Veeva Systems (NYSE:VEEV) Price Target Raised to $272.00

Veeva Systems (NYSE:VEEV) had its price target hoisted by Stifel Nicolaus from $240.00 to $272.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

VEEV has been the subject of several other research reports. UBS Group raised their price target on shares of Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. TD Cowen boosted their price objective on Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Bank of America raised their target price on Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Robert W. Baird upped their price target on Veeva Systems from $275.00 to $283.00 and gave the company an “outperform” rating in a research report on Friday. Finally, BNP Paribas initiated coverage on shares of Veeva Systems in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $254.04.

Veeva Systems Trading Up 8.1 %

Shares of Veeva Systems stock opened at $250.45 on Friday. The business’s fifty day simple moving average is $218.29 and its 200 day simple moving average is $202.83. Veeva Systems has a 12 month low of $165.12 and a 12 month high of $258.93. The firm has a market capitalization of $40.56 billion, a P/E ratio of 61.84, a price-to-earnings-growth ratio of 2.43 and a beta of 0.82.

Insider Buying and Selling

In related news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction dated 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 directly owns 27,013 shares in the company, valued at $6,483,390.13. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 1,694 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the sale, the senior vice president now directly owns 8,061 shares in the company, valued at $1,856,448.30. The trade was a 17.37 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA boosted its stake in Veeva Systems by 64.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after purchasing an additional 1,392,256 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after buying an additional 1,267,061 shares in the last quarter. FMR LLC grew its holdings 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 last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Veeva Systems by 761.7% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 297,771 shares of the technology company’s stock valued at $62,493,000 after acquiring an additional 263,214 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in Veeva Systems in the 3rd quarter valued at approximately $50,584,000. Institutional investors own 88.20% of the company’s stock.

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.