Bank of America Boosts Veeva Systems (NYSE:VEEV) Price Target to $290.00

Veeva Systems (NYSE:VEEV) had its price objective increased by equities researchers at Bank of America from $280.00 to $290.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Bank of America‘s price objective would suggest a potential upside of 15.79% from the company’s previous close.

A number of other brokerages have also recently issued reports on VEEV. Needham & Company LLC boosted their target price on shares of Veeva Systems from $260.00 to $270.00 and gave the company a “buy” rating in a report on Friday. Truist Financial reaffirmed a “hold” rating and set a $261.00 target price (up previously from $207.00) on shares of Veeva Systems in a report on Friday. Scotiabank assumed coverage on shares of Veeva Systems in a research report on Monday, November 18th. They issued a “sector perform” rating and a $235.00 price objective for the company. Royal Bank of Canada upped their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a report on Friday. Finally, TD Cowen boosted their price target on shares of Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $254.04.

Veeva Systems Stock Up 8.1 %

NYSE VEEV opened at $250.45 on Friday. The company has a market cap of $40.56 billion, a PE ratio of 61.84, a price-to-earnings-growth ratio of 2.30 and a beta of 0.82. The firm’s 50-day simple moving average is $218.29 and its two-hundred day simple moving average is $202.85. Veeva Systems has a 52 week low of $165.12 and a 52 week high of $258.93.

Insider Buying and Selling

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the transaction, the senior vice president now directly owns 8,061 shares in the company, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Veeva Systems

Several hedge funds have recently bought and sold shares of VEEV. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Veeva Systems during the third quarter valued at approximately $26,000. True Wealth Design LLC increased its position in Veeva Systems by 3,375.0% during the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock valued at $29,000 after buying an additional 135 shares in the last quarter. Blue Trust Inc. raised its stake in Veeva Systems by 3,460.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after buying an additional 173 shares during the last quarter. DT Investment Partners LLC bought a new stake in Veeva Systems in the second quarter worth $35,000. Finally, Mather Group LLC. grew its stake in shares of Veeva Systems by 166.3% in the second quarter. Mather Group LLC. now owns 253 shares of the technology company’s stock worth $46,000 after acquiring an additional 158 shares during the last quarter. Institutional investors 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.