Veeva Systems (NYSE:VEEV) Price Target Raised to $201.00 at Morgan Stanley

Veeva Systems (NYSE:VEEV - Free Report) had its price target raised by Morgan Stanley from $195.00 to $201.00 in a research report released on Thursday,Benzinga reports. They currently have an underweight rating on the technology company's stock.

Several other research analysts have also issued reports on the stock. Wells Fargo & Company upped their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Needham & Company LLC reiterated a "buy" rating and set a $270.00 price objective on shares of Veeva Systems in a research report on Thursday. Canaccord Genuity Group boosted their target price on Veeva Systems from $210.00 to $270.00 and gave the stock a "hold" rating in a research report on Friday, December 6th. Stifel Nicolaus upped their target price on Veeva Systems from $240.00 to $272.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Finally, Stephens initiated coverage on shares of Veeva Systems in a research note on Friday, December 20th. They set an "overweight" rating and a $280.00 price target on the stock. Two investment 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, the company presently has an average rating of "Moderate Buy" and an average target price of $255.28.

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Veeva Systems Stock Performance

VEEV traded down $7.42 on Thursday, reaching $239.38. The company had a trading volume of 2,104,861 shares, compared to its average volume of 1,181,926. Veeva Systems has a 52-week low of $170.25 and a 52-week high of $258.93. The company has a market cap of $38.86 billion, a price-to-earnings ratio of 59.11, a P/E/G ratio of 1.89 and a beta of 0.88. The business has a 50 day simple moving average of $224.92 and a 200 day simple moving average of $220.34.

Hedge Funds Weigh In On Veeva Systems

Hedge funds have recently bought and sold shares of the business. Cardinal Capital Management lifted its position in Veeva Systems by 0.3% during the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company's stock valued at $3,307,000 after purchasing an additional 44 shares during the period. Johnson Financial Group Inc. increased its position in shares of Veeva Systems by 22.7% during the 4th quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock valued at $56,000 after purchasing an additional 44 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its stake in shares of Veeva Systems by 1.2% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company's stock worth $904,000 after purchasing an additional 50 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock worth $25,000 after purchasing an additional 50 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC grew its position in Veeva Systems by 0.7% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company's stock valued at $1,467,000 after buying an additional 51 shares during the period. Hedge funds and other institutional investors own 88.20% of the company's stock.

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.