Truist Financial Forecasts Strong Price Appreciation for Veeva Systems (NYSE:VEEV) Stock

Veeva Systems (NYSE:VEEV - Free Report) had its target price lifted by Truist Financial from $210.00 to $217.00 in a report issued on Thursday,Benzinga reports. They currently have a hold rating on the technology company's stock.

Several other research firms also recently weighed in on VEEV. Bank of America increased their price objective on Veeva Systems from $280.00 to $290.00 and gave the company a "neutral" rating in a report on Friday, December 6th. Mizuho started coverage on shares of Veeva Systems in a research note on Wednesday, December 4th. They set an "outperform" rating and a $275.00 price target for the company. JPMorgan Chase & Co. lifted their price objective on shares of Veeva Systems from $208.00 to $218.00 and gave the company a "neutral" rating in a research note on Monday, December 16th. Wells Fargo & Company increased their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada raised their price target on Veeva Systems from $275.00 to $285.00 and gave the stock an "outperform" rating in a report on Friday, December 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $255.28.

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Veeva Systems Price Performance

Shares of VEEV traded down $7.42 during midday trading on Thursday, reaching $239.38. 2,104,861 shares of the stock were exchanged, compared to its average volume of 1,181,926. Veeva Systems has a twelve month low of $170.25 and a twelve month high of $258.93. The company has a market capitalization of $38.86 billion, a price-to-earnings ratio of 59.11, a PEG ratio of 1.89 and a beta of 0.88. The business's 50-day moving average price is $224.92 and its 200 day moving average price is $220.34.

Institutional Investors Weigh In On Veeva Systems

Large investors have recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB increased its stake in shares of Veeva Systems by 72.5% during 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 in the last quarter. Centricity Wealth Management LLC purchased a new stake in shares of Veeva Systems in the fourth quarter valued at $25,000. Smithfield Trust Co increased its stake in Veeva Systems by 145.5% in the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock valued at $27,000 after purchasing an additional 80 shares during the last quarter. True Wealth Design LLC grew its holdings in Veeva Systems by 3,375.0% in the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company's stock valued at $29,000 after buying an additional 135 shares during the period. Finally, Avion Wealth boosted its position in shares of Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company's stock worth $30,000 after acquiring an additional 127 shares during the last quarter. 88.20% of the stock is 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.