Veeva Systems (NYSE:VEEV) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Veeva Systems (NYSE:VEEV) from a hold rating to a buy rating in a research note published on Friday morning.

Several other brokerages also recently issued reports on VEEV. Piper Sandler lifted their target price on Veeva Systems from $220.00 to $245.00 and gave the company an overweight rating in a research note on Friday, March 1st. Robert W. Baird lifted their price objective on Veeva Systems from $245.00 to $251.00 and gave the stock an outperform rating in a research note on Friday, March 1st. Raymond James reaffirmed an outperform rating and issued a $260.00 price objective on shares of Veeva Systems in a research note on Tuesday, March 26th. The Goldman Sachs Group lifted their price objective on Veeva Systems from $219.00 to $248.00 and gave the stock a buy rating in a research note on Friday, March 1st. Finally, JPMorgan Chase & Co. lifted their price objective on Veeva Systems from $183.00 to $222.00 and gave the stock a neutral rating in a research note on Wednesday, March 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, Veeva Systems has a consensus rating of Moderate Buy and an average price target of $234.90.

Veeva Systems Stock Down 2.5 %

VEEV stock opened at $201.62 on Friday. Veeva Systems has a twelve month low of $160.21 and a twelve month high of $236.90. The stock has a market cap of $32.53 billion, a P/E ratio of 62.61, a PEG ratio of 2.09 and a beta of 0.74. The business’s 50-day moving average price is $222.35 and its 200-day moving average price is $202.89.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Thursday, February 29th. The technology company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.11. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. The firm had revenue of $630.62 million for the quarter, compared to analysts’ expectations of $620.75 million. On average, equities research analysts expect that Veeva Systems will post 4.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Alan Mateo sold 910 shares of the business’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $204.72, for a total value of $186,295.20. Following the completion of the transaction, the executive vice president now directly owns 21,983 shares of the company’s stock, valued at approximately $4,500,359.76. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, COO Thomas D. Schwenger sold 1,238 shares of the company’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $210.02, for a total transaction of $260,004.76. Following the transaction, the chief operating officer now directly owns 24,342 shares of the company’s stock, valued at approximately $5,112,306.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Alan Mateo sold 910 shares of the company’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $204.72, for a total value of $186,295.20. Following the transaction, the executive vice president now directly owns 21,983 shares in the company, valued at $4,500,359.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,148 shares of company stock worth $3,836,900. 10.98% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Cardinal Capital Management increased its holdings in shares of Veeva Systems by 9.6% in the first quarter. Cardinal Capital Management now owns 15,022 shares of the technology company’s stock valued at $3,480,000 after purchasing an additional 1,317 shares during the period. Brookstone Capital Management purchased a new stake in shares of Veeva Systems in the first quarter worth about $234,000. First Financial Corp IN purchased a new stake in shares of Veeva Systems in the first quarter worth about $35,000. Gateway Investment Advisers LLC boosted its stake in shares of Veeva Systems by 14.5% in the first quarter. Gateway Investment Advisers LLC now owns 43,045 shares of the technology company’s stock worth $9,973,000 after buying an additional 5,435 shares during the last quarter. Finally, Strategic Planning Group LLC boosted its stake in shares of Veeva Systems by 16.2% in the first quarter. Strategic Planning Group LLC now owns 12,967 shares of the technology company’s stock worth $3,004,000 after buying an additional 1,811 shares during the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

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.