Veeva Systems (NYSE:VEEV) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Veeva Systems (NYSE:VEEV) had its price target lifted by Morgan Stanley from $195.00 to $201.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “underweight” rating on the technology company’s stock. Morgan Stanley’s price objective points to a potential downside of 18.66% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Truist Financial reduced their target price on Veeva Systems from $261.00 to $210.00 and set a “hold” rating on the stock in a report on Monday, January 13th. Bank of America upped their price target on Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Scotiabank upped their price target on Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a research note on Friday, December 6th. Evercore ISI upped their price objective on Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. upped their price objective on Veeva Systems from $208.00 to $218.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $255.28.

Veeva Systems Price Performance

Shares of NYSE:VEEV opened at $247.10 on Thursday. Veeva Systems has a 1 year low of $170.25 and a 1 year high of $258.93. The company has a market cap of $40.12 billion, a PE ratio of 61.01, a P/E/G ratio of 1.89 and a beta of 0.88. The stock’s 50-day moving average is $224.92 and its 200 day moving average is $220.03.

Hedge Funds Weigh In On Veeva Systems

A number of institutional investors have recently bought and sold shares of VEEV. MassMutual Private Wealth & Trust FSB increased 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 buying an additional 50 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in Veeva Systems in the 4th quarter worth $25,000. Smithfield Trust Co increased 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 buying an additional 80 shares in the last quarter. True Wealth Design LLC increased 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 buying an additional 135 shares in the last quarter. Finally, Avion Wealth increased its stake in Veeva Systems by 635.0% in the 4th quarter. Avion Wealth now owns 147 shares of the technology company’s stock worth $30,000 after buying an additional 127 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

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.