Veeva Systems (NYSE:VEEV) Given “Outperform” Rating at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Veeva Systems (NYSE:VEEV) in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a $250.00 price target on the technology company’s stock.

Several other brokerages have also weighed in on VEEV. Oppenheimer reaffirmed an outperform rating and issued a $225.00 target price on shares of Veeva Systems in a research report on Thursday, February 22nd. Truist Financial increased their target price on Veeva Systems from $187.00 to $203.00 and gave the stock a hold rating in a research report on Friday, March 1st. KeyCorp increased their price target on Veeva Systems from $232.00 to $250.00 and gave the company an overweight rating in a report on Tuesday, March 5th. StockNews.com downgraded Veeva Systems from a buy rating to a hold rating in a report on Wednesday, March 13th. Finally, Raymond James reiterated an outperform rating and issued a $260.00 price target on shares of Veeva Systems in a report on Tuesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $234.90.

Veeva Systems Trading Up 0.4 %

Shares of VEEV opened at $233.53 on Wednesday. The firm has a market capitalization of $37.60 billion, a P/E ratio of 72.48, a price-to-earnings-growth ratio of 2.32 and a beta of 0.74. The stock’s fifty day simple moving average is $219.45 and its 200 day simple moving average is $201.94. Veeva Systems has a twelve month low of $160.21 and a twelve month high of $236.90.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.11. The business had revenue of $630.62 million for the quarter, compared to analyst estimates of $620.75 million. Veeva Systems had a return on equity of 11.59% and a net margin of 22.24%. Sell-side analysts predict that Veeva Systems will post 4.11 earnings per share for the current year.

Insider Activity

In related news, Director Matthew J. Wallach sold 5,000 shares of Veeva Systems stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $186.05, for a total value of $930,250.00. Following the completion of the transaction, the director now directly owns 109,025 shares in the company, valued at $20,284,101.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Alan Mateo sold 910 shares of Veeva Systems stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $204.72, for a total value of $186,295.20. Following the completion of the transaction, the executive vice president now directly owns 21,983 shares in the company, valued at $4,500,359.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew J. Wallach sold 5,000 shares of Veeva Systems stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $186.05, for a total value of $930,250.00. Following the completion of the transaction, the director now owns 109,025 shares of the company’s stock, valued at $20,284,101.25. The disclosure for this sale can be found here. Insiders sold 29,498 shares of company stock worth $6,219,253 over the last ninety days. Corporate insiders own 10.98% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Hedge funds have recently bought and sold shares of the company. Rise Advisors LLC lifted its holdings in Veeva Systems by 424.0% in the third quarter. Rise Advisors LLC now owns 131 shares of the technology company’s stock worth $27,000 after acquiring an additional 106 shares during the last quarter. OFI Invest Asset Management bought a new position in Veeva Systems in the third quarter worth about $25,000. Operose Advisors LLC bought a new position in Veeva Systems in the third quarter worth about $29,000. DSM Capital Partners LLC bought a new position in Veeva Systems in the fourth quarter worth about $29,000. Finally, Vermillion & White Wealth Management Group LLC bought a new position in Veeva Systems in the fourth quarter worth about $32,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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 data 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.