Veeva Systems (NYSE:VEEV) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Veeva Systems (NYSE:VEEV) in a research report sent to investors on Thursday morning,Benzinga reports. Needham & Company LLC currently has a $270.00 price objective on the technology company’s stock.

Several other equities research analysts also recently commented on the company. Evercore ISI boosted their target price on Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a report on Friday, December 6th. Royal Bank of Canada upped their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Robert W. Baird raised their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a research note on Thursday. JPMorgan Chase & Co. lifted their target price on shares of Veeva Systems from $208.00 to $218.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Finally, KeyCorp cut their price target on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and an average price target of $255.28.

Veeva Systems Stock Up 7.5 %

Shares of VEEV opened at $236.47 on Thursday. The stock has a market cap of $38.39 billion, a P/E ratio of 58.39, a P/E/G ratio of 1.89 and a beta of 0.85. The business’s 50 day moving average price is $224.25 and its 200-day moving average price is $219.66. Veeva Systems has a 52 week low of $170.25 and a 52 week high of $258.93.

Institutional Investors Weigh In On Veeva Systems

A number of hedge funds have recently modified their holdings of the business. T. Rowe Price Investment Management Inc. grew its holdings 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 valued at $1,086,930,000 after purchasing an additional 177,201 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after buying an additional 1,392,256 shares in the last quarter. State Street Corp lifted its position in shares of Veeva Systems by 1.5% during the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock valued at $691,132,000 after buying an additional 47,872 shares in the last quarter. Leigh Baldwin & CO. LLC bought a new position in shares of Veeva Systems during the 4th quarter valued at approximately $685,355,000. Finally, FMR LLC increased its holdings in Veeva Systems by 7.8% in the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company’s stock worth $675,609,000 after acquiring an additional 232,116 shares in 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.