Veeva Systems’ (VEEV) “Buy” Rating Reiterated at Needham & Company LLC

Veeva Systems (NYSE:VEEV)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They currently have a $260.00 price target on the technology company’s stock. Needham & Company LLC’s price target points to a potential upside of 10.54% from the stock’s current price.

A number of other research firms have also issued reports on VEEV. Truist Financial raised their target price on shares of Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a research note on Tuesday, September 3rd. Piper Sandler boosted their price objective on Veeva Systems from $225.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Robert W. Baird decreased their target price on Veeva Systems from $251.00 to $245.00 and set an “outperform” rating for the company in a research note on Monday, October 28th. Bank of America lifted their price target on Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, TD Cowen raised their price objective on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $235.04.

Veeva Systems Stock Performance

VEEV opened at $235.21 on Friday. The company has a market cap of $38.09 billion, a PE ratio of 59.57, a price-to-earnings-growth ratio of 2.10 and a beta of 0.81. The stock has a 50-day moving average of $213.48 and a 200-day moving average of $199.34. Veeva Systems has a 52-week low of $162.72 and a 52-week high of $237.57.

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

Insider Buying and Selling

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the transaction, the senior vice president now directly owns 9,035 shares in the company, valued at $1,807,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. increased its stake in shares of 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 in the last quarter. Vanguard Group Inc. raised its stake in shares of Veeva Systems by 7.5% in the first quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock worth $3,278,430,000 after acquiring an additional 991,208 shares during the last quarter. Swedbank AB acquired a new position in shares of Veeva Systems during the first quarter worth approximately $227,673,000. Matrix Capital Management Company LP grew its stake in shares of Veeva Systems by 635.4% during the first quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock valued at $115,572,000 after purchasing an additional 430,989 shares during the last quarter. Finally, Acadian Asset Management LLC raised its position in Veeva Systems by 83.8% in the 1st quarter. Acadian Asset Management LLC now owns 618,344 shares of the technology company’s stock worth $143,235,000 after purchasing an additional 281,993 shares during the last quarter. 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.