Veeva Systems Inc. (NYSE:VEEV) Receives $228.27 Consensus Target Price from Brokerages

Veeva Systems Inc. (NYSE:VEEV) has earned a consensus recommendation of “Moderate Buy” from the twenty-two brokerages that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $228.27.

Several equities research analysts have recently issued reports on the company. Robert W. Baird raised their price objective on Veeva Systems from $251.00 to $255.00 and gave the company an “outperform” rating in a research note on Wednesday, May 29th. Morgan Stanley lowered their price target on Veeva Systems from $210.00 to $173.00 and set an “underweight” rating for the company in a research report on Friday, May 31st. Piper Sandler cut their price objective on shares of Veeva Systems from $235.00 to $225.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Guggenheim raised their target price on shares of Veeva Systems from $211.00 to $233.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, Bank of America cut their price target on shares of Veeva Systems from $240.00 to $204.00 and set a “neutral” rating on the stock in a report on Friday, May 31st.

Veeva Systems Price Performance

Shares of VEEV opened at $192.50 on Friday. The stock has a market capitalization of $31.12 billion, a price-to-earnings ratio of 56.78, a price-to-earnings-growth ratio of 1.84 and a beta of 0.80. Veeva Systems has a 1 year low of $162.72 and a 1 year high of $236.90. The business’s 50 day simple moving average is $185.54 and its 200-day simple moving average is $202.66.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Thursday, May 30th. The technology company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.93 by $0.10. Veeva Systems had a net margin of 22.34% and a return on equity of 12.74%. The business had revenue of $650.35 million during the quarter, compared to analyst estimates of $641.73 million. On average, sell-side analysts expect that Veeva Systems will post 4.19 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the sale, the chief financial officer now owns 8,391 shares of the company’s stock, valued at $1,546,713.03. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 10.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Veeva Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Linscomb & Williams Inc. purchased a new position in shares of Veeva Systems in the 4th quarter valued at approximately $1,479,000. Robeco Institutional Asset Management B.V. lifted its stake in shares of Veeva Systems by 32.7% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 206,220 shares of the technology company’s stock worth $365,000 after buying an additional 50,868 shares during the period. APG Asset Management US Inc. purchased a new stake in shares of Veeva Systems during the fourth quarter valued at $5,756,000. Quantum Capital Management LLC NJ increased its position in shares of Veeva Systems by 9.8% in the 4th quarter. Quantum Capital Management LLC NJ now owns 329,867 shares of the technology company’s stock valued at $63,506,000 after acquiring an additional 29,525 shares during the period. Finally, Eisler Capital UK Ltd. purchased a new position in Veeva Systems in the 4th quarter worth $1,408,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

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.