Veeva Systems (NYSE:VEEV) Hits New 12-Month High – Should You Buy?

Veeva Systems Inc. (NYSE:VEEV)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $291.69 and last traded at $290.48, with a volume of 269666 shares changing hands. The stock had previously closed at $288.55.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Stephens reissued an “overweight” rating and set a $280.00 price target on shares of Veeva Systems in a report on Thursday, March 6th. JPMorgan Chase & Co. upped their price objective on Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research note on Thursday, March 20th. Piper Sandler upped their price objective on Veeva Systems from $255.00 to $325.00 and gave the stock an “overweight” rating in a research note on Thursday, May 29th. Robert W. Baird upped their price objective on Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a research note on Thursday, March 6th. Finally, Stifel Nicolaus increased their price target on Veeva Systems from $272.00 to $295.00 and gave the company a “buy” rating in a research note on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, Veeva Systems has a consensus rating of “Moderate Buy” and a consensus target price of $269.80.

Veeva Systems Trading Down 0.1%

The stock has a market cap of $45.85 billion, a price-to-earnings ratio of 69.59, a PEG ratio of 1.89 and a beta of 0.99. The stock has a 50-day moving average price of $242.24 and a two-hundred day moving average price of $232.31.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.23. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The company had revenue of $759.04 million during the quarter, compared to analysts’ expectations of $728.38 million. During the same quarter in the previous year, the firm posted $1.50 EPS. The firm’s revenue was up 16.7% compared to the same quarter last year. Research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the transaction, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director now owns 5,500 shares of the company’s stock, valued at $1,593,460. The trade was a 5.42% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,184 shares of company stock valued at $1,376,179. 10.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

Institutional investors have recently modified their holdings of the stock. Abound Financial LLC purchased a new position in shares of Veeva Systems in the 1st quarter valued at about $25,000. ORG Partners LLC purchased a new position in shares of Veeva Systems in the 1st quarter valued at about $26,000. Centricity Wealth Management LLC purchased a new position in shares of Veeva Systems in the 4th quarter valued at about $25,000. Golden State Wealth Management LLC increased its stake in shares of Veeva Systems by 152.9% in the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company’s stock valued at $30,000 after purchasing an additional 78 shares in the last quarter. Finally, Smithfield Trust Co increased its stake in shares of Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock valued at $27,000 after purchasing an additional 80 shares in the last quarter. Hedge funds and other 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.