Veeva Systems (NYSE:VEEV) Price Target Raised to $285.00

Veeva Systems (NYSE:VEEV) had its target price lifted by Royal Bank of Canada from $275.00 to $285.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the technology company’s stock.

VEEV has been the subject of a number of other research reports. Stifel Nicolaus boosted their target price on shares of Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research report on Friday. Bank of America boosted their price objective on Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Raymond James raised their target price on Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Piper Sandler upped their price target on Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Citigroup raised their price objective on shares of Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a research note on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and an average target price of $254.04.

Veeva Systems Stock Up 8.1 %

NYSE:VEEV opened at $250.45 on Friday. The company’s 50 day moving average is $218.29 and its 200-day moving average is $202.83. Veeva Systems has a 12 month low of $165.12 and a 12 month high of $258.93. The firm has a market cap of $40.56 billion, a price-to-earnings ratio of 61.84, a P/E/G ratio of 2.43 and a beta of 0.82.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the 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 transaction, the senior vice president now directly owns 8,061 shares in the company, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the transaction, the insider now directly owns 27,013 shares in the company, valued at $6,483,390.13. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 10.50% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

A number of institutional investors and hedge funds have recently modified their holdings of VEEV. Massachusetts Financial Services Co. MA boosted its stake in Veeva Systems by 64.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after acquiring an additional 1,392,256 shares during the last quarter. State Street Corp lifted its stake in Veeva Systems by 1.5% in the third quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock valued at $691,132,000 after buying an additional 47,872 shares during the period. FMR LLC boosted its holdings in Veeva Systems by 25.7% during the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after buying an additional 610,021 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Veeva Systems by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock worth $579,630,000 after buying an additional 149,807 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Veeva Systems by 138.9% in the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after acquiring an additional 1,267,061 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Company Profile

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.