Veeva Systems Inc. (NYSE:VEEV) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Veeva Systems Inc. (NYSE:VEEV) have received a consensus recommendation of “Moderate Buy” from the twenty-three research firms that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $230.65.

Several research analysts recently commented on VEEV shares. Robert W. Baird raised their price target on shares of Veeva Systems from $245.00 to $251.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Truist Financial raised their target price on shares of Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. raised their target price on shares of Veeva Systems from $203.00 to $208.00 and gave the company a “neutral” rating in a research report on Monday, September 9th. Guggenheim raised their target price on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Raymond James raised their target price on shares of Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th.

Veeva Systems Price Performance

VEEV stock opened at $204.53 on Friday. The company has a market capitalization of $33.06 billion, a PE ratio of 60.33, a P/E/G ratio of 2.02 and a beta of 0.81. Veeva Systems has a 12 month low of $162.72 and a 12 month high of $236.90. The firm’s 50-day moving average is $203.71 and its 200 day moving average is $200.28.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results 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 for 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%. Sell-side analysts forecast that Veeva Systems will post 4.21 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the completion of the sale, the senior vice president now directly owns 9,035 shares in the company, valued at $1,807,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 10.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

Institutional investors have recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Veeva Systems by 44.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after purchasing an additional 9,232 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Veeva Systems by 30.8% in the 1st quarter. BNP Paribas Financial Markets now owns 89,023 shares of the technology company’s stock worth $20,626,000 after acquiring an additional 20,982 shares in the last quarter. Mediolanum International Funds Ltd purchased a new stake in Veeva Systems in the 1st quarter worth $5,112,000. CANADA LIFE ASSURANCE Co increased its holdings in Veeva Systems by 46.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 132,760 shares of the technology company’s stock worth $30,786,000 after acquiring an additional 42,396 shares in the last quarter. Finally, Cim LLC purchased a new stake in Veeva Systems in the 4th quarter worth $996,000. 88.20% of the stock is 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.