Barclays Increases Veeva Systems (NYSE:VEEV) Price Target to $275.00

Veeva Systems (NYSE:VEEV - Get Free Report) had its target price boosted by equities researchers at Barclays from $260.00 to $275.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. Barclays's price target suggests a potential upside of 9.80% from the stock's previous close.

A number of other analysts have also issued reports on VEEV. Truist Financial reiterated a "hold" rating and set a $261.00 price objective (up previously from $207.00) on shares of Veeva Systems in a research note on Friday. Robert W. Baird raised their price target on shares of Veeva Systems from $275.00 to $283.00 and gave the stock an "outperform" rating in a research report on Friday. Piper Sandler raised their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the stock an "overweight" rating in a research report on Friday. Needham & Company LLC raised their price target on shares of Veeva Systems from $260.00 to $270.00 and gave the stock a "buy" rating in a research report on Friday. Finally, StockNews.com raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Saturday, November 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $254.04.

Veeva Systems Price Performance

NYSE VEEV traded up $18.79 during mid-day trading on Friday, hitting $250.45. The company's stock had a trading volume of 2,898,945 shares, compared to its average volume of 1,196,155. Veeva Systems has a 52-week low of $165.12 and a 52-week high of $258.93. The stock's fifty day simple moving average is $218.29 and its two-hundred day simple moving average is $202.85. The firm has a market capitalization of $40.56 billion, a P/E ratio of 61.84, a price-to-earnings-growth ratio of 2.30 and a beta of 0.82.

Insiders Place Their Bets

In related news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the transaction, the insider now owns 27,013 shares of the company's stock, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the transaction, the senior vice president now directly owns 8,061 shares in the company, valued at $1,856,448.30. This represents a 17.37 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors and hedge funds have recently bought and sold shares of the business. Oddo BHF Asset Management Sas purchased a new position in Veeva Systems during the 3rd quarter valued at about $11,770,000. Peapack Gladstone Financial Corp grew its stake in shares of Veeva Systems by 5.6% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 70,147 shares of the technology company's stock valued at $14,721,000 after buying an additional 3,741 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Veeva Systems by 77.1% in the 3rd quarter. Tidal Investments LLC now owns 22,330 shares of the technology company's stock valued at $4,686,000 after buying an additional 9,724 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Veeva Systems in the 3rd quarter valued at approximately $168,000. Finally, World Investment Advisors LLC bought a new stake in shares of Veeva Systems in the 3rd quarter valued at approximately $2,131,000. 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.