Royal Bank of Canada Forecasts Strong Price Appreciation for Veeva Systems (NYSE:VEEV) Stock

Veeva Systems (NYSE:VEEV) had its price target boosted by stock analysts at Royal Bank of Canada from $275.00 to $285.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 13.80% from the company’s current price.

Several other analysts have also recently commented on the company. Robert W. Baird raised their target price on Veeva Systems from $275.00 to $283.00 and gave the company an “outperform” rating in a research report on Friday. BNP Paribas started coverage on shares of Veeva Systems in a research note on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price objective on the stock. TD Cowen upped their price objective on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. Citigroup raised their target price 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. Finally, Barclays upped their price target on shares of Veeva Systems from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $254.04.

Veeva Systems Trading Up 8.1 %

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

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the transaction, the insider now owns 27,013 shares of the company’s stock, valued at $6,483,390.13. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction dated 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 owns 8,061 shares in the company, valued at $1,856,448.30. This represents a 17.37 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Veeva Systems during the 3rd quarter valued at $26,000. True Wealth Design LLC raised its holdings in shares of Veeva Systems by 3,375.0% during the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after acquiring an additional 135 shares in the last quarter. Blue Trust Inc. boosted its position 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 purchasing an additional 173 shares during the last quarter. DT Investment Partners LLC purchased a new position in Veeva Systems in the second quarter valued at about $35,000. Finally, Mather Group LLC. increased its position in Veeva Systems by 166.3% in the 2nd quarter. Mather Group LLC. now owns 253 shares of the technology company’s stock worth $46,000 after purchasing an additional 158 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

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.