Veeva Systems Inc. (NYSE:VEEV) Receives $257.63 Average Price Target from Brokerages

Veeva Systems Inc. (NYSE:VEEV - Get Free Report) has received an average recommendation of "Moderate Buy" from the twenty-seven ratings firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eighteen have given a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $257.63.

Several equities analysts have recently issued reports on VEEV shares. BNP Paribas started coverage on Veeva Systems in a research note on Tuesday, October 8th. They set an "outperform" rating and a $286.00 target price on the stock. Piper Sandler boosted their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Needham & Company LLC raised their target price on shares of Veeva Systems from $260.00 to $270.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. JPMorgan Chase & Co. boosted their price target on shares of Veeva Systems from $208.00 to $218.00 and gave the company a "neutral" rating in a research report on Monday, December 16th. Finally, KeyCorp cut their price objective on Veeva Systems from $285.00 to $255.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th.

Veeva Systems Price Performance

Shares of NYSE:VEEV opened at $218.08 on Monday. The stock's 50-day moving average is $222.97 and its 200 day moving average is $208.78. The company has a market cap of $35.41 billion, a PE ratio of 53.85, a P/E/G ratio of 2.03 and a beta of 0.84. Veeva Systems has a 1 year low of $170.25 and a 1 year high of $258.93.

Insider Activity at Veeva Systems

In other news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Thomas D. Schwenger sold 1,126 shares of the business'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 transaction of $270,251.26. Following the transaction, the insider now directly owns 27,013 shares of the company's stock, valued at $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Veeva Systems

A number of institutional investors and hedge funds have recently modified their holdings of VEEV. Daiwa Securities Group Inc. grew its position in Veeva Systems by 4.9% during the second quarter. Daiwa Securities Group Inc. now owns 10,606 shares of the technology company's stock valued at $1,941,000 after buying an additional 500 shares during the period. American Century Companies Inc. grew its position in shares of Veeva Systems by 4.7% during the 2nd quarter. American Century Companies Inc. now owns 453,505 shares of the technology company's stock valued at $82,996,000 after acquiring an additional 20,514 shares during the period. Meeder Advisory Services Inc. grew its position in shares of Veeva Systems by 26.6% during the 2nd quarter. Meeder Advisory Services Inc. now owns 2,630 shares of the technology company's stock valued at $481,000 after acquiring an additional 552 shares during the period. Dai ichi Life Insurance Company Ltd increased its stake in shares of Veeva Systems by 465.5% in the 2nd quarter. Dai ichi Life Insurance Company Ltd now owns 6,074 shares of the technology company's stock worth $1,112,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Thoroughbred Financial Services LLC bought a new position in Veeva Systems in the 2nd quarter worth $258,000. 88.20% of the stock is currently owned by hedge funds and other 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.