Veeva Systems (NYSE:VEEV) Price Target Raised to $240.00 at Scotiabank

Veeva Systems (NYSE:VEEV) had its target price hoisted by stock analysts at Scotiabank from $235.00 to $240.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “sector perform” rating on the technology company’s stock. Scotiabank’s price objective would suggest a potential downside of 4.70% from the stock’s previous close.

VEEV has been the subject of a number of other reports. BNP Paribas assumed coverage on shares of Veeva Systems in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price objective for the company. Bank of America lifted their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research note on Friday. Royal Bank of Canada lifted their price objective on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday. Guggenheim lifted their price target on shares of Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Finally, StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $254.04.

Veeva Systems Stock Up 8.7 %

NYSE VEEV traded up $20.18 on Friday, reaching $251.84. The company had a trading volume of 2,337,050 shares, compared to its average volume of 970,650. Veeva Systems has a 12 month low of $165.12 and a 12 month high of $258.93. The stock has a market capitalization of $40.78 billion, a PE ratio of 67.22, a price-to-earnings-growth ratio of 2.20 and a beta of 0.82. The firm’s 50 day moving average price is $217.50 and its 200 day moving average price is $202.61.

Insider Transactions at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the sale, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 10.50% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

Large investors have recently made changes to their positions in the stock. General American Investors Co. Inc. purchased a new position in Veeva Systems in the 3rd quarter worth $5,133,000. Procyon Advisors LLC acquired a new position in shares of Veeva Systems in the third quarter valued at about $712,000. Envestnet Portfolio Solutions Inc. raised its stake in shares of Veeva Systems by 44.9% in the second 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. boosted its position 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 valued at $457,366,000 after buying an additional 1,267,061 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its holdings in Veeva Systems by 3.6% in the 3rd 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 period. 88.20% of the stock is owned by hedge funds and other institutional investors.

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.