Veeva Systems' (VEEV) "Buy" Rating Reaffirmed at Needham & Company LLC

Veeva Systems (NYSE:VEEV - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They currently have a $260.00 price target on the technology company's stock. Needham & Company LLC's price objective points to a potential upside of 10.63% from the stock's current price.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. upped their price objective on shares of Veeva Systems from $203.00 to $208.00 and gave the company a "neutral" rating in a report on Monday, September 9th. Guggenheim lifted their price objective 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. BNP Paribas started coverage on Veeva Systems in a research report on Tuesday, October 8th. They set an "outperform" rating and a $286.00 price target for the company. Barclays increased their price objective on Veeva Systems from $220.00 to $240.00 and gave the company an "overweight" rating in a report on Thursday, August 29th. Finally, Robert W. Baird cut their price target on shares of Veeva Systems from $251.00 to $245.00 and set an "outperform" rating on the stock in a report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $237.00.

Veeva Systems Trading Up 5.2 %

Shares of NYSE:VEEV traded up $11.63 during trading on Friday, reaching $235.02. The stock had a trading volume of 2,472,466 shares, compared to its average volume of 943,623. The firm's 50-day simple moving average is $213.48 and its 200 day simple moving average is $199.34. Veeva Systems has a one year low of $162.72 and a one year high of $240.68. The company has a market capitalization of $38.06 billion, a P/E ratio of 62.70, a PEG ratio of 2.10 and a beta of 0.81.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Veeva Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. purchased a new stake in shares of Veeva Systems in the 1st quarter valued at approximately $28,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Veeva Systems in the third quarter valued at approximately $26,000. Blue Trust Inc. lifted its stake in Veeva Systems by 3,460.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the technology company's stock worth $33,000 after purchasing an additional 173 shares in the last quarter. DT Investment Partners LLC purchased a new position in shares of Veeva Systems during the second quarter worth $35,000. Finally, Fairscale Capital LLC acquired a new stake in shares of Veeva Systems in the second quarter valued at $46,000. Institutional investors and hedge funds own 88.20% of the company's stock.

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.