Veeva Systems (NYSE:VEEV) Price Target Raised to $350.00

Veeva Systems (NYSE:VEEV) had its price target raised by Robert W. Baird from $300.00 to $350.00 in a research report released on Monday,Benzinga reports. They currently have an outperform rating on the technology company’s stock.

Several other equities research analysts also recently commented on the company. Weiss Ratings upgraded Veeva Systems from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Morgan Stanley boosted their target price on Veeva Systems from $215.00 to $275.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 27th. Jefferies Financial Group restated a “buy” rating and set a $295.00 target price on shares of Veeva Systems in a research note on Thursday, August 27th. Guggenheim raised their price target on shares of Veeva Systems from $276.00 to $310.00 and gave the company a “buy” rating in a report on Thursday, August 27th. Finally, Needham & Company LLC lifted their price target on shares of Veeva Systems from $270.00 to $310.00 and gave the stock a “buy” rating in a research note on Thursday, August 27th. Nineteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $290.50.

Veeva Systems Trading Up 1.4%

VEEV stock opened at $317.83 on Monday. The stock’s 50 day simple moving average is $281.54 and its 200 day simple moving average is $209.04. Veeva Systems has a 12-month low of $148.05 and a 12-month high of $325.99. The stock has a market capitalization of $51.46 billion, a PE ratio of 52.27, a price-to-earnings-growth ratio of 1.38 and a beta of 0.93.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Wednesday, August 26th. The technology company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.23 by $0.12. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%. The business had revenue of $927.96 million during the quarter, compared to analyst estimates of $905.38 million. During the same quarter last year, the company earned $1.99 EPS. The company’s quarterly revenue was up 17.6% compared to the same quarter last year. 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, research analysts predict that Veeva Systems will post 6.70 earnings per share for the current year.

Insider Buying and Selling at Veeva Systems

In other news, EVP Daniel J. Rizzo sold 4,841 shares of the firm’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $276.51, for a total value of $1,338,584.91. Following the transaction, the executive vice president owned 7,665 shares of the company’s stock, valued at $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 available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Priscilla Hung sold 750 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $261.04, for a total value of $195,780.00. Following the completion of the transaction, the director directly owned 3,242 shares in the company, valued at $846,291.68. This trade represents a 18.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 56,789 shares of company stock worth $14,913,889. 10.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Fundsmith LLP purchased a new stake in Veeva Systems in the second quarter worth $144,955,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Veeva Systems by 203.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company’s stock worth $160,427,000 after purchasing an additional 611,868 shares during the last quarter. Swedbank AB boosted its stake in shares of Veeva Systems by 43.5% during the first quarter. Swedbank AB now owns 1,645,128 shares of the technology company’s stock valued at $288,983,000 after purchasing an additional 498,971 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Veeva Systems by 757.5% during the first quarter. Pacer Advisors Inc. now owns 485,046 shares of the technology company’s stock valued at $85,203,000 after purchasing an additional 428,478 shares during the period. Finally, Ashe Capital Management LP purchased a new stake in shares of Veeva Systems during the second quarter valued at $75,232,550. 88.20% of the stock is owned by hedge funds and other institutional investors.

About Veeva Systems

Veeva Systems Inc is a cloud software company that develops technology for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other healthcare companies that use Veeva’s applications to manage commercial, clinical, regulatory, quality and operational processes.

The company’s Veeva Vault platform provides cloud applications for areas such as clinical data management, electronic trial management, regulatory information, quality management, safety and content management.