Veeva Systems (NYSE:VEEV) Upgraded to “Strong-Buy” at Guggenheim

Guggenheim upgraded shares of Veeva Systems (NYSE:VEEV) to a strong-buy rating in a research report report published on Wednesday,Zacks.com reports.

VEEV has been the topic of a number of other research reports. Stifel Nicolaus dropped their price target on Veeva Systems from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Thursday, June 4th. Citigroup raised their target price on shares of Veeva Systems from $176.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday, June 4th. Mizuho cut their price target on shares of Veeva Systems from $295.00 to $270.00 and set an “outperform” rating on the stock in a report on Thursday, June 4th. Wells Fargo & Company upped their price target on shares of Veeva Systems from $317.00 to $320.00 and gave the company an “overweight” rating in a research report on Thursday, June 4th. Finally, Piper Sandler lowered their price objective on shares of Veeva Systems from $285.00 to $235.00 and set an “overweight” rating on the stock in a research report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and a consensus target price of $247.08.

Veeva Systems Price Performance

VEEV stock opened at $179.36 on Wednesday. Veeva Systems has a 12 month low of $148.05 and a 12 month high of $310.50. The firm has a market cap of $29.14 billion, a PE ratio of 31.97, a P/E/G ratio of 0.79 and a beta of 0.94. The firm has a 50 day simple moving average of $174.05 and a 200 day simple moving average of $181.57.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, June 3rd. The technology company reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.10. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. The firm had revenue of $882.95 million for the quarter, compared to analyst estimates of $857.73 million. During the same quarter in the previous year, the business posted $1.97 earnings per share. The firm’s quarterly revenue was up 16.3% compared to the same quarter last year. Veeva Systems has set its FY 2027 guidance at 9.050-9.050 EPS and its Q2 2027 guidance at 2.210-2.220 EPS. As a group, sell-side analysts expect that Veeva Systems will post 6.65 earnings per share for the current year.

Insider Buying and Selling

In other Veeva Systems news, Director Priscilla Hung sold 750 shares of the company’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $155.64, for a total value of $116,730.00. Following the transaction, the director directly owned 3,253 shares of the company’s stock, valued at $506,296.92. This represents a 18.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Robeco Institutional Asset Management B.V. boosted its position in shares of Veeva Systems by 11.3% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 892,070 shares of the technology company’s stock valued at $199,137,000 after acquiring an additional 90,703 shares in the last quarter. Empire Life Investments Inc. raised its position in Veeva Systems by 21.1% in the fourth quarter. Empire Life Investments Inc. now owns 37,054 shares of the technology company’s stock worth $8,272,000 after purchasing an additional 6,453 shares in the last quarter. Farther Finance Advisors LLC raised its position in Veeva Systems by 217.2% in the fourth quarter. Farther Finance Advisors LLC now owns 10,470 shares of the technology company’s stock worth $2,337,000 after purchasing an additional 7,169 shares in the last quarter. Pictet Asset Management Holding SA lifted its stake in Veeva Systems by 14.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,110,075 shares of the technology company’s stock worth $247,817,000 after purchasing an additional 137,965 shares during the period. Finally, KBC Group NV boosted its holdings in Veeva Systems by 180.2% during the fourth quarter. KBC Group NV now owns 201,140 shares of the technology company’s stock valued at $44,900,000 after purchasing an additional 129,346 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

About Veeva Systems

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.