Veeva Systems (NYSE:VEEV) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Veeva Systems (NYSE:VEEV - Free Report) from a hold rating to a buy rating in a research report sent to investors on Monday morning.

A number of other equities analysts have also recently issued reports on VEEV. Barclays increased their price objective on shares of Veeva Systems from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. The Goldman Sachs Group lowered shares of Veeva Systems from a "buy" rating to a "sell" rating and decreased their price objective for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Needham & Company LLC reissued a "buy" rating and set a $270.00 price objective on shares of Veeva Systems in a report on Friday, January 17th. Mizuho began coverage on shares of Veeva Systems in a research report on Wednesday, December 4th. They set an "outperform" rating and a $275.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their target price on shares of Veeva Systems from $208.00 to $218.00 and gave the company a "neutral" rating in a research report on Monday, December 16th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $253.96.

Veeva Systems Trading Down 1.2 %

NYSE:VEEV traded down $2.64 during trading hours on Monday, hitting $226.10. 888,993 shares of the company traded hands, compared to its average volume of 979,359. The stock has a market capitalization of $36.71 billion, a price-to-earnings ratio of 55.83, a P/E/G ratio of 1.89 and a beta of 0.85. Veeva Systems has a twelve month low of $170.25 and a twelve month high of $258.93. The firm has a 50-day moving average of $223.81 and a 200 day moving average of $217.11.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 1,694 shares of the firm's stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the transaction, the senior vice president now directly owns 8,061 shares of the company's stock, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cardinal Capital Management boosted its position in Veeva Systems by 0.3% during the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company's stock worth $3,307,000 after purchasing an additional 44 shares during the period. Johnson Financial Group Inc. boosted its position in shares of Veeva Systems by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock valued at $56,000 after acquiring an additional 44 shares during the period. Patriot Financial Group Insurance Agency LLC boosted its position in shares of Veeva Systems by 0.7% in 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 acquiring an additional 48 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its position in shares of 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 acquiring an additional 50 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock valued at $25,000 after acquiring an additional 50 shares during the period. 88.20% of the stock is 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.