Veeva Systems (NYSE:VEEV) Receives “Outperform” Rating from Royal Bank of Canada

Veeva Systems (NYSE:VEEV)‘s stock had its “outperform” rating restated by Royal Bank of Canada in a report released on Friday, Benzinga reports. They currently have a $250.00 price target on the technology company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 35.22% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Friday, April 12th. Raymond James reissued an “outperform” rating and issued a $260.00 price objective on shares of Veeva Systems in a report on Tuesday, March 26th. Evercore ISI lowered their target price on Veeva Systems from $230.00 to $200.00 and set an “in-line” rating on the stock in a research note on Friday, May 31st. Oppenheimer reiterated an “outperform” rating and set a $225.00 price target on shares of Veeva Systems in a research report on Thursday, February 22nd. Finally, Bank of America lowered their price objective on Veeva Systems from $240.00 to $204.00 and set a “neutral” rating on the stock in a research report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus price target of $227.95.

Veeva Systems Stock Performance

Shares of VEEV opened at $184.88 on Friday. The stock has a 50-day moving average of $196.16 and a two-hundred day moving average of $204.72. The stock has a market cap of $29.89 billion, a P/E ratio of 54.54, a P/E/G ratio of 1.81 and a beta of 0.80. Veeva Systems has a one year low of $162.72 and a one year high of $236.90.

Veeva Systems (NYSE:VEEV) last released its earnings results on Thursday, May 30th. The technology company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.10. Veeva Systems had a return on equity of 12.74% and a net margin of 22.34%. The firm had revenue of $650.35 million during the quarter, compared to the consensus estimate of $641.73 million. Analysts predict that Veeva Systems will post 4.17 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Alan Mateo sold 3,391 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total value of $681,116.26. Following the sale, the executive vice president now directly owns 21,983 shares of the company’s stock, valued at approximately $4,415,505.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 shares were sold at an average price of $184.33, for a total value of $2,764,950.00. Following the completion of the transaction, the chief financial officer now owns 8,391 shares in the company, valued at $1,546,713.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alan Mateo sold 3,391 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $200.86, for a total transaction of $681,116.26. Following the sale, the executive vice president now directly owns 21,983 shares in the company, valued at $4,415,505.38. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,989 shares of company stock valued at $4,192,363. 10.50% of the stock is currently owned by insiders.

Institutional Trading of Veeva Systems

Large investors have recently modified their holdings of the stock. Facet Wealth Inc. lifted its stake in Veeva Systems by 3.2% in the fourth quarter. Facet Wealth Inc. now owns 1,542 shares of the technology company’s stock worth $323,000 after acquiring an additional 48 shares during the last quarter. Western Pacific Wealth Management LP grew its stake in shares of Veeva Systems by 23.3% during the first quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock worth $71,000 after purchasing an additional 58 shares in the last quarter. Yousif Capital Management LLC grew its stake in shares of Veeva Systems by 3.5% during the fourth quarter. Yousif Capital Management LLC now owns 1,777 shares of the technology company’s stock worth $342,000 after purchasing an additional 60 shares in the last quarter. Personal CFO Solutions LLC increased its holdings in Veeva Systems by 5.9% in the third quarter. Personal CFO Solutions LLC now owns 1,091 shares of the technology company’s stock valued at $222,000 after buying an additional 61 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its stake in Veeva Systems by 14.7% in the fourth quarter. Quadrant Capital Group LLC now owns 530 shares of the technology company’s stock valued at $102,000 after buying an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

About Veeva Systems

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.