Robert W. Baird Forecasts Strong Price Appreciation for Veeva Systems (NYSE:VEEV) Stock

Veeva Systems (NYSE:VEEV - Free Report) had its target price lifted by Robert W. Baird from $283.00 to $285.00 in a research report report published on Thursday,Benzinga reports. The firm currently has an outperform rating on the technology company's stock.

Several other equities analysts have also recently issued reports on VEEV. StockNews.com raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Monday, February 17th. KeyCorp decreased their price target on shares of Veeva Systems from $285.00 to $255.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. Scotiabank increased their price objective on Veeva Systems from $235.00 to $240.00 and gave the company a "sector perform" rating in a research report on Friday, December 6th. Morgan Stanley raised their price objective on Veeva Systems from $183.00 to $195.00 and gave the stock an "underweight" rating in a research note on Tuesday, December 17th. Finally, Piper Sandler boosted their target price on Veeva Systems from $280.00 to $290.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $255.28.

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Veeva Systems Stock Performance

Shares of NYSE:VEEV traded down $7.42 during trading 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. The firm's fifty day moving average is $224.92 and its 200 day moving average is $220.34. The firm has a market capitalization of $38.86 billion, a PE ratio of 59.11, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. Veeva Systems has a twelve month low of $170.25 and a twelve month high of $258.93.

Institutional Investors Weigh In On Veeva Systems

A number of large investors have recently bought and sold shares of VEEV. Leigh Baldwin & CO. LLC acquired a new stake in shares of Veeva Systems in the fourth quarter worth about $685,355,000. Norges Bank bought a new position in shares of Veeva Systems in the 4th quarter valued at approximately $294,785,000. Massachusetts Financial Services Co. MA lifted its holdings in Veeva Systems by 64.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company's stock worth $744,084,000 after purchasing an additional 1,392,256 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Veeva Systems by 138.9% in the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock worth $536,972,000 after purchasing an additional 1,081,501 shares during the period. 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.