Evercore ISI Boosts Veeva Systems (NYSE:VEEV) Price Target to $245.00

Veeva Systems (NYSE:VEEV) had its target price increased by Evercore ISI from $220.00 to $245.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “in-line” rating on the technology company’s stock. Evercore ISI’s price target points to a potential downside of 2.18% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Royal Bank of Canada raised their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a report on Friday. Truist Financial restated a “hold” rating and issued a $261.00 price objective (up previously from $207.00) on shares of Veeva Systems in a research report on Friday. Piper Sandler increased their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a report on Friday. Stifel Nicolaus boosted their price target on Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a report on Friday. Finally, Guggenheim upped their price target on Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $254.04.

Veeva Systems Price Performance

Shares of VEEV stock opened at $250.45 on Friday. The business has a 50-day moving average of $218.29 and a 200 day moving average of $202.85. The stock has a market capitalization of $40.56 billion, a PE ratio of 61.84, a P/E/G ratio of 2.30 and a beta of 0.82. Veeva Systems has a 1-year low of $165.12 and a 1-year high of $258.93.

Insider Transactions at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction dated Wednesday, December 4th. The shares were 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the sale, the insider now owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Oddo BHF Asset Management Sas bought a new stake in Veeva Systems in the 3rd quarter worth about $11,770,000. Peapack Gladstone Financial Corp grew its stake in shares of Veeva Systems by 5.6% in the third quarter. Peapack Gladstone Financial Corp now owns 70,147 shares of the technology company’s stock worth $14,721,000 after acquiring an additional 3,741 shares during the period. Tidal Investments LLC raised its holdings in shares of Veeva Systems by 77.1% during the third quarter. Tidal Investments LLC now owns 22,330 shares of the technology company’s stock valued at $4,686,000 after purchasing an additional 9,724 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Veeva Systems during the third quarter valued at approximately $168,000. Finally, World Investment Advisors LLC bought a new position in Veeva Systems during the third quarter valued at approximately $2,131,000. 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.