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

Shares of Veeva Systems Inc. (NYSE:VEEV) have earned a consensus rating of “Moderate Buy” from the twenty-four research firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation and fifteen have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $236.92.

Several research firms have recently weighed in on VEEV. Piper Sandler lifted their price objective on shares of Veeva Systems from $230.00 to $280.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Citigroup lifted their price objective on shares of Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a research note on Tuesday, August 27th. Raymond James lifted their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Finally, Guggenheim boosted their price target on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st.

Insider Buying and Selling

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

Institutional Investors Weigh In On Veeva Systems

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA increased its position in shares of Veeva Systems by 64.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after buying an additional 1,392,256 shares during the period. State Street Corp increased its position in shares of Veeva Systems by 1.5% during the third quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock valued at $691,132,000 after buying an additional 47,872 shares during the period. FMR LLC increased its position in shares of Veeva Systems by 25.7% during the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after buying an additional 610,021 shares during the period. Geode Capital Management LLC increased its position in shares of Veeva Systems by 5.7% during the third quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock valued at $579,630,000 after buying an additional 149,807 shares during the period. Finally, Principal Financial Group Inc. increased 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 valued at $457,366,000 after buying an additional 1,267,061 shares during the period. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Performance

NYSE:VEEV opened at $216.58 on Friday. The company has a market capitalization of $35.07 billion, a PE ratio of 57.75, a P/E/G ratio of 2.07 and a beta of 0.81. The company has a 50 day simple moving average of $214.54 and a two-hundred day simple moving average of $201.16. Veeva Systems has a fifty-two week low of $165.12 and a fifty-two week high of $240.68.

Veeva Systems (NYSE:VEEV) last announced 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 the consensus estimate of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. Research analysts predict that Veeva Systems will post 4.21 EPS for the current year.

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.