Veeva Systems (NYSE:VEEV) Stock Price Expected to Rise, Barclays Analyst Says

Veeva Systems (NYSE:VEEV) had its price objective increased by Barclays from $240.00 to $260.00 in a report issued on Friday morning,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other research analysts have also recently issued reports on the company. TD Cowen raised their price objective on Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Guggenheim lifted their price objective on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Citigroup increased their price objective on shares of Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a research note on Tuesday, August 27th. Bank of America raised their target price on Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Finally, BNP Paribas assumed coverage on Veeva Systems in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $237.00.

Veeva Systems Stock Up 5.2 %

VEEV stock opened at $235.00 on Friday. Veeva Systems has a 52 week low of $162.72 and a 52 week high of $240.68. The stock has a market capitalization of $38.05 billion, a PE ratio of 62.67, a price-to-earnings-growth ratio of 2.29 and a beta of 0.81. The firm has a 50 day moving average of $213.98 and a 200 day moving average of $199.75.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.04 by $0.03. The business had revenue of $676.18 million during the quarter, compared to the consensus estimate of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. On average, equities research analysts expect that Veeva Systems will post 4.21 earnings per share for the current year.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the transaction, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Institutional investors have recently added to or reduced their stakes in the stock. Moran Wealth Management LLC grew its holdings in Veeva Systems by 3.3% in the 3rd quarter. Moran Wealth Management LLC now owns 62,758 shares of the technology company’s stock valued at $13,171,000 after buying an additional 2,022 shares in the last quarter. Retireful LLC acquired a new position in shares of Veeva Systems during the 3rd quarter valued at about $905,000. NS Partners Ltd grew its holdings in shares of Veeva Systems by 2.1% in the third quarter. NS Partners Ltd now owns 70,078 shares of the technology company’s stock valued at $14,707,000 after purchasing an additional 1,435 shares during the period. Commerce Bank increased its position in Veeva Systems by 4.4% during the third quarter. Commerce Bank now owns 6,330 shares of the technology company’s stock worth $1,328,000 after purchasing an additional 265 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Veeva Systems by 5.4% during the third quarter. PNC Financial Services Group Inc. now owns 30,188 shares of the technology company’s stock worth $6,336,000 after purchasing an additional 1,553 shares during the period. Hedge funds and other 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.