StockNews.com Upgrades Veeva Systems (NYSE:VEEV) to "Buy"

StockNews.com upgraded shares of Veeva Systems (NYSE:VEEV - Free Report) from a hold rating to a buy rating in a research note published on Saturday.

A number of other research analysts have also issued reports on the company. TD Cowen boosted their price target on Veeva Systems from $180.00 to $192.00 and gave the stock a "hold" rating in a research report on Thursday, August 29th. Guggenheim increased their price objective on shares of Veeva Systems from $233.00 to $249.00 and gave the company a "buy" rating in a report on Tuesday, October 1st. Piper Sandler boosted their target price on Veeva Systems from $230.00 to $280.00 and gave the stock an "overweight" rating in a report on Friday. Bank of America increased their price target on Veeva Systems from $204.00 to $240.00 and gave the company a "neutral" rating in a research note on Thursday, August 29th. Finally, JPMorgan Chase & Co. boosted their price objective on Veeva Systems from $203.00 to $208.00 and gave the stock a "neutral" rating in a research note on Monday, September 9th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $237.00.

Veeva Systems Trading Up 5.2 %

Veeva Systems stock traded up $11.61 during mid-day trading on Friday, reaching $235.00. The company's stock had a trading volume of 2,472,493 shares, compared to its average volume of 943,623. The firm has a market cap of $38.05 billion, a price-to-earnings ratio of 62.67, a PEG ratio of 2.10 and a beta of 0.81. Veeva Systems has a twelve month low of $162.72 and a twelve month high of $240.68. The business has a 50 day moving average price of $213.98 and a 200-day moving average price of $199.75.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The firm had revenue of $676.18 million for the quarter, compared to analyst estimates of $667.21 million. On average, equities analysts expect that Veeva Systems will post 4.21 EPS for the current fiscal year.

Insider Activity at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of the company's stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the sale, the senior vice president now owns 9,035 shares in the company, valued at approximately $1,807,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 10.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

A number of hedge funds have recently modified their holdings of VEEV. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Veeva Systems in the third quarter worth about $26,000. Advisors Asset Management Inc. bought a new position in shares of Veeva Systems during the first quarter worth $28,000. Blue Trust Inc. grew its holdings in shares of Veeva Systems by 3,460.0% in 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 bought a new stake in shares of Veeva Systems in the 2nd quarter valued at $35,000. Finally, Mather Group LLC. raised its stake in Veeva Systems by 166.3% during the 2nd quarter. Mather Group LLC. now owns 253 shares of the technology company's stock worth $46,000 after buying an additional 158 shares during the period. 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.