Veeva Systems (NYSE:VEEV) PT Raised to $240.00

Veeva Systems (NYSE:VEEV) had its price target lifted by equities researchers at Bank of America from $204.00 to $240.00 in a report released on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. Bank of America‘s price objective indicates a potential upside of 10.87% from the stock’s previous close.

Several other research analysts have also issued reports on VEEV. Citigroup raised their target price on shares of Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a research note on Tuesday. Barclays lowered their target price on shares of Veeva Systems from $245.00 to $220.00 and set an “overweight” rating for the company in a report on Friday, May 31st. Needham & Company LLC reissued a “buy” rating and issued a $260.00 price target on shares of Veeva Systems in a research note on Monday, July 15th. Robert W. Baird lifted their price objective on Veeva Systems from $251.00 to $255.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 29th. Finally, Evercore ISI cut their target price on Veeva Systems from $230.00 to $200.00 and set an “in-line” rating on the stock in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $230.13.

Veeva Systems Price Performance

VEEV stock opened at $216.47 on Thursday. The company has a 50 day moving average price of $188.49 and a 200 day moving average price of $202.13. Veeva Systems has a fifty-two week low of $162.72 and a fifty-two week high of $236.90. The stock has a market capitalization of $34.99 billion, a PE ratio of 63.86, a price-to-earnings-growth ratio of 1.95 and a beta of 0.80.

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

Insider Activity

In other Veeva Systems news, CFO Timothy S. Cabral sold 15,000 shares of the business’s 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 transaction, the chief financial officer now owns 8,391 shares of the company’s stock, valued at approximately $1,546,713.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction dated 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 owns 8,391 shares in the company, valued at $1,546,713.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 2,353 shares of the firm’s 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 completion of the sale, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at $1,807,000. The disclosure for this sale can be found here. 10.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors and hedge funds have recently modified their holdings of the business. Sycomore Asset Management acquired a new stake in Veeva Systems during the second quarter worth approximately $8,298,000. Clearbridge Investments LLC increased its position in shares of Veeva Systems by 0.4% in the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock worth $2,138,000 after purchasing an additional 52 shares during the period. New Wave Wealth Advisors LLC bought a new position in shares of Veeva Systems in the second quarter worth $231,000. Regal Investment Advisors LLC raised its stake in Veeva Systems by 42.9% in the second quarter. Regal Investment Advisors LLC now owns 2,535 shares of the technology company’s stock valued at $464,000 after purchasing an additional 761 shares in the last quarter. Finally, Quarry LP lifted its position in Veeva Systems by 39.4% during the second quarter. Quarry LP now owns 421 shares of the technology company’s stock worth $77,000 after purchasing an additional 119 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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.