Scotiabank Increases Veeva Systems (NYSE:VEEV) Price Target to $240.00

Veeva Systems (NYSE:VEEV - Get Free Report) had its target price increased by equities research analysts at Scotiabank from $235.00 to $240.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "sector perform" rating on the technology company's stock. Scotiabank's price objective suggests a potential downside of 4.70% from the company's current price.

Several other research analysts have also commented on VEEV. Stifel Nicolaus boosted their price objective on Veeva Systems from $240.00 to $272.00 and gave the stock a "buy" rating in a report on Friday. StockNews.com raised Veeva Systems from a "hold" rating to a "buy" rating in a report on Saturday, November 9th. BNP Paribas started coverage on Veeva Systems in a report on Tuesday, October 8th. They set an "outperform" rating and a $286.00 price objective for the company. Royal Bank of Canada boosted their price objective on Veeva Systems from $275.00 to $285.00 and gave the stock an "outperform" rating in a report on Friday. Finally, Guggenheim boosted their price objective on Veeva Systems from $233.00 to $249.00 and gave the stock a "buy" rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $254.04.

Veeva Systems Stock Performance

NYSE:VEEV traded up $20.18 during trading hours on Friday, reaching $251.84. The stock had a trading volume of 2,337,050 shares, compared to its average volume of 970,650. The stock has a 50 day simple moving average of $217.50 and a 200 day simple moving average of $202.61. Veeva Systems has a 12-month low of $165.12 and a 12-month high of $258.93. The stock has a market cap of $40.78 billion, a P/E ratio of 67.22, a price-to-earnings-growth ratio of 2.20 and a beta of 0.82.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,126 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 10.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. General American Investors Co. Inc. bought a new stake in shares of Veeva Systems during the 3rd quarter valued at $5,133,000. Procyon Advisors LLC bought a new stake in shares of Veeva Systems during the 3rd quarter valued at $712,000. Envestnet Portfolio Solutions Inc. raised its position in shares of Veeva Systems by 44.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company's stock valued at $5,450,000 after purchasing an additional 9,232 shares during the period. Principal Financial Group Inc. raised its position in shares of Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock valued at $457,366,000 after purchasing an additional 1,267,061 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its holdings in Veeva Systems by 3.6% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company's stock valued at $16,370,000 after acquiring an additional 2,733 shares during the last quarter. Hedge funds and other 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.

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