Veeva Systems (NYSE:VEEV) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Veeva Systems (NYSE:VEEV - Free Report) had its price objective boosted by Royal Bank of Canada from $250.00 to $275.00 in a research note released on Friday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the technology company's stock.

Several other equities research analysts have also recently weighed in on VEEV. Raymond James increased their price objective on Veeva Systems from $230.00 to $235.00 and gave the stock an "outperform" rating in a report on Thursday, August 29th. JPMorgan Chase & Co. raised their price target on Veeva Systems from $203.00 to $208.00 and gave the stock a "neutral" rating in a research note on Monday, September 9th. Guggenheim boosted their price objective on shares of Veeva Systems from $233.00 to $249.00 and gave the company a "buy" rating in a research report on Tuesday, October 1st. StockNews.com lowered shares of Veeva Systems from a "buy" rating to a "hold" rating in a report on Friday, November 1st. Finally, BNP Paribas began coverage on shares of Veeva Systems in a research note on Tuesday, October 8th. They set an "outperform" rating and a $286.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $237.00.

Veeva Systems Trading Up 5.2 %

VEEV stock traded up $11.63 during midday trading on Friday, hitting $235.02. The company had a trading volume of 2,472,466 shares, compared to its average volume of 943,623. Veeva Systems has a 52 week low of $162.72 and a 52 week high of $240.68. The stock has a market cap of $38.06 billion, a price-to-earnings ratio of 62.67, a PEG ratio of 2.10 and a beta of 0.81. The stock's 50 day moving average price is $213.98 and its 200 day moving average price is $199.75.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, beating analysts' consensus estimates of $1.04 by $0.03. The company had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. Analysts predict that Veeva Systems will post 4.21 earnings per share for the current year.

Insider Buying and Selling at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of the business's stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the completion of the transaction, the senior vice president now directly owns 9,035 shares in the company, valued at $1,807,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 10.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Veeva Systems

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Veeva Systems by 7.5% during the 1st quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company's stock valued at $3,278,430,000 after acquiring an additional 991,208 shares during the last quarter. Principal Financial Group Inc. lifted its position in Veeva Systems by 138.9% during the third 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. Van ECK Associates Corp boosted its holdings in Veeva Systems by 3.7% in the third quarter. Van ECK Associates Corp now owns 1,995,006 shares of the technology company's stock worth $434,372,000 after purchasing an additional 71,525 shares during the last quarter. TD Asset Management Inc grew its position in Veeva Systems by 17.5% in the 1st quarter. TD Asset Management Inc now owns 1,227,223 shares of the technology company's stock worth $284,335,000 after purchasing an additional 182,762 shares during the period. Finally, Swedbank AB raised its stake in Veeva Systems by 4.9% during the 2nd quarter. Swedbank AB now owns 1,031,064 shares of the technology company's stock valued at $188,695,000 after buying an additional 48,402 shares during the last quarter. 88.20% of the stock is currently owned by 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.