Veeva Systems' (VEEV) Outperform Rating Reiterated at Raymond James Financial

Key Points

• Raymond James Financial has reiterated Veeva Systems' ("NYSE:VEEV") "outperform" rating, raising their price objective from $310.00 to $340.00, indicating a potential upside of 21.99%.
• Veeva Systems reported quarterly earnings of $1.97 per share, exceeding estimates, with revenue of $759.04 million, a 16.7% increase year-over-year.
• Investment analysts have largely favored the stock, with 15 firms rating it as a Buy, while the consensus rating stands at "Moderate Buy" with an average price target of $289.24.

Veeva Systems (NYSE:VEEV - Get Free Report)'s stock had its "outperform" rating reiterated by Raymond James Financial in a report issued on Thursday,Benzinga reports. They currently have a $340.00 price objective on the technology company's stock, up from their previous price objective of $310.00. Raymond James Financial's target price indicates a potential upside of 21.99% from the company's current price.

Other research analysts have also issued reports about the stock. Truist Financial raised their target price on shares of Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research note on Thursday. UBS Group raised their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a research note on Thursday. Stifel Nicolaus raised their target price on shares of Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a research note on Thursday. Evercore ISI raised their target price on shares of Veeva Systems from $285.00 to $295.00 and gave the company an "in-line" rating in a research note on Thursday. Finally, Barclays raised their target price on shares of Veeva Systems from $300.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday. Fifteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $289.24.

Veeva Systems Stock Performance

Shares of Veeva Systems stock traded down $14.87 during midday trading on Thursday, reaching $278.72. 1,693,540 shares of the company's stock traded hands, compared to its average volume of 1,307,317. The company has a market cap of $45.55 billion, a price-to-earnings ratio of 59.06, a price-to-earnings-growth ratio of 2.27 and a beta of 0.95. The company's 50 day simple moving average is $282.76 and its 200 day simple moving average is $253.55. Veeva Systems has a 52 week low of $200.30 and a 52 week high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. Veeva Systems's revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.50 EPS. As a group, equities research analysts predict 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 171 shares of the firm's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the sale, the director directly owned 3,966 shares in the company, valued at $1,127,930.40. This trade represents a 4.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the sale, the director owned 5,500 shares in the company, valued at $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock worth $394,217 in the last ninety days. Insiders own 10.30% of the company's stock.

Institutional Trading of Veeva Systems

Several institutional investors have recently made changes to their positions in the business. Sigma Planning Corp lifted its holdings in Veeva Systems by 1.2% during the 2nd quarter. Sigma Planning Corp now owns 3,328 shares of the technology company's stock valued at $958,000 after purchasing an additional 39 shares during the last quarter. Keybank National Association OH lifted its holdings in Veeva Systems by 1.4% during the 2nd quarter. Keybank National Association OH now owns 3,088 shares of the technology company's stock valued at $889,000 after purchasing an additional 42 shares during the last quarter. Facet Wealth Inc. lifted its holdings in Veeva Systems by 3.3% during the 2nd quarter. Facet Wealth Inc. now owns 1,342 shares of the technology company's stock valued at $381,000 after purchasing an additional 43 shares during the last quarter. TFB Advisors LLC lifted its holdings in Veeva Systems by 1.2% during the 1st quarter. TFB Advisors LLC now owns 3,586 shares of the technology company's stock valued at $831,000 after purchasing an additional 44 shares during the last quarter. Finally, Triangle Securities Wealth Management raised its stake in shares of Veeva Systems by 0.8% in the second quarter. Triangle Securities Wealth Management now owns 5,782 shares of the technology company's stock worth $1,665,000 after acquiring an additional 45 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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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