Veeva Systems (NYSE:VEEV) Upgraded at StockNews.com

Veeva Systems (NYSE:VEEV) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

Several other research firms have also recently weighed in on VEEV. Citigroup raised their price target on Veeva Systems from $240.00 to $264.00 and gave the company a “buy” rating in a report on Friday, March 1st. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 price objective on shares of Veeva Systems in a research report on Tuesday, April 2nd. Robert W. Baird boosted their price target on shares of Veeva Systems from $245.00 to $251.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. UBS Group upped their price target on Veeva Systems from $185.00 to $235.00 and gave the stock a “neutral” rating in a research note on Monday, February 26th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $250.00 price objective on shares of Veeva Systems in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $234.90.

Veeva Systems Price Performance

NYSE:VEEV opened at $211.19 on Friday. The company has a market cap of $34.07 billion, a PE ratio of 65.59, a PEG ratio of 2.17 and a beta of 0.74. The firm has a 50-day moving average of $222.40 and a 200-day moving average of $202.85. Veeva Systems has a one year low of $160.21 and a one year high of $236.90.

Veeva Systems (NYSE:VEEV) last released its earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.11. The business had revenue of $630.62 million during the quarter, compared to the consensus estimate of $620.75 million. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. On average, equities research analysts expect that Veeva Systems will post 4.11 earnings per share for the current fiscal year.

Insider Activity at Veeva Systems

In related news, COO Thomas D. Schwenger sold 1,238 shares of Veeva Systems stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $210.02, for a total value of $260,004.76. Following the completion of the sale, the chief operating officer now owns 24,342 shares of the company’s stock, valued at $5,112,306.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Veeva Systems news, COO Thomas D. Schwenger sold 1,238 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $210.02, for a total transaction of $260,004.76. Following the completion of the sale, the chief operating officer now directly owns 24,342 shares of the company’s stock, valued at $5,112,306.84. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Alan Mateo sold 910 shares of Veeva Systems stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $204.72, for a total transaction of $186,295.20. Following the transaction, the executive vice president now owns 21,983 shares in the company, valued at approximately $4,500,359.76. The disclosure for this sale can be found here. Insiders have sold a total of 17,148 shares of company stock worth $3,836,900 over the last quarter. Company insiders own 10.98% of the company’s stock.

Institutional Trading of Veeva Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of VEEV. Norges Bank purchased a new stake in shares of Veeva Systems in the fourth quarter worth $259,703,000. Wellington Management Group LLP raised its holdings in Veeva Systems by 1,578.4% during the first quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company’s stock valued at $319,616,000 after acquiring an additional 1,414,726 shares during the period. Linonia Partnership LP purchased a new position in shares of Veeva Systems in the fourth quarter valued at about $157,043,000. Invesco Ltd. boosted its stake in shares of Veeva Systems by 239.7% in the third quarter. Invesco Ltd. now owns 956,355 shares of the technology company’s stock worth $194,570,000 after acquiring an additional 674,785 shares during the period. Finally, Viking Global Investors LP purchased a new stake in shares of Veeva Systems during the fourth quarter worth about $111,614,000. Hedge funds and other institutional investors 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.