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

Veeva Systems (NYSE:VEEV - Free Report) had its price target lifted by Wells Fargo & Company from $285.00 to $300.00 in a report issued on Thursday,Benzinga reports. The firm currently has an overweight rating on the technology company's stock.

Several other equities analysts also recently weighed in on VEEV. Robert W. Baird raised their target price on Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a research report on Thursday, March 6th. Piper Sandler raised their target price on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday. UBS Group raised their target price on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research report on Thursday. Morgan Stanley lifted their price objective on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research report on Thursday. Finally, Stephens reiterated an "overweight" rating and set a $280.00 price objective on shares of Veeva Systems in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $269.00.

Veeva Systems Stock Up 0.4%

Shares of NYSE 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 capitalization of $45.56 billion, a PE ratio of 69.14, a P/E/G ratio of 1.89 and a beta of 0.96. The stock has a 50 day simple moving average of $230.48 and a 200-day simple 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 released its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 13.56% and a net margin of 25.07%. The business's quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.50 earnings per share. As a group, analysts expect that Veeva Systems will post 4.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 787 shares of the business's 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 completion of the transaction, the senior vice president now directly owns 8,668 shares of the company's stock, valued at $1,960,701.60. The trade was a 8.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the business's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the transaction, the director now directly owns 5,500 shares of the company's stock, valued at $1,192,565. The trade was a 41.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,869 shares of company stock valued at $1,284,917 in the last three months. 10.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in VEEV. Centricity Wealth Management LLC acquired a new position in shares of Veeva Systems during the 4th quarter worth about $25,000. Abound Financial LLC acquired a new position in shares of Veeva Systems during the 1st quarter worth about $25,000. ORG Partners LLC acquired a new position in shares of Veeva Systems during the 1st quarter worth about $26,000. Smithfield Trust Co boosted its position in shares of Veeva Systems by 145.5% during the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after acquiring an additional 80 shares in the last quarter. Finally, Avion Wealth boosted its position in shares of Veeva Systems by 635.0% during the 4th quarter. Avion Wealth now owns 147 shares of the technology company's stock worth $30,000 after acquiring an additional 127 shares in the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

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.