Piper Sandler Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV) had its target price upped by Piper Sandler from $230.00 to $280.00 in a report issued on Friday morning,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other equities research analysts also recently commented on the stock. Guggenheim boosted their target price on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $250.00 price target on shares of Veeva Systems in a report on Thursday, August 29th. TD Cowen lifted their price target on Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a report on Thursday, August 29th. Finally, Citigroup lifted their price target on Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a report on Tuesday, August 27th. One investment 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $237.00.

Veeva Systems Price Performance

VEEV opened at $237.00 on Friday. Veeva Systems has a fifty-two week low of $162.85 and a fifty-two week high of $240.68. The firm’s fifty day moving average price is $213.98 and its two-hundred day moving average price is $199.74. The company has a market capitalization of $38.38 billion, a P/E ratio of 62.67, a P/E/G ratio of 2.29 and a beta of 0.81.

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

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the transaction, the senior vice president now directly owns 9,035 shares in the company, valued at approximately $1,807,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. grew its position 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 purchasing an additional 1,267,061 shares during the period. Vanguard Group Inc. grew its position in shares of Veeva Systems by 7.5% in the 1st quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock valued at $3,278,430,000 after purchasing an additional 991,208 shares during the period. Swedbank AB acquired a new position in shares of Veeva Systems in the 1st quarter valued at approximately $227,673,000. Matrix Capital Management Company LP grew its position in shares of Veeva Systems by 635.4% in the 1st quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock valued at $115,572,000 after purchasing an additional 430,989 shares during the period. Finally, Acadian Asset Management LLC grew its position in shares of Veeva Systems by 83.8% in the 1st quarter. Acadian Asset Management LLC now owns 618,344 shares of the technology company’s stock valued at $143,235,000 after purchasing an additional 281,993 shares during the period. 88.20% of the stock is currently 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.