Veeva Systems Inc (NYSE:VEEV) was upgraded by investment analysts at Bank of America Corp from a “neutral” rating to a “buy” rating in a note issued to investors on Friday.

Other equities research analysts have also issued research reports about the company. Stifel Nicolaus reissued a “buy” rating and set a $67.00 target price on shares of Veeva Systems in a research report on Sunday, May 21st. Needham & Company LLC raised their price target on Veeva Systems from $46.00 to $48.00 and gave the stock a “buy” rating in a research note on Wednesday, March 1st. Finally, Zacks Investment Research downgraded Veeva Systems from a “buy” rating to a “hold” rating in a research note on Monday, January 30th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $49.29.

Analyst Recommendations for Veeva Systems (NYSE:VEEV)

Veeva Systems (NYSE:VEEV) traded up 8.34% on Friday, hitting $66.89. 4,923,318 shares of the company were exchanged. The stock’s 50-day moving average price is $54.74 and its 200-day moving average price is $46.82. The stock has a market capitalization of $9.28 billion, a P/E ratio of 142.32 and a beta of 1.67. Veeva Systems has a 52-week low of $30.34 and a 52-week high of $67.86. Veeva Systems also saw some unusual options trading on Friday. Traders purchased 3,054 call options on the company. This is an increase of approximately 658% compared to the average volume of 403 call options.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Thursday, May 25th. The technology company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by $0.04. The company had revenue of $157.90 million during the quarter, compared to analyst estimates of $151.82 million. Veeva Systems had a net margin of 12.73% and a return on equity of 12.42%. Veeva Systems’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.15 EPS. On average, equities research analysts anticipate that Veeva Systems will post $0.80 earnings per share for the current fiscal year.

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In other news, CFO Timothy S. Cabral sold 40,000 shares of the company’s stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $44.10, for a total value of $1,764,000.00. Following the completion of the sale, the chief financial officer now owns 30,000 shares of the company’s stock, valued at $1,323,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gordon Ritter sold 10,200 shares of the company’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $58.29, for a total value of $594,558.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 369,202 shares of company stock valued at $18,239,572. 19.17% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VEEV. Vanguard Group Inc. boosted its position in Veeva Systems by 16.9% in the first quarter. Vanguard Group Inc. now owns 8,835,128 shares of the technology company’s stock valued at $453,066,000 after buying an additional 1,276,901 shares during the period. Morgan Stanley boosted its position in Veeva Systems by 113.2% in the first quarter. Morgan Stanley now owns 8,439,930 shares of the technology company’s stock valued at $432,800,000 after buying an additional 4,482,021 shares during the period. Brown Capital Management LLC boosted its stake in shares of Veeva Systems by 3.4% in the first quarter. Brown Capital Management LLC now owns 7,423,513 shares of the technology company’s stock valued at $380,678,000 after buying an additional 246,816 shares during the last quarter. Artisan Partners Limited Partnership boosted its stake in shares of Veeva Systems by 21.3% in the fourth quarter. Artisan Partners Limited Partnership now owns 6,540,897 shares of the technology company’s stock valued at $266,214,000 after buying an additional 1,149,023 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Veeva Systems by 22.8% in the first quarter. Wellington Management Group LLP now owns 4,858,775 shares of the technology company’s stock valued at $249,158,000 after buying an additional 902,330 shares during the last quarter. Institutional investors and hedge funds own 66.72% of the company’s stock.

About Veeva Systems

Veeva Systems Inc (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data.

12 Month Chart for NYSE:VEEV

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