Veeva Systems (NYSE:VEEV) Upgraded to Buy at TD Cowen

Veeva Systems (NYSE:VEEV) was upgraded by stock analysts at TD Cowen from a “hold” rating to a “buy” rating in a research report issued on Tuesday, MarketBeat.com reports. The brokerage currently has a $380.00 price objective on the technology company’s stock. TD Cowen’s price objective would suggest a potential upside of 26.73% from the stock’s current price.

VEEV has been the subject of a number of other research reports. Oppenheimer reaffirmed an “outperform” rating and issued a $325.00 target price on shares of Veeva Systems in a research report on Thursday, August 28th. Morgan Stanley boosted their price target on Veeva Systems from $210.00 to $222.00 and gave the company an “underweight” rating in a research note on Thursday, August 28th. Truist Financial upped their price target on shares of Veeva Systems from $268.00 to $275.00 and gave the company a “hold” rating in a research report on Thursday, August 28th. Evercore ISI raised their price objective on shares of Veeva Systems from $285.00 to $295.00 and gave the stock an “in-line” rating in a report on Thursday, August 28th. Finally, JPMorgan Chase & Co. upgraded shares of Veeva Systems from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $290.00 to $330.00 in a research report on Monday, September 8th. Seventeen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $306.72.

Veeva Systems Stock Up 1.2%

VEEV opened at $299.84 on Tuesday. The firm has a 50 day moving average price of $281.83 and a 200-day moving average price of $263.56. Veeva Systems has a twelve month low of $200.30 and a twelve month high of $303.47. The stock has a market capitalization of $49.15 billion, a price-to-earnings ratio of 61.57, a PEG ratio of 2.29 and a beta of 0.98.

Insider Buying and Selling at Veeva Systems

In related news, SVP Jonathan Faddis sold 14,595 shares of Veeva Systems stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $300.00, for a total transaction of $4,378,500.00. Following the transaction, the senior vice president owned 8,588 shares in the company, valued at approximately $2,576,400. The trade was a 62.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas D. Schwenger sold 3,350 shares of the company’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $300.04, for a total transaction of $1,005,134.00. Following the completion of the transaction, the insider directly owned 23,773 shares of the company’s stock, valued at $7,132,850.92. This represents a 12.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,665 shares of company stock worth $5,589,280 over the last 90 days. Insiders own 10.30% of the company’s stock.

Institutional Trading of Veeva Systems

Several institutional investors have recently made changes to their positions in the business. HF Advisory Group LLC raised its stake in Veeva Systems by 49.9% during the 3rd quarter. HF Advisory Group LLC now owns 2,567 shares of the technology company’s stock valued at $765,000 after purchasing an additional 854 shares during the period. New England Research & Management Inc. purchased a new stake in Veeva Systems during the 3rd quarter valued at approximately $670,000. Aaron Wealth Advisors LLC grew its holdings in Veeva Systems by 9.9% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 955 shares of the technology company’s stock valued at $285,000 after buying an additional 86 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Veeva Systems by 11.4% during the third quarter. GAMMA Investing LLC now owns 2,486 shares of the technology company’s stock valued at $741,000 after buying an additional 254 shares during the last quarter. Finally, Praxis Investment Management Inc. raised its position in shares of Veeva Systems by 33.0% during the third quarter. Praxis Investment Management Inc. now owns 5,213 shares of the technology company’s stock valued at $1,553,000 after buying an additional 1,293 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

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.