Veeva Systems (NYSE:VEEV) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Veeva Systems (NYSE:VEEV) in a research report report published on Friday,Benzinga reports. They currently have a $270.00 price objective on the technology company’s stock.

VEEV has been the topic of several other research reports. Robert W. Baird lifted their price target on shares of Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Citigroup lifted their price target on shares of Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Wells Fargo & Company lifted their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Mizuho started 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. Finally, Royal Bank of Canada lifted their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $255.74.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $216.67 on Friday. The company’s fifty day simple moving average is $222.68 and its 200-day simple moving average is $209.23. The stock has a market capitalization of $35.18 billion, a PE ratio of 53.50, a P/E/G ratio of 1.91 and a beta of 0.84. Veeva Systems has a 1-year low of $170.25 and a 1-year high of $258.93.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 1,694 shares of the business’s stock in a transaction dated 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 in the company, valued at $1,856,448.30. The trade was a 17.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was 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 in the company, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 10.50% of the company’s stock.

Institutional Trading of Veeva Systems

A number of large investors have recently made changes to their positions in the business. MassMutual Private Wealth & Trust FSB grew its holdings in Veeva Systems by 72.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after purchasing an additional 50 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC bought a new position in Veeva Systems during the 3rd quarter valued at about $26,000. True Wealth Design LLC grew its holdings in Veeva Systems by 3,375.0% during the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock valued at $29,000 after purchasing an additional 135 shares during the last quarter. Retirement Wealth Solutions LLC bought a new position in Veeva Systems during the 4th quarter valued at about $31,000. Finally, Fairscale Capital LLC bought a new position in Veeva Systems during the 2nd quarter valued at about $46,000. 88.20% of the stock is currently owned by 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.