Guggenheim Raises Veeva Systems (NYSE:VEEV) Price Target to $249.00

Veeva Systems (NYSE:VEEV) had its target price hoisted by stock analysts at Guggenheim from $233.00 to $249.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Guggenheim’s price target indicates a potential upside of 20.11% from the stock’s previous close.

A number of other analysts have also issued reports on VEEV. BTIG Research initiated coverage on shares of Veeva Systems in a research note on Tuesday, July 9th. They set a “buy” rating and a $240.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $250.00 price target on shares of Veeva Systems in a research note on Thursday, August 29th. Robert W. Baird boosted their price target on shares of Veeva Systems from $245.00 to $251.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Barclays upped their target price on shares of Veeva Systems from $220.00 to $240.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Finally, Citigroup upped their target price on shares of Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a research note on Tuesday, August 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $230.65.

Veeva Systems Stock Performance

Shares of VEEV stock traded down $2.56 on Tuesday, hitting $207.31. 253,341 shares of the stock traded hands, compared to its average volume of 965,806. The firm’s 50-day moving average price is $202.23 and its two-hundred day moving average price is $200.51. The stock has a market capitalization of $33.57 billion, a PE ratio of 61.21, a PEG ratio of 2.05 and a beta of 0.81. Veeva Systems has a twelve month low of $162.72 and a twelve month high of $236.90.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.03. The firm had revenue of $676.18 million for the quarter, compared to analysts’ expectations of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. On average, equities research analysts anticipate that Veeva Systems will post 4.21 EPS for the current fiscal year.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the completion of the transaction, the senior vice president now owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 10.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Veeva Systems

A number of institutional investors have recently modified their holdings of the company. Advisors Asset Management Inc. acquired a new position in Veeva Systems during the 1st quarter worth approximately $28,000. Vermillion & White Wealth Management Group LLC acquired a new position in Veeva Systems during the 4th quarter worth approximately $32,000. Blue Trust Inc. lifted its position in Veeva Systems by 3,460.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock worth $33,000 after acquiring an additional 173 shares in the last quarter. First Financial Corp IN acquired a new position in Veeva Systems during the 1st quarter worth approximately $35,000. Finally, DT Investment Partners LLC acquired a new position in Veeva Systems during the 2nd quarter worth approximately $35,000. Hedge funds and other 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.