Citigroup Raises Veeva Systems (NYSE:VEEV) Price Target to $307.00

Veeva Systems (NYSE:VEEV) had its price objective increased by analysts at Citigroup from $281.00 to $307.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s target price indicates a potential upside of 24.70% from the company’s previous close.

A number of other equities research analysts also recently commented on VEEV. Canaccord Genuity Group lifted their price target on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, December 6th. UBS Group lifted their target price on shares of Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Evercore ISI increased their price target on Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research note on Friday, December 6th. Truist Financial restated a “hold” rating and set a $261.00 price objective (up previously from $207.00) on shares of Veeva Systems in a report on Friday, December 6th. Finally, Piper Sandler upped their target price on Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $255.35.

Veeva Systems Stock Up 0.1 %

Shares of NYSE:VEEV opened at $246.19 on Monday. The company has a market capitalization of $39.87 billion, a P/E ratio of 60.79, a P/E/G ratio of 2.43 and a beta of 0.82. Veeva Systems has a 52-week low of $169.98 and a 52-week high of $258.93. The stock’s fifty day simple moving average is $219.02 and its 200-day simple moving average is $203.12.

Insider Buying and Selling

In related news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction that occurred 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 sale, the senior vice president now owns 8,061 shares in the company, valued at $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Veeva Systems

A number of hedge funds have recently bought and sold shares of VEEV. General American Investors Co. Inc. acquired a new position in Veeva Systems in the third quarter worth $5,133,000. Procyon Advisors LLC acquired a new position in Veeva Systems in the third quarter valued at approximately $712,000. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Veeva Systems by 44.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after purchasing an additional 9,232 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its holdings in shares of Veeva Systems by 3.6% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock worth $16,370,000 after purchasing an additional 2,733 shares during the last quarter. 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.