Royal Bank of Canada Boosts Veeva Systems (NYSE:VEEV) Price Target to $275.00

Veeva Systems (NYSE:VEEV) had its price objective boosted by Royal Bank of Canada from $250.00 to $275.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the technology company’s stock.

Several other equities research analysts have also commented on VEEV. Guggenheim upped their price target on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Piper Sandler boosted their price target on Veeva Systems from $230.00 to $280.00 and gave the stock an “overweight” rating in a research report on Friday. Bank of America boosted their target price on Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Citigroup raised their price target on Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a research report on Tuesday, August 27th. Finally, UBS Group boosted their price objective on Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and a consensus price target of $237.00.

Veeva Systems Stock Up 5.2 %

Shares of NYSE VEEV traded up $11.61 during midday trading on Friday, reaching $235.00. 2,472,493 shares of the company’s stock traded hands, compared to its average volume of 943,623. The company has a market cap of $38.05 billion, a price-to-earnings ratio of 62.67, a P/E/G ratio of 2.10 and a beta of 0.81. Veeva Systems has a one year low of $162.72 and a one year high of $240.68. The stock’s 50 day simple moving average is $213.98 and its 200-day simple moving average is $199.75.

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

Insider Buying and Selling at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following 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 position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 10.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Veeva Systems

Institutional investors and hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. lifted its stake in Veeva Systems by 138.9% in the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after buying an additional 1,267,061 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Veeva Systems by 7.5% during the first quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock valued at $3,278,430,000 after acquiring an additional 991,208 shares during the last quarter. Swedbank AB purchased a new stake in Veeva Systems during the 1st quarter worth about $227,673,000. Matrix Capital Management Company LP raised its stake in Veeva Systems by 635.4% in the 1st quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock valued at $115,572,000 after purchasing an additional 430,989 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Veeva Systems by 83.8% in the 1st quarter. Acadian Asset Management LLC now owns 618,344 shares of the technology company’s stock valued at $143,235,000 after purchasing an additional 281,993 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

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.