Scotiabank Initiates Coverage on Veeva Systems (NYSE:VEEV)

Analysts at Scotiabank initiated coverage on shares of Veeva Systems (NYSE:VEEV) in a research note issued on Monday, Marketbeat Ratings reports. The firm set a “sector perform” rating and a $235.00 price target on the technology company’s stock. Scotiabank’s price objective suggests a potential upside of 12.01% from the stock’s current price.

Several other equities research analysts have also commented on the company. StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. JPMorgan Chase & Co. raised their price objective on shares of Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. Needham & Company LLC reissued a “buy” rating and set a $260.00 target price on shares of Veeva Systems in a research note on Friday, November 8th. BNP Paribas started coverage on shares of Veeva Systems in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price target for the company. Finally, Truist Financial upped their price objective on shares of Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Veeva Systems has an average rating of “Moderate Buy” and an average price target of $236.92.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $209.80 on Monday. The firm has a 50 day moving average price of $214.95 and a two-hundred day moving average price of $200.93. Veeva Systems has a 52-week low of $165.12 and a 52-week high of $240.68. The stock has a market cap of $33.97 billion, a P/E ratio of 55.95, a price-to-earnings-growth ratio of 2.06 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The firm had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. Analysts predict that Veeva Systems will post 4.21 earnings per share for the current fiscal year.

Insider Activity

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the transaction, the insider now directly owns 27,013 shares in the company, valued at $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 10.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors have recently bought and sold shares of VEEV. TD Private Client Wealth LLC boosted its position in Veeva Systems by 175.9% during the third quarter. TD Private Client Wealth LLC now owns 7,902 shares of the technology company’s stock worth $1,658,000 after purchasing an additional 5,038 shares during the period. Teachers Retirement System of The State of Kentucky bought a new position in Veeva Systems in the 3rd quarter worth approximately $5,629,000. Toronto Dominion Bank grew its stake in Veeva Systems by 39.1% in the 3rd quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company’s stock valued at $4,235,000 after buying an additional 5,673 shares in the last quarter. Coldstream Capital Management Inc. raised its holdings in Veeva Systems by 95.3% during the 3rd quarter. Coldstream Capital Management Inc. now owns 4,866 shares of the technology company’s stock valued at $1,077,000 after acquiring an additional 2,374 shares during the period. Finally, Bares Capital Management Inc. lifted its position in shares of Veeva Systems by 4.5% during the third quarter. Bares Capital Management Inc. now owns 121,830 shares of the technology company’s stock worth $25,568,000 after acquiring an additional 5,231 shares in the last quarter. 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.