Veeva Systems (NYSE:VEEV) Coverage Initiated by Analysts at Scotiabank

Stock analysts at Scotiabank began coverage on shares of Veeva Systems (NYSE:VEEV) in a note issued to investors on Monday,Benzinga reports. The brokerage set a “sector perform” rating and a $235.00 price target on the technology company’s stock. Scotiabank’s target price would suggest a potential upside of 9.98% from the stock’s previous close.

Several other research analysts have also recently issued reports on the stock. Piper Sandler increased their price target on shares of Veeva Systems from $230.00 to $280.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. TD Cowen increased their price target on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. BNP Paribas assumed coverage on shares of Veeva Systems in a report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 target price for the company. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. Finally, UBS Group increased their target price on shares of Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $236.92.

Veeva Systems Trading Up 0.1 %

Shares of VEEV traded up $0.32 during mid-day trading on Monday, hitting $213.68. 978,465 shares of the company’s stock were exchanged, compared to its average volume of 947,764. Veeva Systems has a fifty-two week low of $165.12 and a fifty-two week high of $240.68. The firm has a market capitalization of $34.60 billion, a P/E ratio of 56.98, a P/E/G ratio of 2.06 and a beta of 0.81. The business’s 50 day moving average is $215.37 and its two-hundred day moving average is $200.80.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The business had revenue of $676.18 million during the quarter, compared to the consensus estimate of $667.21 million. On average, equities research analysts forecast that Veeva Systems will post 4.21 earnings per share for the current year.

Insider Buying and Selling at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,126 shares of the firm’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 transaction, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Jonathan Faddis sold 2,353 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the transaction, the senior vice president now directly owns 9,035 shares in the company, valued at approximately $1,807,000. This represents a 20.66 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Veeva Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. General American Investors Co. Inc. bought a new stake in shares of Veeva Systems in the 3rd quarter worth about $5,133,000. Procyon Advisors LLC bought a new stake in shares of Veeva Systems in the 3rd quarter worth about $712,000. Envestnet Portfolio Solutions Inc. increased its position in shares of Veeva Systems by 44.9% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock worth $5,450,000 after purchasing an additional 9,232 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of 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 worth $457,366,000 after purchasing an additional 1,267,061 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of Veeva Systems by 46.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 132,760 shares of the technology company’s stock worth $30,786,000 after purchasing an additional 42,396 shares during the last quarter. Hedge funds and other 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.