Royal Bank of Canada Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV) had its price target increased by Royal Bank of Canada from $275.00 to $285.00 in a research report released on Friday morning,Benzinga reports. They currently have an outperform rating on the technology company’s stock.

A number of other brokerages have also recently commented on VEEV. StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Needham & Company LLC increased their price objective on shares of Veeva Systems from $260.00 to $270.00 and gave the company a “buy” rating in a research report on Friday. Barclays boosted their target price on shares of Veeva Systems from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Raymond James lifted their price target on shares of Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Finally, Bank of America upped their price objective on shares of Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating 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 eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $254.04.

Veeva Systems Price Performance

Veeva Systems stock opened at $250.45 on Friday. The company has a market cap of $40.56 billion, a price-to-earnings ratio of 61.84, a price-to-earnings-growth ratio of 2.30 and a beta of 0.82. Veeva Systems has a 12 month low of $165.12 and a 12 month high of $258.93. The stock’s 50-day moving average is $217.50 and its 200-day moving average is $202.61.

Insider Transactions at Veeva Systems

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

Institutional Investors Weigh In On Veeva Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. General American Investors Co. Inc. acquired a new position in Veeva Systems during the 3rd quarter worth $5,133,000. Procyon Advisors LLC acquired a new position in shares of Veeva Systems during the 3rd quarter worth about $712,000. Envestnet Portfolio Solutions Inc. boosted its stake in Veeva Systems by 44.9% during the 2nd 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 during the period. Principal Financial Group Inc. grew its holdings 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 during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its holdings in shares of Veeva Systems by 3.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock worth $16,370,000 after buying an additional 2,733 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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.