Veeva Systems (NYSE:VEEV) Price Target Increased to $240.00 by Analysts at Raymond James

Posted by Defense World Staff on Sep 1st, 2023

Veeva Systems (NYSE:VEEV – Free Report) had its price objective boosted by Raymond James from $210.00 to $240.00 in a research report report published on Thursday morning, MarketBeat Ratings reports. Raymond James currently has an outperform rating on the technology company’s stock.

Other analysts also recently issued reports about the company. UBS Group lifted their target price on Veeva Systems from $175.00 to $205.00 and gave the stock a neutral rating in a research report on Thursday. Piper Sandler lifted their price objective on Veeva Systems from $232.00 to $235.00 and gave the company an overweight rating in a report on Thursday. KeyCorp lifted their price objective on Veeva Systems from $185.00 to $210.00 in a report on Friday, June 2nd. Citigroup lifted their price objective on Veeva Systems from $210.00 to $236.00 and gave the company a buy rating in a report on Monday. Finally, StockNews.com started coverage on Veeva Systems in a report on Thursday, August 17th. They issued a hold rating for the company. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Veeva Systems presently has a consensus rating of Moderate Buy and an average target price of $213.43.

Get Our Latest Stock Analysis on Veeva Systems

Veeva Systems Trading Up 8.4 %

NYSE:VEEV opened at $208.70 on Thursday. Veeva Systems has a twelve month low of $151.02 and a twelve month high of $211.95. The company has a market cap of $33.44 billion, a price-to-earnings ratio of 65.22, a price-to-earnings-growth ratio of 3.48 and a beta of 0.96. The stock has a fifty day simple moving average of $197.17 and a 200-day simple moving average of $184.51.

Veeva Systems (NYSE:VEEV – Get Free Report) last released its earnings results on Wednesday, August 30th. The technology company reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. Veeva Systems had a return on equity of 10.88% and a net margin of 23.85%. The business had revenue of $590.23 million during the quarter, compared to the consensus estimate of $582.28 million. During the same period last year, the company earned $0.56 earnings per share. The business’s revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, equities research analysts predict that Veeva Systems will post 2.7 EPS for the current fiscal year.

Insider Activity at Veeva Systems

In related news, Director Paul Edward Chamberlain sold 160 shares of the stock in a transaction on Monday, June 12th. The stock was sold at an average price of $189.22, for a total value of $30,275.20. Following the completion of the transaction, the director now directly owns 16,942 shares of the company’s stock, valued at approximately $3,205,765.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 10.98% of the stock is owned by corporate insiders.

Institutional Trading of Veeva Systems

Several large investors have recently added to or reduced their stakes in VEEV. Bank Julius Baer & Co. Ltd Zurich grew its holdings in Veeva Systems by 90,363.8% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 98,398,383 shares of the technology company’s stock valued at $19,456,312,000 after buying an additional 98,289,612 shares in the last quarter. Norges Bank purchased a new stake in Veeva Systems in the 4th quarter valued at $259,703,000. Alliancebernstein L.P. grew its holdings in Veeva Systems by 24.3% in the 4th quarter. Alliancebernstein L.P. now owns 7,362,861 shares of the technology company’s stock valued at $1,188,219,000 after buying an additional 1,440,210 shares in the last quarter. Wellington Management Group LLP grew its holdings in Veeva Systems by 1,578.4% in the 1st quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company’s stock valued at $319,616,000 after buying an additional 1,414,726 shares in the last quarter. Finally, Winslow Capital Management LLC grew its holdings in Veeva Systems by 64.7% in the 4th quarter. Winslow Capital Management LLC now owns 2,344,419 shares of the technology company’s stock valued at $378,342,000 after buying an additional 920,633 shares in the last quarter. 80.07% of the stock is currently owned by hedge funds and other institutional investors.

About Veeva Systems

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Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and data 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.