Veeva Systems (NYSE:VEEV) Earns “Hold” Rating from Truist Financial

Veeva Systems (NYSE:VEEV)‘s stock had its “hold” rating reaffirmed by stock analysts at Truist Financial in a report released on Friday,Benzinga reports. They presently have a $261.00 price target on the technology company’s stock, up from their prior price target of $207.00. Truist Financial’s price objective would suggest a potential upside of 4.21% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Raymond James lifted their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. UBS Group boosted their price target on Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Needham & Company LLC increased their price objective on Veeva Systems from $260.00 to $270.00 and gave the company a “buy” rating in a report on Friday. Barclays raised their price objective on Veeva Systems from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Finally, Piper Sandler upped their target price on Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday. 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 company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $254.04.

Veeva Systems Stock Performance

Shares of VEEV opened at $250.45 on Friday. The firm has a market cap of $40.56 billion, a PE ratio of 61.84, a PEG ratio of 2.30 and a beta of 0.82. The firm’s 50 day moving average price is $218.29 and its 200 day moving average price is $202.85. Veeva Systems has a twelve month low of $165.12 and a twelve month high of $258.93.

Insider Buying and Selling at Veeva Systems

In other 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 completion of the transaction, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction 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 completion of the sale, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. This represents a 4.00 % 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 have recently added to or reduced their stakes in the company. General American Investors Co. Inc. acquired a new stake in shares of Veeva Systems during the third quarter worth approximately $5,133,000. Procyon Advisors LLC acquired a new stake in Veeva Systems during the 3rd quarter valued at $712,000. Envestnet Portfolio Solutions Inc. raised its position in Veeva Systems by 44.9% in 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 last quarter. Principal Financial Group Inc. boosted its stake in 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 in the last quarter. Finally, Oppenheimer Asset Management Inc. grew 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 purchasing an additional 2,733 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

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.