Veeva Systems (NYSE:VEEV) Hits New 52-Week High After Analyst Upgrade

Shares of Veeva Systems Inc. (NYSE:VEEV) reached a new 52-week high on Friday after Piper Sandler raised their price target on the stock from $230.00 to $280.00. Piper Sandler currently has an overweight rating on the stock. Veeva Systems traded as high as $239.96 and last traded at $234.08, with a volume of 265323 shares trading hands. The stock had previously closed at $223.39.

A number of other analysts have also commented on the company. Barclays lifted their price objective on Veeva Systems from $220.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Robert W. Baird dropped their price target on Veeva Systems from $251.00 to $245.00 and set an “outperform” rating on the stock in a research note on Monday, October 28th. Raymond James upped their price objective on Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Citigroup lifted their target price on Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a research report on Tuesday, August 27th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $250.00 price target on shares of Veeva Systems in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $235.04.

Insider Activity

In other news, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the transaction, the senior vice president now directly owns 9,035 shares in the company, valued at $1,807,000. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 10.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Advisors Asset Management Inc. bought a new position in shares of Veeva Systems during the 1st quarter worth $28,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of Veeva Systems during the 3rd quarter valued at $26,000. Larson Financial Group LLC grew its stake in Veeva Systems by 1,153.8% during the first quarter. Larson Financial Group LLC now owns 163 shares of the technology company’s stock valued at $38,000 after acquiring an additional 150 shares in the last quarter. Blue Trust Inc. raised its position in Veeva Systems by 3,460.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after purchasing an additional 173 shares in the last quarter. Finally, DT Investment Partners LLC bought a new stake in Veeva Systems in the 2nd quarter worth approximately $35,000. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Price Performance

The stock has a market capitalization of $37.54 billion, a PE ratio of 59.57, a P/E/G ratio of 2.10 and a beta of 0.81. The firm’s 50 day simple moving average is $213.48 and its 200 day simple moving average is $199.34.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.04 by $0.03. The company had revenue of $676.18 million for the quarter, compared to the consensus estimate of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. Analysts expect that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

About Veeva Systems

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.