JPMorgan Chase & Co. Boosts Veeva Systems (NYSE:VEEV) Price Target to $249.00

Veeva Systems (NYSE:VEEV) had its target price increased by equities researchers at JPMorgan Chase & Co. from $218.00 to $249.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 5.07% from the stock’s previous close.

VEEV has been the topic of a number of other research reports. KeyCorp dropped their price target on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Stifel Nicolaus upped their price target on shares of Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Morgan Stanley raised their price target on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an “underweight” rating in a report on Thursday, March 6th. Evercore ISI boosted their price objective on shares of Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a report on Friday, December 6th. Finally, Scotiabank raised their target price on Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $256.52.

Veeva Systems Price Performance

Veeva Systems stock opened at $236.98 on Thursday. Veeva Systems has a 1-year low of $170.25 and a 1-year high of $258.93. The business has a fifty day moving average price of $229.24 and a 200-day moving average price of $222.17. The stock has a market capitalization of $38.47 billion, a price-to-earnings ratio of 58.51, a PEG ratio of 1.89 and a beta of 0.88.

Institutional Trading of Veeva Systems

Institutional investors and hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. grew its stake in 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 period. OneDigital Investment Advisors LLC grew its position in shares of Veeva Systems by 7.3% in the third quarter. OneDigital Investment Advisors LLC now owns 1,909 shares of the technology company’s stock valued at $401,000 after purchasing an additional 130 shares during the period. CIBC Asset Management Inc grew its position in shares of Veeva Systems by 5.5% in the third quarter. CIBC Asset Management Inc now owns 5,641 shares of the technology company’s stock valued at $1,184,000 after purchasing an additional 294 shares during the period. Empowered Funds LLC increased its stake in shares of Veeva Systems by 2.2% during the third quarter. Empowered Funds LLC now owns 4,170 shares of the technology company’s stock worth $875,000 after purchasing an additional 91 shares in the last quarter. Finally, Mutual of America Capital Management LLC raised its position in shares of Veeva Systems by 51.3% during the 3rd quarter. Mutual of America Capital Management LLC now owns 3,432 shares of the technology company’s stock worth $720,000 after purchasing an additional 1,163 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other 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.