Veeva Systems (NYSE:VEEV) Price Target Raised to $245.00 at Scotiabank

Veeva Systems (NYSE:VEEV - Get Free Report) had its price target lifted by stock analysts at Scotiabank from $240.00 to $245.00 in a note issued to investors on Thursday,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 0.85% from the stock's previous close.

A number of other brokerages also recently commented on VEEV. StockNews.com raised Veeva Systems from a "hold" rating to a "buy" rating in a report on Monday, February 17th. Robert W. Baird increased their target price on Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a report on Thursday. Royal Bank of Canada increased their target price on Veeva Systems from $275.00 to $285.00 and gave the stock an "outperform" rating in a report on Friday, December 6th. Bank of America increased their target price on Veeva Systems from $280.00 to $290.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Finally, KeyCorp reduced their target price on Veeva Systems from $285.00 to $255.00 and set an "overweight" rating on the stock in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $255.28.

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Veeva Systems Price Performance

VEEV traded up $10.96 on Thursday, reaching $247.10. The company's stock had a trading volume of 2,626,784 shares, compared to its average volume of 1,160,949. The stock has a market cap of $40.12 billion, a price-to-earnings ratio of 61.01, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. Veeva Systems has a 1 year low of $170.25 and a 1 year high of $258.93. The business's 50 day moving average is $224.92 and its 200 day moving average is $220.21.

Institutional Trading of Veeva Systems

Large investors have recently added to or reduced their stakes in the business. General American Investors Co. Inc. acquired a new stake in Veeva Systems in the 3rd quarter valued at approximately $5,133,000. Toronto Dominion Bank increased its position in shares of Veeva Systems by 39.1% during the 3rd quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company's stock valued at $4,235,000 after purchasing an additional 5,673 shares during the period. Principal Financial Group Inc. increased 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. Oppenheimer Asset Management Inc. increased its position in shares of Veeva Systems by 3.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company's stock valued at $16,370,000 after purchasing an additional 2,733 shares during the period. Finally, Assetmark Inc. increased its position in shares of Veeva Systems by 46.4% during the 3rd quarter. Assetmark Inc. now owns 48,205 shares of the technology company's stock valued at $10,117,000 after purchasing an additional 15,289 shares during the period. 88.20% of the stock is currently 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.