Veeva Systems (NYSE:VEEV) Stock Rating Upgraded by Morgan Stanley

Veeva Systems (NYSE:VEEV) was upgraded by investment analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research report issued on Tuesday, Marketbeat Ratings reports. The firm presently has a $205.00 target price on the technology company’s stock, down from their prior target price of $222.00. Morgan Stanley’s price target would suggest a potential upside of 13.14% from the company’s current price.

A number of other analysts also recently issued reports on VEEV. Weiss Ratings downgraded shares of Veeva Systems from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, January 12th. Wells Fargo & Company decreased their price target on shares of Veeva Systems from $341.00 to $333.00 and set an “overweight” rating for the company in a research note on Tuesday, November 25th. BMO Capital Markets initiated coverage on Veeva Systems in a research note on Thursday, November 13th. They issued a “market perform” rating and a $300.00 price objective on the stock. Wall Street Zen downgraded Veeva Systems from a “buy” rating to a “hold” rating in a research report on Saturday, December 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $355.00 price target on shares of Veeva Systems in a research report on Friday, November 21st. Eighteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus target price of $307.33.

Veeva Systems Stock Performance

NYSE:VEEV opened at $181.19 on Tuesday. Veeva Systems has a 52 week low of $168.13 and a 52 week high of $310.50. The firm has a 50-day moving average price of $212.78 and a two-hundred day moving average price of $255.32. The firm has a market cap of $29.78 billion, a price-to-earnings ratio of 35.25, a price-to-earnings-growth ratio of 1.22 and a beta of 1.08.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Thursday, November 20th. The technology company reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.95 by $0.09. Veeva Systems had a return on equity of 13.68% and a net margin of 27.93%.The company had revenue of $0.81 million during the quarter, compared to the consensus estimate of $792.37 million. During the same period last year, the business posted $1.75 earnings per share. Veeva Systems’s revenue was up 16.0% on a year-over-year basis. As a group, sell-side analysts forecast that Veeva Systems will post 4.35 earnings per share for the current year.

Veeva Systems declared that its Board of Directors has authorized a stock buyback plan on Monday, January 5th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the technology company to repurchase up to 5.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total transaction of $231,430.00. Following the completion of the transaction, the insider owned 23,204 shares of the company’s stock, valued at $5,370,101.72. The trade was a 4.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

A number of large investors have recently modified their holdings of VEEV. EP Wealth Advisors LLC bought a new stake in Veeva Systems during the 4th quarter worth approximately $942,000. Coastal Bridge Advisors LLC grew its position in shares of Veeva Systems by 47.3% during the 4th quarter. Coastal Bridge Advisors LLC now owns 1,022 shares of the technology company’s stock valued at $228,000 after purchasing an additional 328 shares in the last quarter. Cim LLC increased its holdings in shares of Veeva Systems by 2.6% in the fourth quarter. Cim LLC now owns 5,712 shares of the technology company’s stock worth $1,275,000 after purchasing an additional 146 shares during the period. Empowered Funds LLC raised its position in shares of Veeva Systems by 19.4% in the fourth quarter. Empowered Funds LLC now owns 3,733 shares of the technology company’s stock worth $833,000 after buying an additional 607 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Veeva Systems in the fourth quarter worth $728,000. 88.20% of the stock is currently owned by institutional investors.

About Veeva Systems

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.