Truist Financial Increases Veeva Systems (NYSE:VEEV) Price Target to $217.00

Veeva Systems (NYSE:VEEV) had its target price lifted by analysts at Truist Financial from $210.00 to $217.00 in a report released on Thursday,Benzinga reports. The firm presently has a “hold” rating on the technology company’s stock. Truist Financial’s price objective points to a potential downside of 12.18% from the stock’s previous close.

Several other research firms have also commented on VEEV. Scotiabank raised their price target on shares of Veeva Systems from $235.00 to $240.00 and gave the company a “sector perform” rating in a report on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and set a $270.00 price objective on shares of Veeva Systems in a research note on Thursday. JPMorgan Chase & Co. lifted their price objective 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. Stifel Nicolaus lifted their price target on shares of Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Barclays lifted their price target on shares of Veeva Systems from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $255.28.

Veeva Systems Stock Performance

NYSE VEEV opened at $247.10 on Thursday. Veeva Systems has a one year low of $170.25 and a one year high of $258.93. The company’s 50 day moving average price is $224.92 and its 200 day moving average price is $220.03. The firm has a market capitalization of $40.12 billion, a price-to-earnings ratio of 61.01, a PEG ratio of 1.89 and a beta of 0.88.

Institutional Investors Weigh In On Veeva Systems

A number of large investors have recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. boosted its position in Veeva Systems by 3.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company’s stock worth $1,086,930,000 after purchasing an additional 177,201 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Veeva Systems by 64.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after purchasing an additional 1,392,256 shares during the period. State Street Corp lifted its holdings in shares of Veeva Systems by 1.5% during the third quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock worth $691,132,000 after buying an additional 47,872 shares during the last quarter. Leigh Baldwin & CO. LLC acquired a new position in shares of Veeva Systems during the fourth quarter worth approximately $685,355,000. Finally, FMR LLC lifted its holdings in shares of Veeva Systems by 7.8% during the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company’s stock worth $675,609,000 after buying an additional 232,116 shares during the last quarter. 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.