Analysts Set Veeva Systems Inc. (NYSE:VEEV) Price Target at $257.63

Shares of Veeva Systems Inc. (NYSE:VEEV) have earned an average recommendation of “Moderate Buy” from the twenty-seven brokerages that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have assigned a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $255.74.

Several equities analysts have recently weighed in on VEEV shares. StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Guggenheim lifted their target price on shares of Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Royal Bank of Canada raised their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Canaccord Genuity Group boosted their price target on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Finally, Truist Financial cut their price objective on shares of Veeva Systems from $261.00 to $210.00 and set a “hold” rating for the company in a report on Monday, January 13th.

Insiders Place Their Bets

In related news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the transaction, the senior vice president now directly owns 8,061 shares in the company, valued at $1,856,448.30. This trade represents a 17.37 % decrease in their position. The disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Several large investors have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA boosted its position in shares of Veeva Systems by 64.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after purchasing an additional 1,392,256 shares during the period. State Street Corp boosted its holdings in shares of Veeva Systems by 1.5% in the third quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock valued at $691,132,000 after acquiring an additional 47,872 shares during the period. FMR LLC grew its position in shares of Veeva Systems by 25.7% during the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after acquiring an additional 610,021 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Veeva Systems by 5.7% during the third quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock worth $579,630,000 after acquiring an additional 149,807 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Veeva Systems by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after acquiring an additional 1,081,501 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Stock Up 0.9 %

VEEV stock opened at $216.67 on Monday. The stock has a market capitalization of $35.18 billion, a P/E ratio of 53.50, a P/E/G ratio of 1.91 and a beta of 0.84. Veeva Systems has a 52 week low of $170.25 and a 52 week high of $258.93. The firm has a 50-day simple moving average of $222.31 and a 200-day simple moving average of $209.66.

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.