Veeva Systems Inc. (NYSE:VEEV) Receives $253.96 Average Price Target from Analysts

Shares of Veeva Systems Inc. (NYSE:VEEV) have received an average recommendation of “Moderate Buy” from the twenty-seven ratings firms that are currently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and seventeen have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $253.96.

Several research analysts have recently issued reports on VEEV shares. Mizuho started coverage on Veeva Systems in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 price target for the company. Scotiabank increased their target price on shares of Veeva Systems from $235.00 to $240.00 and gave the company a “sector perform” rating in a research report on Friday, December 6th. Piper Sandler boosted their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. The Goldman Sachs Group lowered shares of Veeva Systems from a “buy” rating to a “sell” rating and reduced their price target for the stock from $261.00 to $200.00 in a research note on Thursday, January 23rd. Finally, Morgan Stanley raised their price objective on shares of Veeva Systems from $183.00 to $195.00 and gave the company an “underweight” rating in a research note on Tuesday, December 17th.

Veeva Systems Trading Down 1.4 %

Shares of NYSE VEEV opened at $234.43 on Friday. Veeva Systems has a 12-month low of $170.25 and a 12-month high of $258.93. The company has a market cap of $38.06 billion, a PE ratio of 57.88, a P/E/G ratio of 1.97 and a beta of 0.85. The stock has a 50 day simple moving average of $224.68 and a 200-day simple moving average of $215.12.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the sale, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at $1,856,448.30. This trade represents a 17.37 % 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. 10.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Veeva Systems

A number of hedge funds have recently modified their holdings of the company. Massachusetts Financial Services Co. MA raised its stake in shares of Veeva Systems by 64.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after purchasing an additional 1,392,256 shares in the last quarter. State Street Corp raised its stake in shares of Veeva Systems by 1.5% in the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock valued at $691,132,000 after buying an additional 47,872 shares in the last quarter. FMR LLC lifted its holdings in shares of Veeva Systems by 25.7% during the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after acquiring an additional 610,021 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Veeva Systems by 36.0% during the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock worth $623,186,000 after acquiring an additional 784,741 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Veeva Systems by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock valued at $579,630,000 after acquiring an additional 149,807 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Company Profile

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.