Mizuho Initiates Coverage on Veeva Systems (NYSE:VEEV)

Stock analysts at Mizuho began coverage on shares of Veeva Systems (NYSE:VEEV) in a note issued to investors on Wednesday, Marketbeat reports. The brokerage set an “outperform” rating and a $275.00 price target on the technology company’s stock. Mizuho’s price target would indicate a potential upside of 18.71% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Bank of America lifted their target price on Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Citigroup increased their price target on Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. TD Cowen lifted their price objective on Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a report on Thursday, August 29th. Finally, Truist Financial boosted their price objective on Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $238.44.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $231.66 on Wednesday. The firm’s 50 day moving average price is $217.50 and its two-hundred day moving average price is $202.61. 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 $37.51 billion, a PE ratio of 61.78, a PEG ratio of 2.20 and a beta of 0.82.

Insider Activity at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the transaction, the insider now owns 27,013 shares in the company, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 10.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Veeva Systems

Hedge funds have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA boosted its stake 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 purchasing an additional 1,392,256 shares in the last quarter. State Street Corp boosted its position in Veeva Systems by 1.5% during the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock worth $691,132,000 after buying an additional 47,872 shares during the period. FMR LLC grew its holdings in Veeva Systems by 25.7% during the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after acquiring an additional 610,021 shares during the last quarter. Geode Capital Management LLC increased its position in Veeva Systems by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock valued at $579,630,000 after acquiring an additional 149,807 shares during the period. Finally, Principal Financial Group Inc. raised its stake 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 acquiring an additional 1,267,061 shares during the last quarter. 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.