Veeva Systems (NYSE:VEEV) Price Target Raised to $249.00 at Guggenheim

Veeva Systems (NYSE:VEEV) had its price target boosted by Guggenheim from $233.00 to $249.00 in a research note published on Tuesday, Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

VEEV has been the subject of a number of other research reports. TD Cowen upped their target price on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a hold rating in a report on Thursday, August 29th. Barclays increased their price objective on shares of Veeva Systems from $220.00 to $240.00 and gave the company an overweight rating in a report on Thursday, August 29th. UBS Group boosted their target price on Veeva Systems from $185.00 to $215.00 and gave the stock a neutral rating in a report on Monday, August 26th. Piper Sandler lifted their price objective on Veeva Systems from $225.00 to $230.00 and gave the stock an overweight rating in a research report on Thursday, August 29th. Finally, BTIG Research started coverage on Veeva Systems in a report on Tuesday, July 9th. They issued a buy rating and a $240.00 target price for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $230.65.

Veeva Systems Stock Down 1.1 %

VEEV stock opened at $207.65 on Tuesday. Veeva Systems has a 52 week low of $162.72 and a 52 week high of $236.90. The firm has a 50-day simple moving average of $202.65 and a 200-day simple moving average of $200.37. The stock has a market capitalization of $33.62 billion, a P/E ratio of 61.25, a P/E/G ratio of 2.05 and a beta of 0.81.

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 company had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. On average, analysts expect that Veeva Systems will post 4.21 earnings per share for the current year.

Insider Buying and Selling

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems 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 completion of the transaction, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 10.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. TFO Wealth Partners LLC grew its stake in Veeva Systems by 37,850.0% during the 4th quarter. TFO Wealth Partners LLC now owns 759 shares of the technology company’s stock worth $146,000 after purchasing an additional 757 shares in the last quarter. Bank of Nova Scotia increased its stake in shares of Veeva Systems by 1,165.4% during the fourth quarter. Bank of Nova Scotia now owns 39,469 shares of the technology company’s stock worth $7,599,000 after buying an additional 36,350 shares during the period. California State Teachers Retirement System raised its holdings in Veeva Systems by 6.4% in the fourth quarter. California State Teachers Retirement System now owns 244,328 shares of the technology company’s stock valued at $47,038,000 after acquiring an additional 14,780 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Veeva Systems in the fourth quarter worth approximately $1,164,000. Finally, Rafferty Asset Management LLC grew its holdings in Veeva Systems by 24.0% during the 4th quarter. Rafferty Asset Management LLC now owns 15,899 shares of the technology company’s stock worth $3,061,000 after acquiring an additional 3,077 shares in the last quarter. Institutional investors and hedge funds 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.