Veeva Systems (NYSE:VEEV) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Veeva Systems (NYSE:VEEV) from a hold rating to a buy rating in a research note issued to investors on Saturday.

VEEV has been the subject of a number of other research reports. Truist Financial lifted their price objective on Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a research note on Tuesday, September 3rd. Barclays lifted their price objective on Veeva Systems from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday. BNP Paribas assumed coverage on Veeva Systems in a report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 target price for the company. Citigroup lifted their target price on Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. Finally, Piper Sandler lifted their target price on Veeva Systems from $230.00 to $280.00 and gave the stock an “overweight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus price target of $237.00.

Veeva Systems Trading Up 0.9 %

Shares of NYSE:VEEV opened at $237.00 on Friday. The stock has a fifty day simple moving average of $213.98 and a two-hundred day simple moving average of $199.74. The stock has a market capitalization of $38.38 billion, a price-to-earnings ratio of 62.67, a PEG ratio of 2.29 and a beta of 0.81. Veeva Systems has a 12-month low of $162.85 and a 12-month high of $240.68.

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

Insider Buying and Selling at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was 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 in the company, valued at $1,807,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Veeva Systems

Several large investors have recently made changes to their positions in VEEV. Principal Financial Group Inc. lifted its position in shares of Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after acquiring an additional 1,267,061 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Veeva Systems by 7.5% in the first quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock valued at $3,278,430,000 after acquiring an additional 991,208 shares in the last quarter. Swedbank AB purchased a new position in shares of Veeva Systems in the first quarter valued at about $227,673,000. Matrix Capital Management Company LP lifted its position in shares of Veeva Systems by 635.4% in the first quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock valued at $115,572,000 after acquiring an additional 430,989 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its position in shares of Veeva Systems by 83.8% in the first quarter. Acadian Asset Management LLC now owns 618,344 shares of the technology company’s stock valued at $143,235,000 after acquiring an additional 281,993 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

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.