Wells Fargo & Company Increases Veeva Systems (NYSE:VEEV) Price Target to $285.00

Veeva Systems (NYSE:VEEV) had its price objective raised by equities researchers at Wells Fargo & Company from $275.00 to $285.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 13.80% from the company’s previous close.

A number of other equities analysts have also recently commented on VEEV. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Truist Financial reaffirmed a “hold” rating and set a $261.00 price target (up previously from $207.00) on shares of Veeva Systems in a research note on Friday. UBS Group boosted their target price on Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Canaccord Genuity Group lifted their price target on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a research note on Friday. Finally, Needham & Company LLC boosted their price objective on shares of Veeva Systems from $260.00 to $270.00 and gave the stock a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $254.04.

Veeva Systems Stock Performance

NYSE:VEEV opened at $250.45 on Friday. The firm has a market capitalization of $40.56 billion, a price-to-earnings ratio of 61.84, a P/E/G ratio of 2.30 and a beta of 0.82. The stock has a fifty day moving average of $218.29 and a 200 day moving average of $202.85. Veeva Systems has a 52-week low of $165.12 and a 52-week high of $258.93.

Insider Activity

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the transaction, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the transaction, the senior vice president now owns 8,061 shares in the company, valued at $1,856,448.30. This represents a 17.37 % decrease in their position. The disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Institutional investors and hedge funds have recently bought and sold shares of the stock. General American Investors Co. Inc. bought a new position in shares of Veeva Systems in the third quarter worth about $5,133,000. Procyon Advisors LLC bought a new stake in Veeva Systems during the 3rd quarter worth approximately $712,000. Envestnet Portfolio Solutions Inc. lifted its holdings in Veeva Systems by 44.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after purchasing an additional 9,232 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of Veeva Systems by 3.6% in the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock worth $16,370,000 after purchasing an additional 2,733 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.