Veeva Systems Inc. (NYSE:VEEV) Given Average Recommendation of “Moderate Buy” by Brokerages

Veeva Systems Inc. (NYSE:VEEV) has received an average recommendation of “Moderate Buy” from the twenty-five brokerages that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $256.52.

VEEV has been the topic of several recent research reports. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Barclays lifted their target price on Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Royal Bank of Canada increased their price target on Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $270.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Finally, Stephens reissued an “overweight” rating and issued a $280.00 price objective on shares of Veeva Systems in a report on Thursday, March 6th.

Veeva Systems Stock Down 1.4 %

Shares of VEEV opened at $234.10 on Friday. Veeva Systems has a twelve month low of $170.25 and a twelve month high of $258.93. The stock has a market capitalization of $38.01 billion, a P/E ratio of 57.80, a P/E/G ratio of 1.89 and a beta of 0.88. The company has a 50 day moving average of $231.62 and a 200-day moving average of $222.87.

Institutional Investors Weigh In On Veeva Systems

Hedge funds and other institutional investors have recently modified their holdings of the company. Toronto Dominion Bank increased its position in Veeva Systems by 39.1% during the third quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company’s stock worth $4,235,000 after acquiring an additional 5,673 shares during the period. Principal Financial Group Inc. grew its position in shares of Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. Smith Group Asset Management LLC increased its holdings in shares of Veeva Systems by 2.2% during the fourth quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company’s stock worth $17,360,000 after purchasing an additional 1,749 shares during the period. Everence Capital Management Inc. acquired a new stake in shares of Veeva Systems in the fourth quarter valued at approximately $816,000. Finally, Venturi Wealth Management LLC raised its position in shares of Veeva Systems by 2,716.7% in the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company’s stock valued at $36,000 after buying an additional 163 shares in the last quarter. Institutional investors and hedge funds 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.