Veeva Systems Target of Unusually Large Options Trading (NYSE:VEEV)

Veeva Systems Inc. (NYSE:VEEV) saw some unusual options trading activity on Thursday. Investors purchased 5,269 call options on the stock. This is an increase of approximately 404% compared to the average volume of 1,045 call options.

Analysts Set New Price Targets

VEEV has been the topic of a number of recent research reports. Piper Sandler upped their target price on shares of Veeva Systems from $255.00 to $325.00 and gave the company an “overweight” rating in a report on Thursday. JPMorgan Chase & Co. increased their price target on Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research note on Thursday, March 20th. Barclays increased their price target on Veeva Systems from $285.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday. Raymond James increased their target price on Veeva Systems from $285.00 to $310.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, Wall Street Zen upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and an average price target of $269.00.

Insider Buying and Selling at Veeva Systems

In related news, SVP Jonathan Faddis sold 787 shares of the company’s stock in a transaction that occurred 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 sale, the senior vice president now owns 8,668 shares of the company’s stock, valued at approximately $1,960,701.60. This represents a 8.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas D. Schwenger sold 1,200 shares of the company’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the sale, the insider now directly owns 25,889 shares in the company, valued at approximately $5,720,692.33. The trade was a 4.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,869 shares of company stock valued at $1,284,917 over the last quarter. Corporate insiders own 10.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in VEEV. Cardinal Capital Management raised its stake in shares of Veeva Systems by 0.3% during the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock valued at $3,307,000 after purchasing an additional 44 shares during the period. Johnson Financial Group Inc. increased its stake in Veeva Systems by 22.7% during the 4th quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company’s stock worth $56,000 after buying an additional 44 shares during the period. TFB Advisors LLC increased its stake in Veeva Systems by 1.2% during the 1st quarter. TFB Advisors LLC now owns 3,586 shares of the technology company’s stock worth $831,000 after buying an additional 44 shares during the period. Marks Group Wealth Management Inc increased its stake in Veeva Systems by 3.3% during the 1st quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company’s stock worth $331,000 after buying an additional 46 shares during the period. Finally, Old North State Wealth Management LLC increased its stake in Veeva Systems by 0.4% during the 4th quarter. Old North State Wealth Management LLC now owns 15,351 shares of the technology company’s stock worth $3,228,000 after buying an additional 55 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Stock Performance

NYSE VEEV opened at $280.03 on Friday. The company’s 50 day moving average price is $230.48 and its 200 day moving average price is $227.86. Veeva Systems has a one year low of $170.25 and a one year high of $285.70. The firm has a market capitalization of $45.56 billion, a price-to-earnings ratio of 69.14, a PEG ratio of 1.89 and a beta of 0.96.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.23. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The business had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. During the same quarter last year, the firm posted $1.50 EPS. The business’s revenue for the quarter was up 16.7% compared to the same quarter last year. Sell-side analysts forecast that Veeva Systems will post 4.35 EPS for the current fiscal year.

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.