Robert W. Baird Cuts Veeva Systems (NYSE:VEEV) Price Target to $310.00

Veeva Systems (NYSE:VEEV) had its price target decreased by equities researchers at Robert W. Baird from $349.00 to $310.00 in a research report issued on Thursday, The Fly reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Robert W. Baird’s price target points to a potential upside of 24.25% from the stock’s previous close.

Several other analysts also recently weighed in on the company. SVB Leerink cut their target price on Veeva Systems from $296.00 to $282.00 and set a “market perform” rating on the stock in a research note on Thursday. UBS Group cut their target price on Veeva Systems from $320.00 to $290.00 and set a “neutral” rating on the stock in a research note on Thursday. Bank of America lifted their target price on Veeva Systems from $340.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, September 2nd. Guggenheim reiterated a “buy” rating on shares of Veeva Systems in a research report on Tuesday, August 31st. Finally, Stifel Nicolaus began coverage on Veeva Systems in a research report on Friday, October 1st. They set a “buy” rating and a $335.00 price target on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $336.68.

Shares of NYSE VEEV opened at $249.49 on Thursday. The company has a market cap of $38.28 billion, a price-to-earnings ratio of 95.23, a price-to-earnings-growth ratio of 6.96 and a beta of 0.78. Veeva Systems has a 12-month low of $235.74 and a 12-month high of $343.96. The stock’s 50 day simple moving average is $301.50 and its 200 day simple moving average is $306.80.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Wednesday, December 1st. The technology company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.09. Veeva Systems had a return on equity of 16.35% and a net margin of 25.51%. During the same quarter in the prior year, the company posted $0.54 EPS. Equities research analysts forecast that Veeva Systems will post 2.47 earnings per share for the current year.

In other news, Director Paul Edward Chamberlain sold 100 shares of the firm’s stock in a transaction on Thursday, September 30th. The stock was sold at an average price of $284.00, for a total value of $28,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew J. Wallach sold 5,000 shares of the firm’s stock in a transaction on Friday, November 12th. The stock was sold at an average price of $316.25, for a total value of $1,581,250.00. The disclosure for this sale can be found here. Insiders sold a total of 18,807 shares of company stock worth $5,817,839 over the last 90 days. Insiders own 13.18% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VEEV. Advisory Services Network LLC boosted its position in Veeva Systems by 7.9% during the first quarter. Advisory Services Network LLC now owns 3,045 shares of the technology company’s stock valued at $796,000 after purchasing an additional 224 shares during the last quarter. CHICAGO TRUST Co NA acquired a new stake in shares of Veeva Systems in the second quarter worth about $1,190,000. XR Securities LLC acquired a new stake in shares of Veeva Systems in the second quarter worth about $268,000. Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Veeva Systems by 62.8% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 18,222 shares of the technology company’s stock worth $1,556,000 after buying an additional 7,028 shares during the last quarter. Finally, Rheos Capital Works Inc. lifted its position in shares of Veeva Systems by 3.1% in the second quarter. Rheos Capital Works Inc. now owns 198,400 shares of the technology company’s stock worth $61,692,000 after buying an additional 6,000 shares during the last quarter. 77.67% of the stock is owned by hedge funds and other institutional investors.

About Veeva Systems

Veeva Systems, Inc engages in the provision of industry cloud solutions for the global life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.

Featured Story: Cost of Debt

The Fly logo

Analyst Recommendations for Veeva Systems (NYSE:VEEV)