Veeva Systems (NYSE:VEEV) Sets New 52-Week High Following Analyst Upgrade

Veeva Systems Inc. (NYSE:VEEV - Get Free Report) shares hit a new 52-week high on Friday after Barclays raised their price target on the stock from $240.00 to $260.00. Barclays currently has an overweight rating on the stock. Veeva Systems traded as high as $239.96 and last traded at $234.08, with a volume of 265323 shares changing hands. The stock had previously closed at $223.39.

Several other equities research analysts have also commented on VEEV. StockNews.com lowered Veeva Systems from a "buy" rating to a "hold" rating in a research note on Friday, November 1st. TD Cowen upped their target price on Veeva Systems from $180.00 to $192.00 and gave the company a "hold" rating in a report on Thursday, August 29th. Citigroup lifted their price target on Veeva Systems from $256.00 to $273.00 and gave the stock a "buy" rating in a research note on Tuesday, August 27th. UBS Group increased their price objective on shares of Veeva Systems from $185.00 to $215.00 and gave the company a "neutral" rating in a research note on Monday, August 26th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Veeva Systems from $203.00 to $208.00 and gave the stock a "neutral" rating in a research report on Monday, September 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus price target of $237.00.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the transaction, the senior vice president now owns 9,035 shares of the company's stock, valued at $1,807,000. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 10.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Veeva Systems

Several hedge funds and other institutional investors have recently modified their holdings of the company. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Veeva Systems during the 3rd quarter worth $26,000. Advisors Asset Management Inc. acquired a new stake in shares of Veeva Systems in the first quarter valued at about $28,000. Blue Trust Inc. raised its holdings in shares of Veeva Systems by 3,460.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company's stock valued at $33,000 after buying an additional 173 shares during the period. DT Investment Partners LLC purchased a new position in Veeva Systems in the 2nd quarter worth approximately $35,000. Finally, Larson Financial Group LLC grew its position in Veeva Systems by 1,153.8% in the first quarter. Larson Financial Group LLC now owns 163 shares of the technology company's stock valued at $38,000 after acquiring an additional 150 shares in the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Stock Up 5.2 %

The company has a market cap of $38.06 billion, a PE ratio of 62.67, a price-to-earnings-growth ratio of 2.10 and a beta of 0.81. The business'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 data on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The company had revenue of $676.18 million during the quarter, compared to analysts' expectations of $667.21 million. Equities analysts expect that Veeva Systems Inc. will post 4.21 earnings per share for the current year.

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.