Veeva Systems (NYSE:VEEV) Given “Buy” Rating at Needham & Company LLC

Veeva Systems (NYSE:VEEV)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a report released on Friday,Benzinga reports. They presently have a $260.00 target price on the technology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 10.54% from the stock’s current price.

Several other equities research analysts also recently issued reports on VEEV. Barclays increased their price target on Veeva Systems from $220.00 to $240.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Truist Financial raised their target price on shares of Veeva Systems from $197.00 to $207.00 and gave the stock a “hold” rating in a report on Tuesday, September 3rd. Piper Sandler upped their price target on shares of Veeva Systems from $225.00 to $230.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Bank of America raised their price objective on shares of Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Finally, Citigroup upped their target price on shares of Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a research note on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $235.04.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $235.21 on Friday. The firm’s 50 day moving average price is $213.48 and its two-hundred day moving average price is $199.34. Veeva Systems has a 52-week low of $162.72 and a 52-week high of $237.57. The stock has a market cap of $38.09 billion, a PE ratio of 59.57, a PEG ratio of 2.10 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.03. The business had revenue of $676.18 million for the quarter, compared to the consensus estimate of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. As a group, sell-side analysts predict that Veeva Systems will post 4.21 earnings per share for the current fiscal year.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the completion of the sale, the senior vice president now directly owns 9,035 shares in the company, valued at approximately $1,807,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 10.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Veeva Systems

A number of large investors have recently added to or reduced their stakes in the business. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Veeva Systems in the third quarter valued at $26,000. Advisors Asset Management Inc. acquired a new position in Veeva Systems in the 1st quarter valued at about $28,000. Blue Trust Inc. raised its holdings in Veeva Systems by 3,460.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after acquiring an additional 173 shares during the period. DT Investment Partners LLC bought a new position in Veeva Systems in the 2nd quarter valued at about $35,000. Finally, Mather Group LLC. lifted its position in Veeva Systems by 166.3% during the second quarter. Mather Group LLC. now owns 253 shares of the technology company’s stock worth $46,000 after acquiring an additional 158 shares during the last quarter. Institutional investors own 88.20% of the company’s stock.

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.