Guggenheim Raises Veeva Systems (NYSE:VEEV) Price Target to $249.00

Veeva Systems (NYSE:VEEV) had its price target increased by analysts at Guggenheim from $233.00 to $249.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Guggenheim’s price target suggests a potential upside of 20.11% from the company’s current price.

VEEV has been the subject of a number of other reports. Royal Bank of Canada restated an “outperform” rating and set a $250.00 price objective on shares of Veeva Systems in a research note on Thursday, August 29th. JPMorgan Chase & Co. raised their target price on Veeva Systems from $203.00 to $208.00 and gave the company a “neutral” rating in a research note on Monday, September 9th. BTIG Research initiated coverage on Veeva Systems in a research note on Tuesday, July 9th. They set a “buy” rating and a $240.00 target price for the company. Robert W. Baird raised their target price on Veeva Systems from $245.00 to $251.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Finally, TD Cowen raised their target price on Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Veeva Systems has an average rating of “Moderate Buy” and an average price target of $230.65.

Veeva Systems Stock Down 1.2 %

Shares of VEEV traded down $2.56 during trading on Tuesday, reaching $207.31. The company’s stock had a trading volume of 253,341 shares, compared to its average volume of 965,806. The company has a fifty day moving average of $202.23 and a two-hundred day moving average of $200.51. Veeva Systems has a twelve month low of $162.72 and a twelve month high of $236.90. The company has a market cap of $33.57 billion, a price-to-earnings ratio of 61.21, a P/E/G ratio of 2.05 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.03. The business had revenue of $676.18 million for the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. As a group, equities analysts forecast that Veeva Systems will post 4.21 EPS for the current fiscal year.

Insiders Place Their Bets

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 stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the transaction, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. acquired a new position in shares of Veeva Systems during the 1st quarter valued at about $28,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Veeva Systems during the 4th quarter valued at about $32,000. Blue Trust Inc. increased its holdings in shares of Veeva Systems by 3,460.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after acquiring an additional 173 shares during the last quarter. First Financial Corp IN acquired a new position in shares of Veeva Systems during the 1st quarter valued at about $35,000. Finally, DT Investment Partners LLC acquired a new position in shares of Veeva Systems during the 2nd quarter valued at about $35,000. 88.20% of the stock is owned by institutional investors and hedge funds.

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.