Brokerages Set Veeva Systems Inc. (NYSE:VEEV) Price Target at $308.04

Veeva Systems Inc. (NYSE:VEEV) has been assigned an average rating of “Moderate Buy” from the twenty-six brokerages that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $307.3333.

A number of research analysts have recently issued reports on VEEV shares. Canaccord Genuity Group reaffirmed a “buy” rating on shares of Veeva Systems in a research note on Tuesday, November 25th. Morgan Stanley upgraded Veeva Systems from an “underweight” rating to an “equal weight” rating and reduced their price target for the stock from $222.00 to $205.00 in a research report on Tuesday. BTIG Research reiterated a “buy” rating and issued a $340.00 price objective on shares of Veeva Systems in a research report on Friday, November 21st. Wall Street Zen lowered Veeva Systems from a “buy” rating to a “hold” rating in a research note on Saturday, December 6th. Finally, Citigroup cut their target price on shares of Veeva Systems from $349.00 to $319.00 and set a “buy” rating on the stock in a report on Monday, November 24th.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,000 shares of the company’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total transaction of $231,430.00. Following the completion of the transaction, the insider directly owned 23,204 shares of the company’s stock, valued at approximately $5,370,101.72. This represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 10.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of VEEV. Jensen Investment Management Inc. increased its stake in Veeva Systems by 1,924.5% in the third quarter. Jensen Investment Management Inc. now owns 413,213 shares of the technology company’s stock valued at $123,100,000 after purchasing an additional 392,802 shares during the period. Principal Financial Group Inc. increased its position in Veeva Systems by 11.2% in the 3rd quarter. Principal Financial Group Inc. now owns 3,846,877 shares of the technology company’s stock valued at $1,146,040,000 after acquiring an additional 388,864 shares during the period. Alphinity Investment Management Pty Ltd purchased a new stake in Veeva Systems during the 3rd quarter valued at approximately $422,241,000. Compass Wealth Management LLC acquired a new stake in Veeva Systems during the 3rd quarter worth approximately $18,694,000. Finally, ABN AMRO Bank N.V. acquired a new stake in Veeva Systems during the 3rd quarter worth approximately $246,625,000. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Up 0.6%

Shares of NYSE VEEV opened at $182.41 on Tuesday. The stock’s 50-day moving average is $211.84 and its 200 day moving average is $254.82. The stock has a market cap of $29.98 billion, a price-to-earnings ratio of 35.49, a P/E/G ratio of 1.25 and a beta of 1.08. Veeva Systems has a 1-year low of $168.13 and a 1-year high of $310.50.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Thursday, November 20th. The technology company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.09. The business had revenue of $0.81 million during the quarter, compared to analyst estimates of $792.37 million. Veeva Systems had a return on equity of 13.68% and a net margin of 27.93%.Veeva Systems’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.75 earnings per share. On average, analysts forecast that Veeva Systems will post 4.35 EPS for the current fiscal year.

Veeva Systems announced that its Board of Directors has initiated a share repurchase program on Monday, January 5th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 5.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Veeva Systems Company Profile

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.