Wells Fargo & Company Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV) had its price target hoisted by Wells Fargo & Company from $330.00 to $400.00 in a report released on Wednesday, Marketbeat reports. Wells Fargo & Company currently has an overweight rating on the technology company’s stock.

A number of other brokerages have also recently issued reports on VEEV. Piper Sandler increased their price objective on Veeva Systems from $295.00 to $320.00 and gave the stock an “overweight” rating in a report on Thursday, August 27th. Morgan Stanley lifted their target price on Veeva Systems from $215.00 to $275.00 and gave the company an “equal weight” rating in a report on Thursday, August 27th. Canaccord Genuity Group lifted their target price on Veeva Systems from $260.00 to $315.00 and gave the company a “hold” rating in a report on Monday. Guggenheim upped their price target on Veeva Systems from $276.00 to $310.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. Finally, BTIG Research increased their price target on shares of Veeva Systems from $340.00 to $360.00 and gave the stock a “buy” rating in a report on Monday. Nineteen equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $317.42.

Veeva Systems Trading Down 0.2%

Veeva Systems stock opened at $304.94 on Wednesday. Veeva Systems has a 1-year low of $148.05 and a 1-year high of $325.99. The firm has a market capitalization of $49.37 billion, a price-to-earnings ratio of 50.15, a P/E/G ratio of 1.30 and a beta of 0.89. The firm has a 50 day simple moving average of $290.75 and a 200 day simple moving average of $213.20.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.12. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%. The firm had revenue of $927.96 million for the quarter, compared to the consensus estimate of $905.38 million. During the same quarter in the prior year, the business posted $1.99 earnings per share. The business’s quarterly revenue was up 17.6% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. On average, equities research analysts forecast that Veeva Systems will post 6.70 EPS for the current year.

Insider Activity

In related news, EVP Daniel J. Rizzo sold 4,841 shares of Veeva Systems stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $276.51, for a total transaction of $1,338,584.91. Following the completion of the sale, the executive vice president owned 7,665 shares of the company’s stock, valued at approximately $2,119,449.15. This trade represents a 38.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Thomas D. Schwenger sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $281.33, for a total value of $2,813,300.00. Following the transaction, the insider owned 19,449 shares of the company’s stock, valued at approximately $5,471,587.17. The trade was a 33.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 20,789 shares of company stock worth $5,905,609. Company insiders own 10.60% of the company’s stock.

Institutional Trading of Veeva Systems

Institutional investors and hedge funds have recently modified their holdings of the business. Aberdeen Group plc grew its holdings in shares of Veeva Systems by 1,513.8% during the third quarter. Aberdeen Group plc now owns 2,029,943 shares of the technology company’s stock worth $579,447,000 after purchasing an additional 1,904,153 shares in the last quarter. Amundi raised its stake in Veeva Systems by 8.0% in the first quarter. Amundi now owns 992,977 shares of the technology company’s stock valued at $174,426,000 after purchasing an additional 73,510 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Veeva Systems by 203.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company’s stock valued at $160,427,000 after purchasing an additional 611,868 shares in the last quarter. Royal Bank of Canada raised its stake in Veeva Systems by 2.7% in the first quarter. Royal Bank of Canada now owns 870,281 shares of the technology company’s stock valued at $152,873,000 after purchasing an additional 23,117 shares in the last quarter. Finally, Fundsmith LLP purchased a new position in Veeva Systems in the 2nd quarter worth approximately $144,955,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Company Profile

Veeva Systems Inc. develops cloud-based software, data and consulting services for the life sciences industry. Its customers include pharmaceutical and biotechnology companies, medical device makers and contract research organizations. The company’s products support commercial operations as well as clinical, regulatory, quality and safety activities. Its offerings include Veeva Vault applications for managing documents and business processes, customer relationship management software, and data and analytics services.