JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Veeva Systems (NYSE:VEEV) Stock

Veeva Systems (NYSE:VEEV) had its price objective raised by equities research analysts at JPMorgan Chase & Co. from $218.00 to $249.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 5.11% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Wells Fargo & Company raised 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. Royal Bank of Canada upped their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. KeyCorp reduced their price objective on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Scotiabank boosted their target price on Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research report on Thursday, March 6th. Finally, Mizuho assumed coverage on shares of Veeva Systems in a research report on Wednesday, December 4th. They set an “outperform” rating and a $275.00 price target on the stock. Two 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $256.52.

Veeva Systems Stock Performance

Veeva Systems stock traded down $0.27 during midday trading on Thursday, hitting $236.91. 100,969 shares of the company’s stock were exchanged, compared to its average volume of 1,002,860. The company has a market cap of $38.46 billion, a P/E ratio of 58.39, a PEG ratio of 1.89 and a beta of 0.88. The stock has a 50-day moving average price of $228.49 and a two-hundred day moving average price of $221.93. Veeva Systems has a 52-week low of $170.25 and a 52-week high of $258.93.

Hedge Funds Weigh In On Veeva Systems

A number of institutional investors have recently added to or reduced their stakes in VEEV. MassMutual Private Wealth & Trust FSB increased its stake in shares of 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 acquiring an additional 50 shares in the last quarter. Centricity Wealth Management LLC bought a new position in shares of Veeva Systems during the fourth quarter valued at approximately $25,000. Smithfield Trust Co lifted its holdings in shares of Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock valued at $27,000 after purchasing an additional 80 shares during the last quarter. True Wealth Design LLC boosted its position in shares of 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 purchasing an additional 135 shares in the last quarter. Finally, Avion Wealth grew its stake in shares of 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 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.