Robert W. Baird Lowers Veeva Systems (NYSE:VEEV) Price Target to $245.00

Veeva Systems (NYSE:VEEV) had its target price decreased by equities research analysts at Robert W. Baird from $251.00 to $245.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Robert W. Baird’s target price points to a potential upside of 14.61% from the company’s current price.

Other equities analysts have also issued research reports about the stock. UBS Group boosted their price objective on shares of Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a research report on Monday, August 26th. BNP Paribas started 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. Piper Sandler upped their price target on shares of Veeva Systems from $225.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Bank of America upped their price target on shares of Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, BTIG Research started coverage on shares of Veeva Systems in a research report on Tuesday, July 9th. They set a “buy” rating and a $240.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $232.87.

Veeva Systems Stock Up 0.8 %

Shares of NYSE:VEEV opened at $213.77 on Monday. The company has a market cap of $34.62 billion, a price-to-earnings ratio of 57.01, a PEG ratio of 2.06 and a beta of 0.81. The firm’s 50-day simple moving average is $211.85 and its 200-day simple moving average is $198.78. Veeva Systems has a fifty-two week low of $162.72 and a fifty-two week high of $236.90.

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

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the sale, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 10.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Veeva Systems

Several hedge funds have recently added to or reduced their stakes in the business. Procyon Advisors LLC bought a new position in Veeva Systems during the 3rd quarter worth $712,000. Envestnet Portfolio Solutions Inc. increased its position in shares of Veeva Systems by 44.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock worth $5,450,000 after purchasing an additional 9,232 shares during the period. BNP Paribas Financial Markets increased its position in shares of Veeva Systems by 30.8% in the first quarter. BNP Paribas Financial Markets now owns 89,023 shares of the technology company’s stock worth $20,626,000 after purchasing an additional 20,982 shares during the period. Mediolanum International Funds Ltd bought a new position in shares of Veeva Systems in the first quarter worth $5,112,000. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of Veeva Systems by 46.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 132,760 shares of the technology company’s stock worth $30,786,000 after purchasing an additional 42,396 shares during the period. Institutional investors and hedge funds 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.