Veeva Systems (NYSE:VEEV) Earns Overweight Rating from Analysts at Stephens

Analysts at Stephens began coverage on shares of Veeva Systems (NYSE:VEEV) in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. The firm set an “overweight” rating and a $280.00 price target on the technology company’s stock. Stephens’ price objective would suggest a potential upside of 27.46% from the company’s previous close.

Several other equities analysts have also recently commented on VEEV. Guggenheim increased their target price on Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Truist Financial reiterated a “hold” rating and set a $261.00 price objective (up from $207.00) on shares of Veeva Systems in a research note on Friday, December 6th. TD Cowen boosted their target price on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Bank of America increased their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Evercore ISI lifted their price target on Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research note on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $257.44.

Veeva Systems Stock Performance

Shares of VEEV opened at $219.67 on Friday. Veeva Systems has a one year low of $170.25 and a one year high of $258.93. The stock has a 50-day moving average price of $222.73 and a 200 day moving average price of $204.84. The company has a market capitalization of $35.66 billion, a P/E ratio of 54.24, a P/E/G ratio of 2.03 and a beta of 0.82.

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction 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 transaction, the insider now owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction 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. The trade was a 17.37 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is owned by insiders.

Institutional Trading of Veeva Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in VEEV. Massachusetts Financial Services Co. MA increased its stake in shares of Veeva Systems by 64.7% during 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 acquiring an additional 1,392,256 shares during the period. Principal Financial Group Inc. boosted its stake in Veeva Systems by 138.9% during 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 purchasing an additional 1,267,061 shares in the last quarter. FMR LLC increased its position 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 valued at $625,674,000 after purchasing an additional 610,021 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Veeva Systems by 761.7% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 297,771 shares of the technology company’s stock worth $62,493,000 after buying an additional 263,214 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Veeva Systems in the third quarter valued at $50,584,000. 88.20% of the stock is currently 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.