BTIG Research Initiates Coverage on Veeva Systems (NYSE:VEEV)

BTIG Research initiated coverage on shares of Veeva Systems (NYSE:VEEV) in a report issued on Tuesday, MarketBeat reports. The firm issued a buy rating and a $240.00 price objective on the technology company’s stock.

VEEV has been the topic of a number of other research reports. Truist Financial dropped their target price on shares of Veeva Systems from $203.00 to $197.00 and set a hold rating on the stock in a research report on Friday, June 14th. Robert W. Baird boosted their target price on shares of Veeva Systems from $251.00 to $255.00 and gave the stock an outperform rating in a research report on Wednesday, May 29th. Piper Sandler dropped their target price on shares of Veeva Systems from $245.00 to $235.00 and set an overweight rating on the stock in a research report on Friday, May 31st. Evercore ISI dropped their target price on shares of Veeva Systems from $230.00 to $200.00 and set an in-line rating on the stock in a research report on Friday, May 31st. Finally, Barclays decreased their price target on shares of Veeva Systems from $245.00 to $220.00 and set an overweight rating on the stock in a research note on Friday, May 31st. One analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Veeva Systems has an average rating of Moderate Buy and an average target price of $228.05.

Veeva Systems Stock Up 1.0 %

NYSE VEEV opened at $187.93 on Tuesday. The stock has a market capitalization of $30.38 billion, a PE ratio of 55.44, a price-to-earnings-growth ratio of 1.78 and a beta of 0.80. The company has a 50 day moving average price of $191.22 and a two-hundred day moving average price of $204.86. Veeva Systems has a 12-month low of $162.72 and a 12-month high of $236.90.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Thursday, May 30th. The technology company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.10. Veeva Systems had a net margin of 22.34% and a return on equity of 12.74%. The firm had revenue of $650.35 million during the quarter, compared to analysts’ expectations of $641.73 million. As a group, equities analysts anticipate that Veeva Systems will post 4.19 EPS for the current year.

Insider Activity

In other news, 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems 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 transaction, the chief financial officer now owns 8,391 shares of the company’s stock, valued at $1,546,713.03. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Jonathan Faddis sold 3,598 shares of Veeva Systems stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $207.42, for a total value of $746,297.16. Following the transaction, the senior vice president now directly owns 10,668 shares in the company, valued at approximately $2,212,756.56. The disclosure for this sale can be found here. Insiders sold a total of 21,989 shares of company stock worth $4,192,363 over the last quarter. 10.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Veeva Systems

Institutional investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. purchased a new stake in Veeva Systems during the 1st quarter worth about $28,000. DSM Capital Partners LLC purchased a new stake in shares of Veeva Systems in the 4th quarter valued at about $29,000. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Veeva Systems in the 4th quarter valued at about $32,000. First Financial Corp IN purchased a new stake in shares of Veeva Systems in the 1st quarter valued at about $35,000. Finally, American National Bank purchased a new stake in shares of Veeva Systems in the 4th quarter valued at about $36,000. 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.