Veeva Systems (NYSE:VEEV) Given New $329.00 Price Target at Citigroup

Veeva Systems (NYSE:VEEV) had its price objective boosted by Citigroup from $265.00 to $329.00 in a report issued on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

VEEV has been the topic of several other reports. UBS Group boosted their target price on Veeva Systems from $250.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday. Needham & Company LLC boosted their target price on Veeva Systems from $270.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday. Truist Financial boosted their target price on Veeva Systems from $217.00 to $230.00 and gave the stock a “hold” rating in a report on Thursday. Robert W. Baird boosted their target price on Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a report on Thursday, March 6th. Finally, Morgan Stanley boosted their target price on Veeva Systems from $201.00 to $210.00 and gave the stock an “underweight” rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $269.00.

Veeva Systems Trading Up 0.4%

VEEV opened at $280.03 on Friday. The company has a market cap of $45.56 billion, a P/E ratio of 69.14, a P/E/G ratio of 1.89 and a beta of 0.96. The business’s 50-day moving average price is $230.48 and its 200-day moving average price is $227.86. Veeva Systems has a 12 month low of $170.25 and a 12 month high of $285.70.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.74 by $0.23. The firm had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The company’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.50 earnings per share. Equities research analysts forecast that Veeva Systems will post 4.35 earnings per share for the current fiscal year.

Insider Transactions at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the business’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the transaction, the senior vice president now directly owns 8,668 shares in the company, valued at approximately $1,960,701.60. The trade was a 8.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Timothy S. Cabral sold 3,882 shares of the business’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the transaction, the director now owns 5,500 shares of the company’s stock, valued at $1,192,565. This trade represents a 41.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,869 shares of company stock valued at $1,284,917 in the last quarter. 10.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Veeva Systems

Several large investors have recently added to or reduced their stakes in VEEV. Vanguard Group Inc. boosted its position in Veeva Systems by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company’s stock valued at $3,418,990,000 after buying an additional 315,421 shares during the last quarter. Alliancebernstein L.P. boosted its position in Veeva Systems by 10.7% in the 1st quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company’s stock valued at $1,273,884,000 after buying an additional 532,269 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in Veeva Systems by 0.7% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company’s stock valued at $1,205,372,000 after buying an additional 34,169 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Veeva Systems by 20.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company’s stock valued at $924,754,000 after buying an additional 689,700 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC purchased a new position in Veeva Systems in the 4th quarter valued at about $685,355,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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.