Veeva Systems (NYSE:VEEV) Earns Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Veeva Systems (NYSE:VEEV) in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a $250.00 price target on the technology company’s stock.

Several other analysts have also recently issued reports on VEEV. Needham & Company LLC restated a buy rating and set a $260.00 price objective on shares of Veeva Systems in a research note on Thursday. Raymond James upped their price target on Veeva Systems from $230.00 to $235.00 and gave the company an outperform rating in a research report on Thursday. Canaccord Genuity Group decreased their price objective on shares of Veeva Systems from $220.00 to $210.00 and set a hold rating for the company in a report on Friday, May 31st. Morgan Stanley lowered their target price on shares of Veeva Systems from $210.00 to $173.00 and set an underweight rating for the company in a research note on Friday, May 31st. Finally, Guggenheim raised their price target on shares of Veeva Systems from $211.00 to $233.00 and gave the stock a buy rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, Veeva Systems has a consensus rating of Moderate Buy and an average price target of $230.13.

Veeva Systems Trading Up 8.9 %

Shares of NYSE:VEEV opened at $217.00 on Thursday. The firm has a market cap of $35.08 billion, a PE ratio of 64.01, a price-to-earnings-growth ratio of 1.95 and a beta of 0.80. The company has a fifty day simple moving average of $187.82 and a 200 day simple moving average of $202.03. Veeva Systems has a 12-month low of $162.72 and a 12-month high of $236.90.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.03. The company had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a net margin of 22.34% and a return on equity of 12.74%. As a group, equities research analysts forecast that Veeva Systems will post 4.19 EPS for the current fiscal year.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the transaction, the senior vice president now owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Timothy S. Cabral sold 15,000 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $184.33, for a total value of $2,764,950.00. Following the sale, the chief financial officer now owns 8,391 shares of the company’s stock, valued at approximately $1,546,713.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jonathan Faddis sold 2,353 shares of the firm’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 of the company’s stock, valued at approximately $1,807,000. The disclosure for this sale can be found here. Company insiders own 10.50% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

Several hedge funds and other institutional investors have recently bought and sold shares of VEEV. Sycomore Asset Management acquired a new position in shares of Veeva Systems in the 2nd quarter worth approximately $8,298,000. Clearbridge Investments LLC grew its position in Veeva Systems by 0.4% in the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock worth $2,138,000 after buying an additional 52 shares during the last quarter. New Wave Wealth Advisors LLC acquired a new position in Veeva Systems in the second quarter worth approximately $231,000. Regal Investment Advisors LLC increased its holdings in shares of Veeva Systems by 42.9% in the second quarter. Regal Investment Advisors LLC now owns 2,535 shares of the technology company’s stock valued at $464,000 after buying an additional 761 shares in the last quarter. Finally, Quarry LP lifted its position in shares of Veeva Systems by 39.4% during the 2nd quarter. Quarry LP now owns 421 shares of the technology company’s stock valued at $77,000 after acquiring an additional 119 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

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.