Needham & Company LLC Reaffirms “Buy” Rating for Veeva Systems (NYSE:VEEV)

Veeva Systems (NYSE:VEEV)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $270.00 target price on the technology company’s stock. Needham & Company LLC’s target price points to a potential upside of 9.27% from the stock’s current price.

Other analysts have also recently issued reports about the company. Piper Sandler lifted their price objective on Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Royal Bank of Canada boosted their price objective 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. Stephens began coverage on shares of Veeva Systems in a report on Friday, December 20th. They issued an “overweight” rating and a $280.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on shares of Veeva Systems from $208.00 to $218.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Finally, Wells Fargo & Company boosted their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, Veeva Systems has a consensus rating of “Moderate Buy” and an average price target of $255.28.

Veeva Systems Trading Up 4.6 %

Shares of NYSE:VEEV opened at $247.10 on Thursday. The stock has a market capitalization of $40.12 billion, a P/E ratio of 61.01, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. Veeva Systems has a 12-month low of $170.25 and a 12-month high of $258.93. The stock’s 50-day moving average price is $224.92 and its 200-day moving average price is $220.03.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of VEEV. MassMutual Private Wealth & Trust FSB lifted its stake in Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after purchasing an additional 50 shares in the last quarter. Centricity Wealth Management LLC bought a new position in Veeva Systems in the 4th quarter worth about $25,000. Smithfield Trust Co grew its stake in Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock worth $27,000 after acquiring an additional 80 shares in the last quarter. True Wealth Design LLC grew its stake in Veeva Systems by 3,375.0% in the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after acquiring an additional 135 shares in the last quarter. Finally, Retirement Wealth Solutions LLC bought a new position in Veeva Systems in the 4th quarter worth about $31,000. 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.