Veeva Systems (NYSE:VEEV) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Veeva Systems (NYSE:VEEV) had its price objective lifted by research analysts at Needham & Company LLC from $260.00 to $270.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s target price points to a potential upside of 7.81% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Citigroup upped 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. Bank of America lifted their price target on shares of Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Raymond James upped their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. TD Cowen lifted their target price 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. Finally, JPMorgan Chase & Co. upped their price target 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $254.04.

Veeva Systems Trading Up 8.1 %

Veeva Systems stock opened at $250.45 on Friday. The firm has a market cap of $40.56 billion, a PE ratio of 61.84, a P/E/G ratio of 2.30 and a beta of 0.82. The stock’s 50 day simple moving average is $218.29 and its two-hundred day simple moving average is $202.85. Veeva Systems has a 12 month low of $165.12 and a 12 month high of $258.93.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 1,694 shares of the business’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. The trade was a 17.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction that occurred on 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 directly 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 disclosure for this sale can be found here. 10.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Veeva Systems

Institutional investors have recently modified their holdings of the company. Oddo BHF Asset Management Sas acquired a new position in Veeva Systems in the 3rd quarter valued at about $11,770,000. Peapack Gladstone Financial Corp boosted its stake in shares of Veeva Systems by 5.6% in the third quarter. Peapack Gladstone Financial Corp now owns 70,147 shares of the technology company’s stock valued at $14,721,000 after purchasing an additional 3,741 shares during the period. Tidal Investments LLC grew its holdings in shares of Veeva Systems by 77.1% in the third quarter. Tidal Investments LLC now owns 22,330 shares of the technology company’s stock valued at $4,686,000 after purchasing an additional 9,724 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Veeva Systems in the third quarter valued at approximately $168,000. Finally, World Investment Advisors LLC purchased a new stake in Veeva Systems during the 3rd quarter worth approximately $2,131,000. 88.20% of the stock is owned by institutional investors and hedge funds.

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.