027 guidance at 2.210-2.220 EPS. As a group, analysts forecast that Veeva Systems will post 6.65 EPS for the current fiscal year.

Insider Activity

• Veeva Systems NYSE: VEEV Stock a Buy: Cloud Software for Life Sciences

In related news, Director Priscilla Hung sold 750 shares of the business's stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $155.64, for a total transaction of $116,730.00. Following the sale, the director directly owned 3,253 shares in the company, valued at approximately $506,296.92. The trade was a 18.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.60% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. SHP Wealth Management bought a new position in shares of Veeva Systems in the fourth quarter valued at approximately $26,000. Newbridge Financial Services Group Inc. increased its holdings in Veeva Systems by 322.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company's stock worth $29,000 after acquiring an additional 100 shares during the period. Activest Wealth Management increased its holdings in Veeva Systems by 3,175.0% during the 4th quarter. Activest Wealth Management now owns 131 shares of the technology company's stock worth $29,000 after acquiring an additional 127 shares during the period. Arlington Trust Co LLC bought a new stake in Veeva Systems during the 2nd quarter worth approximately $29,000. Finally, MV Capital Management Inc. purchased a new stake in Veeva Systems in the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 88.20% of the company's stock.

Veeva Systems Company Profile

Veeva Systems NYSE: VEEV is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva's product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.

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