Veeva Systems (NYSE:VEEV) Shares Gap Up Following Analyst Upgrade

Veeva Systems Inc. (NYSE:VEEV - Get Free Report) gapped up prior to trading on Thursday after Scotiabank raised their price target on the stock from $240.00 to $245.00. The stock had previously closed at $219.94, but opened at $232.84. Scotiabank currently has a sector perform rating on the stock. Veeva Systems shares last traded at $237.12, with a volume of 627,134 shares changing hands.

Other equities analysts have also recently issued research reports about the stock. Canaccord Genuity Group raised their price target on shares of Veeva Systems from $210.00 to $270.00 and gave the company a "hold" rating in a research report on Friday, December 6th. Royal Bank of Canada lifted their target price on Veeva Systems from $275.00 to $285.00 and gave the company an "outperform" rating in a report on Friday, December 6th. Citigroup upped their price target on Veeva Systems from $281.00 to $307.00 and gave the stock a "buy" rating in a report on Monday, December 9th. Bank of America lifted their price objective on Veeva Systems from $280.00 to $290.00 and gave the company a "neutral" rating in a research note on Friday, December 6th. Finally, Stephens restated an "overweight" rating and set a $280.00 target price on shares of Veeva Systems in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $255.28.

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Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of VEEV. Siemens Fonds Invest GmbH grew its holdings in shares of Veeva Systems by 1,538.3% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,195 shares of the technology company's stock worth $11,605,000 after buying an additional 51,826 shares during the last quarter. Cim LLC raised its stake in shares of Veeva Systems by 1.8% during the fourth quarter. Cim LLC now owns 5,425 shares of the technology company's stock worth $1,141,000 after purchasing an additional 98 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Veeva Systems in the 4th quarter valued at $43,051,000. Capital A Wealth Management LLC purchased a new position in Veeva Systems during the fourth quarter worth about $254,000. Finally, Heck Capital Advisors LLC purchased a new stake in Veeva Systems in the 4th quarter valued at approximately $309,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Trading Down 3.0 %

The business has a 50 day moving average price of $224.92 and a 200-day moving average price of $220.34. The firm has a market capitalization of $38.86 billion, a PE ratio of 59.11, a P/E/G ratio of 1.89 and a beta of 0.88.

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.