Veeva Systems (NYSE:VEEV) Stock Rating Reaffirmed by Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Veeva Systems (NYSE:VEEV) in a research note issued to investors on Friday, Benzinga reports. The firm currently has a $250.00 price target on the technology company’s stock.

Other equities analysts also recently issued research reports about the stock. Robert W. Baird upped their price objective on shares of Veeva Systems from $251.00 to $255.00 and gave the company an outperform rating in a research note on Wednesday, May 29th. Canaccord Genuity Group reduced their price objective on shares of Veeva Systems from $220.00 to $210.00 and set a hold rating on the stock in a research note on Friday, May 31st. JPMorgan Chase & Co. upped their price objective on shares of Veeva Systems from $183.00 to $222.00 and gave the company a neutral rating in a research note on Wednesday, March 13th. The Goldman Sachs Group upped their price objective on shares of Veeva Systems from $219.00 to $248.00 and gave the company a buy rating in a research note on Friday, March 1st. Finally, Needham & Company LLC reissued a buy rating and set a $260.00 price objective on shares of Veeva Systems in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $227.95.

Veeva Systems Price Performance

VEEV stock opened at $186.65 on Friday. The company’s 50 day simple moving average is $195.86 and its 200-day simple moving average is $205.00. The firm has a market capitalization of $30.17 billion, a PE ratio of 55.06, a P/E/G ratio of 1.81 and a beta of 0.80. Veeva Systems has a 12 month low of $162.72 and a 12 month high of $236.90.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Thursday, May 30th. The technology company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.93 by $0.10. The business had revenue of $650.35 million for the quarter, compared to analyst estimates of $641.73 million. Veeva Systems had a net margin of 22.34% and a return on equity of 12.74%. As a group, sell-side analysts anticipate that Veeva Systems will post 4.17 earnings per share for the current year.

Insider Transactions at Veeva Systems

In other news, EVP Alan Mateo sold 3,391 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total value of $681,116.26. Following the completion of the sale, the executive vice president now directly owns 21,983 shares of the company’s stock, valued at approximately $4,415,505.38. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Alan Mateo sold 3,391 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total value of $681,116.26. Following the sale, the executive vice president now directly owns 21,983 shares in the company, valued at approximately $4,415,505.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Timothy S. Cabral sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the completion of the sale, the chief financial officer now owns 8,391 shares in the company, valued at $1,546,713.03. The disclosure for this sale can be found here. In the last three months, insiders sold 21,989 shares of company stock valued at $4,192,363. Company insiders own 10.50% of the company’s stock.

Institutional Trading of Veeva Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Cetera Advisor Networks LLC raised its holdings in shares of Veeva Systems by 30.2% in the 1st quarter. Cetera Advisor Networks LLC now owns 57,352 shares of the technology company’s stock worth $13,288,000 after purchasing an additional 13,305 shares in the last quarter. Cetera Advisors LLC raised its holdings in shares of Veeva Systems by 199.0% during the first quarter. Cetera Advisors LLC now owns 17,118 shares of the technology company’s stock valued at $3,966,000 after acquiring an additional 11,393 shares during the period. Cetera Investment Advisers raised its holdings in shares of Veeva Systems by 284.3% during the first quarter. Cetera Investment Advisers now owns 86,405 shares of the technology company’s stock valued at $20,019,000 after acquiring an additional 63,922 shares during the period. Swedbank AB acquired a new stake in shares of Veeva Systems during the first quarter valued at approximately $227,673,000. Finally, Virtu Financial LLC acquired a new stake in shares of Veeva Systems during the first quarter valued at approximately $323,000. 88.20% of the stock is currently owned by 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.