Bank of America Raises Veeva Systems (NYSE:VEEV) Price Target to $290.00

Veeva Systems (NYSE:VEEV) had its price objective boosted by research analysts at Bank of America from $280.00 to $290.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Bank of America‘s price target suggests a potential upside of 15.79% from the stock’s current price.

A number of other equities analysts have also recently commented on the stock. Mizuho began coverage on shares of Veeva Systems in a research note on Wednesday. They issued an “outperform” rating and a $275.00 price objective for the company. Canaccord Genuity Group increased their price target on shares of Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a report on Friday. Needham & Company LLC boosted their price objective on Veeva Systems from $260.00 to $270.00 and gave the stock a “buy” rating in a research note on Friday. JPMorgan Chase & Co. raised their price objective on Veeva Systems from $203.00 to $208.00 and gave the company a “neutral” rating in a research note on Monday, September 9th. Finally, StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $254.04.

Veeva Systems Trading Up 8.1 %

Shares of VEEV opened at $250.45 on Friday. The business’s fifty day simple moving average is $218.29 and its two-hundred day simple moving average is $202.85. Veeva Systems has a 12 month low of $165.12 and a 12 month high of $258.93. The company has a market cap of $40.56 billion, a price-to-earnings ratio of 61.84, a P/E/G ratio of 2.30 and a beta of 0.82.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 1,694 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the transaction, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. The trade was a 17.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the sale, the insider now owns 27,013 shares of the company’s stock, valued at $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of Veeva Systems in the 3rd quarter valued at about $26,000. True Wealth Design LLC lifted its position in Veeva Systems by 3,375.0% during the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock valued at $29,000 after acquiring an additional 135 shares during the last quarter. Blue Trust Inc. boosted its stake in Veeva Systems by 3,460.0% in the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after acquiring an additional 173 shares in the last quarter. DT Investment Partners LLC acquired a new stake in Veeva Systems in the second quarter valued at approximately $35,000. Finally, Mather Group LLC. grew its holdings in Veeva Systems by 166.3% in the second quarter. Mather Group LLC. now owns 253 shares of the technology company’s stock worth $46,000 after purchasing an additional 158 shares during 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.