Veeva Systems (NYSE:VEEV) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Veeva Systems (NYSE:VEEV - Free Report) in a report released on Thursday,Benzinga reports. The firm currently has a $270.00 price target on the technology company's stock.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company raised their price target on Veeva Systems from $275.00 to $285.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. JPMorgan Chase & Co. boosted their target price on Veeva Systems from $208.00 to $218.00 and gave the company a "neutral" rating in a report on Monday, December 16th. Canaccord Genuity Group increased their price target on Veeva Systems from $210.00 to $270.00 and gave the stock a "hold" rating in a report on Friday, December 6th. Bank of America lifted their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the company a "neutral" rating in a research report on Friday, December 6th. Finally, Piper Sandler upped their price objective 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. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $255.28.

Remove Ads

Veeva Systems Stock Down 3.0 %

VEEV traded down $7.42 during trading on Thursday, hitting $239.38. 2,104,861 shares of the stock were exchanged, compared to its average volume of 1,181,926. Veeva Systems has a 1-year low of $170.25 and a 1-year high of $258.93. The stock has a fifty day moving average price of $224.92 and a two-hundred day moving average price of $220.34. The firm has a market capitalization of $38.86 billion, a P/E ratio of 59.11, a PEG ratio of 1.89 and a beta of 0.88.

Institutional Investors Weigh In On Veeva Systems

Institutional investors have recently made changes to their positions in the company. QRG Capital Management Inc. increased its stake in Veeva Systems by 7.1% during the third quarter. QRG Capital Management Inc. now owns 9,987 shares of the technology company's stock valued at $2,096,000 after purchasing an additional 664 shares during the last quarter. Moloney Securities Asset Management LLC bought a new stake in shares of Veeva Systems during the 3rd quarter valued at about $248,000. Marks Group Wealth Management Inc acquired a new stake in Veeva Systems during the third quarter worth about $274,000. 1834 Investment Advisors Co. lifted its holdings in Veeva Systems by 5.8% in the third quarter. 1834 Investment Advisors Co. now owns 2,660 shares of the technology company's stock worth $558,000 after acquiring an additional 145 shares during the last quarter. Finally, Radnor Capital Management LLC bought a new position in Veeva Systems in the third quarter worth about $374,000. 88.20% of the stock is currently owned by institutional investors.

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.