Veeva Systems (NYSE:VEEV) Given New $280.00 Price Target at Piper Sandler

Veeva Systems (NYSE:VEEV) had its price target hoisted by Piper Sandler from $230.00 to $280.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

Several other research analysts have also recently issued reports on VEEV. Needham & Company LLC reissued a “buy” rating and set a $260.00 target price on shares of Veeva Systems in a report on Friday. Bank of America raised their price objective on shares of Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. BNP Paribas initiated coverage on Veeva Systems in a report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price objective on the stock. TD Cowen raised their target price on Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Finally, Raymond James increased their price objective on Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $237.00.

Veeva Systems Price Performance

Shares of NYSE:VEEV traded up $11.61 during trading on Friday, hitting $235.00. 2,472,493 shares of the company’s stock were exchanged, compared to its average volume of 943,623. The company has a market cap of $38.05 billion, a price-to-earnings ratio of 62.67, a PEG ratio of 2.10 and a beta of 0.81. Veeva Systems has a 52-week low of $162.72 and a 52-week high of $240.68. The business’s 50-day simple moving average is $213.98 and its 200 day simple moving average is $199.75.

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 the consensus estimate of $1.04 by $0.03. The company had revenue of $676.18 million for the quarter, compared to the consensus estimate of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. On average, sell-side analysts anticipate that Veeva Systems will post 4.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the sale, the senior vice president now directly owns 9,035 shares in the company, valued at $1,807,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 10.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Patriot Financial Group Insurance Agency LLC increased its holdings in Veeva Systems by 0.7% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock valued at $1,453,000 after purchasing an additional 48 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its stake in Veeva Systems by 1.2% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock worth $904,000 after purchasing an additional 50 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in shares of Veeva Systems by 0.4% in the 2nd quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock valued at $2,138,000 after buying an additional 52 shares during the period. Western Pacific Wealth Management LP grew its holdings in shares of Veeva Systems by 23.3% during the first quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock valued at $71,000 after purchasing an additional 58 shares during the last quarter. Finally, Park Place Capital Corp increased its holdings in shares of Veeva Systems by 11.5% in the 3rd quarter. Park Place Capital Corp now owns 574 shares of the technology company’s stock worth $120,000 after acquiring an additional 59 shares during the period. Hedge funds and other 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.