Morgan Stanley Increases Veeva Systems (NYSE:VEEV) Price Target to $195.00

Veeva Systems (NYSE:VEEV) had its price objective hoisted by stock analysts at Morgan Stanley from $183.00 to $195.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “underweight” rating on the technology company’s stock. Morgan Stanley’s target price would indicate a potential downside of 11.98% from the company’s previous close.

A number of other equities analysts also recently commented on the stock. Scotiabank boosted their target price on shares of Veeva Systems from $235.00 to $240.00 and gave the company a “sector perform” rating in a report on Friday, December 6th. Raymond James increased their price objective on Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Stifel Nicolaus lifted their target price on Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a research report on Friday, December 6th. UBS Group increased their price target on Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Finally, Evercore ISI boosted their price objective on shares of Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and an average price target of $256.58.

Veeva Systems Stock Down 2.2 %

Shares of VEEV opened at $221.54 on Tuesday. Veeva Systems has a 52-week low of $170.25 and a 52-week high of $258.93. The stock has a fifty day simple moving average of $222.54 and a two-hundred day simple moving average of $204.73. The company has a market capitalization of $35.97 billion, a PE ratio of 54.70, a price-to-earnings-growth ratio of 2.03 and a beta of 0.82.

Insider Transactions at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the sale, the insider now owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total transaction of $390,128.20. Following the completion of the transaction, the senior vice president now directly owns 8,061 shares in the company, valued at $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Large investors have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA lifted its holdings in shares of Veeva Systems by 64.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after purchasing an additional 1,392,256 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after acquiring an additional 1,267,061 shares during the last quarter. FMR LLC increased its holdings in shares of Veeva Systems by 25.7% in the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after acquiring an additional 610,021 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its position in Veeva Systems by 761.7% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 297,771 shares of the technology company’s stock valued at $62,493,000 after purchasing an additional 263,214 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in Veeva Systems during the 3rd quarter worth $50,584,000. Institutional investors and hedge funds 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.