Veeva Systems (NYSE:VEEV) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Veeva Systems (NYSE:VEEV) had its price target lifted by Morgan Stanley from $183.00 to $195.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the technology company’s stock. Morgan Stanley’s target price points to a potential downside of 11.98% from the company’s current price.

VEEV has been the topic of a number of other research reports. Canaccord Genuity Group upped their price objective on Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Mizuho began coverage on shares of Veeva Systems in a research note on Wednesday, December 4th. They set an “outperform” rating and a $275.00 price target on the stock. Barclays raised their price objective on shares of Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Piper Sandler upped their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, TD Cowen lifted their price target on shares of Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, Veeva Systems currently has a consensus rating of “Moderate Buy” and an average price target of $256.58.

Veeva Systems Trading Down 2.2 %

Shares of VEEV opened at $221.54 on Tuesday. The stock’s 50 day moving average is $222.54 and its two-hundred day moving average is $204.73. Veeva Systems has a twelve month low of $170.25 and a twelve month high of $258.93. The firm has a market capitalization of $35.97 billion, a PE ratio of 54.70, a P/E/G ratio of 2.03 and a beta of 0.82.

Insiders Place Their Bets

In related news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the sale, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the sale, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. General American Investors Co. Inc. purchased a new position in shares of Veeva Systems in the 3rd quarter worth about $5,133,000. Toronto Dominion Bank increased its position in Veeva Systems by 39.1% during the 3rd quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company’s stock worth $4,235,000 after purchasing an additional 5,673 shares in the last quarter. Procyon Advisors LLC purchased a new position in Veeva Systems in the third quarter valued at approximately $712,000. Principal Financial Group Inc. raised its holdings in Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after buying an additional 1,267,061 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its position in Veeva Systems by 3.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock valued at $16,370,000 after buying an additional 2,733 shares in the last quarter. 88.20% of the stock is 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.