Veeva Systems (NYSE:VEEV) Price Target Raised to $249.00 at JPMorgan Chase & Co.

Veeva Systems (NYSE:VEEV - Get Free Report) had its target price lifted by equities research analysts at JPMorgan Chase & Co. from $218.00 to $249.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the technology company's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 4.16% from the company's current price.

Other equities research analysts also recently issued reports about the company. Evercore ISI increased their price objective 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. Stifel Nicolaus increased their price target on shares of Veeva Systems from $240.00 to $272.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Needham & Company LLC restated a "buy" rating and set a $270.00 price target on shares of Veeva Systems in a report on Thursday, March 6th. Royal Bank of Canada upped their price objective on shares of Veeva Systems from $275.00 to $285.00 and gave the company an "outperform" rating in a research note on Friday, December 6th. Finally, Stephens reissued an "overweight" rating and set a $280.00 target price on shares of Veeva Systems in a research note on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $256.52.

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Veeva Systems Stock Up 1.0 %

Shares of VEEV traded up $2.29 during mid-day trading on Thursday, reaching $239.06. The company's stock had a trading volume of 1,230,890 shares, compared to its average volume of 1,011,597. The company has a market cap of $38.81 billion, a price-to-earnings ratio of 59.03, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. The business has a fifty day moving average of $229.76 and a 200 day moving average of $222.42. Veeva Systems has a 1 year low of $170.25 and a 1 year high of $258.93.

Institutional Investors Weigh In On Veeva Systems

Hedge funds and other institutional investors have recently made changes to their positions in the business. Leigh Baldwin & CO. LLC acquired a new stake in Veeva Systems in the 4th quarter valued at approximately $685,355,000. Norges Bank bought a new stake in shares of Veeva Systems in the fourth quarter valued at approximately $294,785,000. Massachusetts Financial Services Co. MA grew its stake in shares of Veeva Systems by 64.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company's stock worth $744,084,000 after acquiring an additional 1,392,256 shares during the last quarter. Principal Financial Group Inc. increased its position in Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock worth $457,366,000 after acquiring an additional 1,267,061 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock valued at $536,972,000 after purchasing an additional 1,081,501 shares during the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

About Veeva Systems

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.