Barclays Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV - Free Report) had its target price upped by Barclays from $240.00 to $260.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an overweight rating on the technology company's stock.

Several other equities research analysts also recently weighed in on VEEV. Truist Financial increased their price objective on Veeva Systems from $197.00 to $207.00 and gave the company a "hold" rating in a report on Tuesday, September 3rd. BNP Paribas initiated coverage on shares of Veeva Systems in a research report on Tuesday, October 8th. They set an "outperform" rating and a $286.00 price objective on the stock. StockNews.com lowered shares of Veeva Systems from a "buy" rating to a "hold" rating in a research note on Friday, November 1st. Guggenheim increased their target price on shares of Veeva Systems from $233.00 to $249.00 and gave the stock a "buy" rating in a research note on Tuesday, October 1st. Finally, UBS Group boosted their price target on Veeva Systems from $185.00 to $215.00 and gave the company a "neutral" rating in a research report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $237.00.

Veeva Systems Trading Up 5.2 %

NYSE:VEEV traded up $11.61 during mid-day trading on Friday, hitting $235.00. The stock had a trading volume of 2,472,493 shares, compared to its average volume of 943,623. Veeva Systems has a twelve month low of $162.72 and a twelve month high of $240.68. The stock has a 50-day simple moving average of $213.98 and a two-hundred day simple moving average of $199.75. The company has a market capitalization of $38.05 billion, a PE ratio of 62.67, a PEG ratio of 2.10 and a beta of 0.81.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $1.04 by $0.03. The company had revenue of $676.18 million for the quarter, compared to analysts' expectations of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. Sell-side analysts predict that Veeva Systems will post 4.21 EPS for the current fiscal year.

Insider Activity

In related news, SVP Jonathan Faddis sold 2,353 shares of the firm's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the completion of the transaction, the senior vice president now directly owns 9,035 shares of the company's stock, valued at $1,807,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 10.50% of the company's stock.

Hedge Funds Weigh In On Veeva Systems

Several hedge funds have recently added to or reduced their stakes in VEEV. Patriot Financial Group Insurance Agency LLC lifted its stake in shares of Veeva Systems by 0.7% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company's stock valued at $1,453,000 after buying an additional 48 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its stake in Veeva Systems by 1.2% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company's stock valued at $904,000 after purchasing an additional 50 shares during the last quarter. Clearbridge Investments LLC increased its stake in shares of Veeva Systems by 0.4% during the 2nd quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company's stock valued at $2,138,000 after acquiring an additional 52 shares during the last quarter. Western Pacific Wealth Management LP raised its stake in Veeva Systems by 23.3% during the first quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company's stock worth $71,000 after purchasing an additional 58 shares during the period. Finally, Park Place Capital Corp increased its holdings in shares of Veeva Systems by 11.5% during the 3rd quarter. Park Place Capital Corp now owns 574 shares of the technology company's stock worth $120,000 after buying an additional 59 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other 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.