Veeva Systems (NYSE:VEEV) Stock Rating Reaffirmed by Needham & Company LLC

Veeva Systems (NYSE:VEEV)‘s stock had its “buy” rating restated by Needham & Company LLC in a research report issued on Monday, Benzinga reports. They currently have a $260.00 price target on the technology company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 38.95% from the company’s current price.

A number of other equities analysts have also issued reports on VEEV. Morgan Stanley lowered their price target on Veeva Systems from $210.00 to $173.00 and set an “underweight” rating on the stock in a report on Friday, May 31st. Citigroup reduced their price objective on shares of Veeva Systems from $274.00 to $256.00 and set a “buy” rating for the company in a research report on Monday, June 3rd. Royal Bank of Canada restated an “outperform” rating and issued a $250.00 price objective on shares of Veeva Systems in a research report on Friday, June 21st. Barclays reduced their price objective on shares of Veeva Systems from $245.00 to $220.00 and set an “overweight” rating for the company in a research report on Friday, May 31st. Finally, Bank of America reduced their price objective on shares of Veeva Systems from $240.00 to $204.00 and set a “neutral” rating for the company in a research report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $228.05.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $187.12 on Monday. The stock’s 50-day moving average is $190.52 and its two-hundred day moving average is $204.97. The firm has a market cap of $30.25 billion, a price-to-earnings ratio of 55.20, a PEG ratio of 1.84 and a beta of 0.80. Veeva Systems has a 1 year low of $162.72 and a 1 year high of $236.90.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Thursday, May 30th. The technology company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.10. Veeva Systems had a return on equity of 12.74% and a net margin of 22.34%. The company had revenue of $650.35 million for the quarter, compared to analyst estimates of $641.73 million. As a group, research analysts predict that Veeva Systems will post 4.19 EPS for the current year.

Insider Buying and Selling

In related news, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the completion of the transaction, the chief financial officer now directly owns 8,391 shares in the company, valued at approximately $1,546,713.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Veeva Systems news, EVP Alan Mateo sold 3,391 shares of Veeva Systems stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total value of $681,116.26. Following the completion of the sale, the executive vice president now directly owns 21,983 shares of the company’s stock, valued at approximately $4,415,505.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the completion of the sale, the chief financial officer now directly owns 8,391 shares of the company’s stock, valued at $1,546,713.03. The disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

Institutional Trading of Veeva Systems

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Advisors Asset Management Inc. purchased a new stake in shares of Veeva Systems during the 1st quarter valued at $28,000. DSM Capital Partners LLC purchased a new stake in shares of Veeva Systems during the 4th quarter valued at $29,000. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Veeva Systems during the 4th quarter valued at $32,000. First Financial Corp IN purchased a new stake in shares of Veeva Systems during the 1st quarter valued at $35,000. Finally, American National Bank purchased a new stake in shares of Veeva Systems during the 4th quarter valued at $36,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

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.