Truist Financial Increases Veeva Systems (NYSE:VEEV) Price Target to $207.00

Veeva Systems (NYSE:VEEV) had its price target upped by research analysts at Truist Financial from $197.00 to $207.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “hold” rating on the technology company’s stock. Truist Financial’s price target would indicate a potential downside of 4.56% from the stock’s current price.

Several other analysts also recently issued reports on the stock. Bank of America boosted their target price on shares of Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Stifel Nicolaus reduced their price objective on Veeva Systems from $250.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, May 31st. TD Cowen raised their price objective on Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Morgan Stanley dropped their target price on Veeva Systems from $210.00 to $173.00 and set an “underweight” rating on the stock in a report on Friday, May 31st. Finally, Raymond James raised their price target on shares of Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $230.57.

Veeva Systems Stock Performance

NYSE VEEV opened at $216.90 on Tuesday. The stock has a market capitalization of $35.06 billion, a P/E ratio of 63.98, a P/E/G ratio of 2.11 and a beta of 0.81. The business’s fifty day moving average is $190.95 and its two-hundred day moving average is $201.93. Veeva Systems has a 1 year low of $162.72 and a 1 year high of $236.90.

Insider Activity

In other news, CFO Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction that occurred 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 directly owns 8,391 shares in the company, valued at approximately $1,546,713.03. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the company’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 sale, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at $1,807,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the sale, the chief financial officer now directly owns 8,391 shares of the company’s stock, valued at approximately $1,546,713.03. The disclosure for this sale can be found here. 10.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Veeva Systems

A number of hedge funds have recently added to or reduced their stakes in VEEV. Linscomb & Williams Inc. bought a new stake in shares of Veeva Systems during the fourth quarter worth $1,479,000. Robeco Institutional Asset Management B.V. lifted its position in Veeva Systems by 32.7% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 206,220 shares of the technology company’s stock valued at $365,000 after purchasing an additional 50,868 shares during the period. APG Asset Management US Inc. acquired a new stake in shares of Veeva Systems during the 4th quarter worth approximately $5,756,000. Quantum Capital Management LLC NJ raised its stake in shares of Veeva Systems by 9.8% during the fourth quarter. Quantum Capital Management LLC NJ now owns 329,867 shares of the technology company’s stock worth $63,506,000 after buying an additional 29,525 shares during the last quarter. Finally, Eisler Capital UK Ltd. bought a new stake in shares of Veeva Systems during the fourth quarter worth approximately $1,408,000. 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.