StockNews.com Upgrades Veeva Systems (NYSE:VEEV) to Buy

StockNews.com upgraded shares of Veeva Systems (NYSE:VEEV) from a hold rating to a buy rating in a research note issued to investors on Friday.

A number of other research analysts have also recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Veeva Systems from $183.00 to $222.00 and gave the company a neutral rating in a research note on Wednesday, March 13th. Truist Financial lifted their price objective on Veeva Systems from $187.00 to $203.00 and gave the company a hold rating in a research note on Friday, March 1st. Needham & Company LLC reiterated a buy rating and set a $260.00 price objective on shares of Veeva Systems in a research note on Tuesday, April 2nd. Jefferies Financial Group lifted their price objective on Veeva Systems from $225.00 to $270.00 and gave the company a buy rating in a research note on Monday, March 4th. Finally, Piper Sandler lifted their price objective on Veeva Systems from $220.00 to $245.00 and gave the company an overweight rating in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $234.90.

Veeva Systems Stock Down 2.1 %

VEEV opened at $206.74 on Friday. The stock has a market cap of $33.35 billion, a PE ratio of 64.20, a PEG ratio of 2.09 and a beta of 0.74. The business has a 50 day moving average of $222.40 and a 200-day moving average of $202.90. Veeva Systems has a 52 week low of $160.21 and a 52 week high of $236.90.

Veeva Systems (NYSE:VEEV) last released its earnings results on Thursday, February 29th. The technology company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.11. The company had revenue of $630.62 million during the quarter, compared to analysts’ expectations of $620.75 million. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. Equities analysts anticipate that Veeva Systems will post 4.11 EPS for the current year.

Insider Activity

In other news, COO Thomas D. Schwenger sold 1,238 shares of the business’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $210.02, for a total value of $260,004.76. Following the transaction, the chief operating officer now directly owns 24,342 shares in the company, valued at $5,112,306.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Alan Mateo sold 910 shares of the business’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $204.72, for a total value of $186,295.20. Following the sale, the executive vice president now directly owns 21,983 shares in the company, valued at $4,500,359.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Thomas D. Schwenger sold 1,238 shares of the business’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $210.02, for a total value of $260,004.76. Following the completion of the sale, the chief operating officer now owns 24,342 shares in the company, valued at $5,112,306.84. The disclosure for this sale can be found here. Insiders have sold 17,148 shares of company stock worth $3,836,900 over the last ninety days. Corporate insiders own 10.98% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

A number of hedge funds have recently made changes to their positions in VEEV. Norges Bank purchased a new stake in Veeva Systems during the fourth quarter valued at approximately $259,703,000. Wellington Management Group LLP lifted its holdings in Veeva Systems by 1,578.4% during the first quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company’s stock worth $319,616,000 after buying an additional 1,414,726 shares during the period. Linonia Partnership LP purchased a new stake in Veeva Systems during the fourth quarter worth $157,043,000. Invesco Ltd. lifted its holdings in Veeva Systems by 239.7% during the third quarter. Invesco Ltd. now owns 956,355 shares of the technology company’s stock worth $194,570,000 after buying an additional 674,785 shares during the period. Finally, Viking Global Investors LP purchased a new stake in shares of Veeva Systems during the 4th quarter valued at $111,614,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

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.