Veeva Systems (NYSE:VEEV) Stock Rating Upgraded by StockNews.com

Posted by Defense World Staff on May 5th, 2023

Veeva Systems (NYSE:VEEV – Get Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report released on Friday.

A number of other brokerages have also recently weighed in on VEEV. Truist Financial reiterated a “hold” rating and set a $195.00 price target (down previously from $205.00) on shares of Veeva Systems in a research note on Friday, March 17th. Guggenheim downgraded shares of Veeva Systems from a “buy” rating to a “neutral” rating in a report on Thursday, February 23rd. JMP Securities increased their price target on shares of Veeva Systems from $215.00 to $230.00 and gave the company a “market outperform” rating in a report on Thursday, March 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price target on shares of Veeva Systems in a report on Thursday, March 2nd. Finally, Robert W. Baird cut their price target on shares of Veeva Systems from $233.00 to $223.00 and set an “outperform” rating for the company in a report on Monday, February 27th. Eleven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $204.39.

Veeva Systems Trading Up 0.4 %

Shares of NYSE:VEEV opened at $178.69 on Friday. Veeva Systems has a 52 week low of $151.02 and a 52 week high of $232.26. The company’s 50 day moving average is $176.43 and its two-hundred day moving average is $172.63. The company has a market cap of $28.56 billion, a PE ratio of 59.37, a P/E/G ratio of 2.99 and a beta of 0.92.

Veeva Systems (NYSE:VEEV – Get Rating) last posted its earnings results on Wednesday, March 1st. The technology company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.06. The firm had revenue of $563.39 million for the quarter, compared to the consensus estimate of $552.18 million. Veeva Systems had a net margin of 22.63% and a return on equity of 12.42%. As a group, equities research analysts expect that Veeva Systems will post 2.55 EPS for the current year.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Matthew J. Wallach sold 10,000 shares of Veeva Systems stock in a transaction that occurred on Monday, February 6th. The shares were sold at an average price of $174.29, for a total transaction of $1,742,900.00. Following the transaction, the director now directly owns 2,846 shares of the company’s stock, valued at $496,029.34. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, Director Matthew J. Wallach sold 10,000 shares of Veeva Systems stock in a transaction on Monday, February 6th. The shares were sold at an average price of $174.29, for a total value of $1,742,900.00. Following the completion of the sale, the director now owns 2,846 shares in the company, valued at $496,029.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul Edward Chamberlain sold 160 shares of Veeva Systems stock in a transaction on Friday, March 10th. The stock was sold at an average price of $169.42, for a total transaction of $27,107.20. Following the completion of the sale, the director now owns 16,776 shares of the company’s stock, valued at approximately $2,842,189.92. The disclosure for this sale can be found here. Insiders have sold a total of 22,818 shares of company stock valued at $4,039,177 over the last ninety days. Corporate insiders own 13.23% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Hedge funds and other institutional investors have recently modified their holdings of the company. MetLife Investment Management LLC acquired a new stake in Veeva Systems in the first quarter worth about $1,906,000. Dimensional Fund Advisors LP lifted its holdings in Veeva Systems by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 190,289 shares of the technology company’s stock worth $40,430,000 after purchasing an additional 3,286 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in Veeva Systems by 11.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 1,018 shares of the technology company’s stock valued at $216,000 after acquiring an additional 105 shares during the last quarter. National Pension Service lifted its holdings in Veeva Systems by 3.0% in the 1st quarter. National Pension Service now owns 195,170 shares of the technology company’s stock valued at $41,466,000 after acquiring an additional 5,607 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Veeva Systems by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 12,888,204 shares of the technology company’s stock valued at $2,738,229,000 after acquiring an additional 132,560 shares during the last quarter. Institutional investors and hedge funds own 78.76% of the company’s stock.

Veeva Systems Company Profile

(Get Rating)

Veeva Systems, Inc engages in the provision of industry cloud solutions for the global life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.