Veeva Systems (NYSE:VEEV) Shares Gap Up on Analyst Upgrade

Shares of Veeva Systems Inc. (NYSE:VEEV) gapped up before the market opened on Thursday after Scotiabank raised their price target on the stock from $240.00 to $245.00. The stock had previously closed at $219.94, but opened at $232.84. Scotiabank currently has a sector perform rating on the stock. Veeva Systems shares last traded at $237.12, with a volume of 627,134 shares.

A number of other analysts have also commented on VEEV. Royal Bank of Canada lifted their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Evercore ISI lifted their price objective on Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research note on Friday, December 6th. Robert W. Baird upped their price objective on Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a report on Thursday. JPMorgan Chase & Co. raised their target price on Veeva Systems from $208.00 to $218.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Finally, Canaccord Genuity Group upped their price target on Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $255.28.

Hedge Funds Weigh In On Veeva Systems

Several hedge funds have recently made changes to their positions in the business. Siemens Fonds Invest GmbH grew its position in Veeva Systems by 1,538.3% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,195 shares of the technology company’s stock valued at $11,605,000 after purchasing an additional 51,826 shares in the last quarter. Cim LLC grew its holdings in shares of Veeva Systems by 1.8% in the 4th quarter. Cim LLC now owns 5,425 shares of the technology company’s stock valued at $1,141,000 after acquiring an additional 98 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Veeva Systems in the fourth quarter valued at about $43,051,000. Capital A Wealth Management LLC bought a new stake in Veeva Systems during the fourth quarter worth about $254,000. Finally, Heck Capital Advisors LLC bought a new stake in Veeva Systems during the fourth quarter worth about $309,000. 88.20% of the stock is owned by institutional investors.

Veeva Systems Price Performance

The firm has a 50-day moving average of $224.25 and a 200 day moving average of $219.66. The stock has a market capitalization of $38.39 billion, a price-to-earnings ratio of 58.39, a PEG ratio of 1.89 and a beta of 0.85.

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.